Oct 17, 2012

NIFTY OUTLOOK (18th October, 2012)



NIFTY SPOT MADE A BEARISH ENGULF BUT STILL STRONG




The NSE Nifty spot closed at 5658 with marginal volatility in major stocks. All technical lower indictors are showing sell signal with negative diversion. Indicators are falling but price line remains strong, which is positive factor for long position holders. As before indicated in reports, 5635 will be major support and 5578 is the 34 day exponential moving average which will act as major trend support for nifty spot. Strength of nifty spot is the crucial point for bullish trend of market. Bluchip stocks are favorable for investment at this time. Mid-cap stocks will give higher returns if investors will buy and hold those stocks at this time.


Happy Trading !!

Megha Investments & Research Team

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