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Market Analysis - Technical View

15th May (2) 15-May-08 07:51

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Posted by: radhika_nandlal on ( 15-May-08 07:51 )

NIFTY: The TRIN is overbought at 0.5 and in keeping with the rally we had ystday. Nothing much to read off the TRIN which is in consonance. The Nifty technicals are pathetic if anything. A massive tickdown in ADX and small tick down in MACD histo. Bearish bearish bearish. DOWJONES: Its mixed. The ADX looks good and the MACD histo too has ticked up and is bullish but the MACD fast line is below the slow line which is bearish and the TRIN is neutral to oversold. Expect volatility there again today. Now when i say bearish it does not mean a red tick becoz any good news intraday could take the markets up making it all the more difficult for the bears like it happened with tech stocks ystday.... yes the tech rally was at least not factored in the nifty technicals daybefore. When i say bearish it means bears are capable of giving a good fight and markets may not close at the highs. Same thing happened to the Dow, it closed 50% below its highs, coz it was technically weak and the bears gave a good fight. Understood? LOL.. i am speaking like a politician. LOL

Market Outlook by Udayan

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Udayan Mukherjee, Stocks Editor, TV18

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