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Market Analysis - Technical View

14th May (2) 14-May-08 07:25

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Posted by: radhika_nandlal on ( 14-May-08 07:25 )

Folks, The Nifty is still looking very weak with an oversold TRIN at 1.2 indicating major sentiment is selling. Massive tick downs in MACD Histo and ADX. However the oversold TRIN is actually a double edged sword. While it indicates selling is the dominant sentiment it also indicates a fair degree of shorts which could get covered in the event of good global cues/other cues. So lets see how the markets move today. It could be range bound and jittery? DOWJONES: The MACD histo has ticked down significantly while the ADX has infact improved. The TRIN for NYSE is oversold at 0.9 in keeping with the fall and the TRIN for NASDAQ is neutral at 0.7 inspite of a small rally which is bearish. Mixed cues there. They could be volatile today. DIGJAM is looking very interesting... DIGJAM goes by the name BIRLAVXL.. why the name change? RCOM also looks good though MACD does not support it.

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