Could NIFTY Rise Further?

NIFTY Monthly Chart Technical Analysis
(Each candlestick represents one month of movement)

NIFTY seems to be consolidating over the past few months, moving within a set range horizontally.

The momentum stochastics is showing a cup formation since Aug 2010, and could to cross above the 80% line.

It seems that NIFTY will rise into the gray zone, between 5575 and 5871.  I am calling this the gray zone as one NIFTY reaches here, we would have to study the market very closely to watch out for any signals for the market to move upwards or downwards.  Until then the market should seemingly continue in consolidation mode.


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NIFTY Monthly Chart Technical Analysis

NIFTY Continues in Downward Price Channel

NIFTY Weekly Chart Technical Analysis
(each candlestick represents one week of movement)

Ever since NIFTY peaked in Nov 2010, it has been falling within a price channel as is visible on the chart.  Moreover, the entire week saw a small price movement even when the trading volume was good.  This week the price may fall further and touch its support line at around 4380 during the week. Let's see what happens from there.

If the price falls below 4380, then there could be an opportunity to short NIFTY.  If it doesn't and bounces back, then there could be as short-term opportunity to go long or expect a positive movement.  No long term correction in sight, though.

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NIFTY Weekly Chart Technical Analysis