Nifty Weekly Technical Outlook for 17 Aug’15

Happy Independence Day

Momentum is not the only trade…

Last week was another super challenging week for all of us, Monday-Profit Booking, Tuesday-Sell-off continued (Parliament logjam), Wednesday-Yuan worries, Thursday-CPI data came and gave minor relief, and lastly Friday-WPI and hope of another rate cut and reschedule of Parliament session. So by Wednesday people started talking about sub 8000 levels and suddenly on Friday hope of new highs. Now it becomes a fashion to drive by momentum, you’ll see very rare talks about standing contra to momentum, as fear of failure may take front seat while speaking anything contra. So let’s see whether we should go contra or join hands with momentum.

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outlook on nifty 17 Aug'15

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