Weekly Technical View for 10 June onwards

Technical Views from our Guest Author Mr. Harish Thakkar

nifty daily chart

nifty weekly chart 7062013

Nifty completed week with Weekly Bearish outside Bar. Previous week to that was Inside Bar and week completed making lower high lower lows on weekly swings as shown in charts.

Daily charts shows that all tradable EMAs are in sell mode with 14 RSI < 50 and also MACD is in Sell mode, if slips to below “0” can produce bigger fall.

All points to Sell on rallies. My views sell on rallies, for aggressive trader is Golden Ratios sell @ 5939 with stop loss above @ 5959 and conservative and risk-averse traders can sell at 5980 to 5995 with stop loss of 6010. Nifty trading above weekly top 6061 can only favors Longs.

Monday’s 1st hour will decide to stay short (if holding).

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