Nifty started its up move on last Friday(9th May 2014)with a gain of 199 points. Up move
continued on 12th and 13th with gains 155 points and 95 points respectively. Then there was a pause for two days. Today(also a Friday) Nifty opened at 7270 (a gain of 147 points), moved up to 7564(441 points) as Election results indicated a clear sweep for BJP under the leadership of Narendra Modi, declined slowly to 7131(gain of 8 points only), again moved up to 7265 and closed at 7203 with a gain of 80 points. From the low of 6639 on 8th May to the high of 7564 today there was surge of 925 points. Though today's closing at 7203 is in N1, average is 7347.08 and hence N2(NM?). Intraday movements of Nifty during the last seven days are also given above.
3 comments:
Dear Nandiji
Greetings!! Today's high 7564.. exact same as the levels you have mentioned. Is it going to be a significant top.. Interesting to keep note is not it??
Warm Regards,
Atharva
Dear Atharva,
7564 is the three forth of N2. Even today it stands as a distant high. If Nifty does not cover that level this week it may be a significant top for some time.
Nifty closed @ 7367 on 23-5-14 (Friday). Monday(26th) new govt will be formed and market awaits the new FM. Nifty RSI(chartink.com) is @ 89.82 (70 to 100 overbought). Hence limited upmove left, may be 7564 again.
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