Last Week NIFTY lost almost 0.50% and closed at 5278.00 as compared to the last week’s closing of 5304.10. For the second week ended, NIFTY made a Spinning Top Candlestick on the Weekly Charts. This candlestick pattern signifies the presence of uncertainty in the markets. Markets for the second week were still undecided about their direction. The downgrading of Greece to Junk Market by Standards & Poors as well as of Portugal and Spain, acted as a Major Setback for the markets all around the Globe.
On Friday, US announced its Q1 GDP Numbers, which were in line with market expectations, but at the same time US Government has decided to file Criminal Case against Goldman Sachs, which gave a blow to the US Markets, hence a bit of negativity is expected in the Indian Markets too.
On the Weekly Charts too, RSI (Relative Strength Index) is making a negative crossover. Hence traders are suggested to trade cautiously by following Strict Stop Losses and avoid making fresh investments at this point of time.
For the next week, the level of 5400 will act as an important resistance, whereas the level of 5160 will act as an important support for NIFTY.
No comments:
Post a Comment