Nifty Short Term Analysis
Nifty was just 100 points shy of making tripple top. Profit booking dragged nifty in red. Onth way down nifty had made new lower higher. 18478 on 2nd June. 18531on 6th June and 18615 today 8th June. The long term up trend is intact as far as nifty is holding 20DEMA at 18450. (Doted green line). If nifty not able to hold the lower high of last 7 days @ 18615,then nifty will see more selling there by dragging nifty to 18450. Since today RBI had hold repo rate, which was positive news. But market had taken it negetive. When ever we see buy rumers and sell news in market, market had corrected significantly. Here case is not today itself market will correct but it's seems on horizon. How deep correction will be or there will be any corrections don't know but it's time for precautions. Mac D is not showing significant cross over. This makes prediction more difficult. Lack of significant sell or buy signal on macd, nifty may behave side way too with 18450 to 18800 range.
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