Saturday, January 22, 2011

Nifty for 24.1.11

After touching an intra-week low of  5624 Nifty bounced to close the week at 5697. The Nifty managed to hold above its 200 DMA at 5619 which is the only good news in an otherwise dismal week. 14 day RSI as well as MACD suggest that the market is in oversold region and a short term bounce to 5780 levels cannot be ruled out. However, a truncated week will only dampen the sentiments. If the market fails to sustain above the 5755-5765 levels on Monday, building of fresh shorts cannot be ruled out.

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