Market Analysis With Megh Mody

In our previous update we had mentioned that Nifty will come down to 5600 which is still not ruled out. The reason behind it is after falling from 6110 till 5652, broader markets relieved from oversold zone. Many traders and broking houses are very bullish and expect it to reach 6200-6500 mark after a 'V' shape rise from 5652, but is that really possible? Does the wave counts really supports? On daily charts, it is observed that prices fail to cross 5970 which is really very crucial resistance for the markets. The overhead supply is clearly observed on smaller time frame. Candle stick pattern formed on 11th of March 2013 was a Bearish Harami pattern and got the confirmation on next day as there was a black/red candle, thus giving clear signal that the trend is negative. Nifty is now at a crucial juncture and it is strictly advisable for positional traders to stay away from the markets as there is no clear trend. On a smaller time frame, Nifty is clearly making a triang

                                                      Anticipated on 10th February 2013 Happened We had mentioned in our previous update dated on 23rd February 2013,"   Nifty will now move to 5820-5780-5750 over short term once 5830 is taken out on downside. The overall bias continue to be negative as far as 5930 is protected on upside."-   BANG ON!! We had also mentioned in our update dated on 10th February 2012, " Nifty will continue to move lower and will achieve 5700-5650 mark. Sell on rallies will be the best strategy one can adopt to initiate fresh shorts. ” – BANG ON!! After breaching 5830, Nifty moved lower and shed 100 points on Tuesday thus achieving our mentioned levels of 5820-5780-5750 on same day. We were continuously saying that Nifty will reach 5700-5650 from February 2013 after the terminal pattern breakout along with time analysis. We said that Nifty to reach 5700-5650 till 28 th February 2013 and it happened post bud