"તો શું નિફ્ટી એપ્રિલ માસ સુધીમાં 7000 આવશે?"
Now, Nifty is all set to test the Double top formed in the month of January 2010.
The buying on the board denies to stop and the Nifty 50 stocks, in many cases out-performing their respective sectors, keep making new highs, challenging previous tops and closing positively to uphold the Nifty.
In the entire calender year, we have not witnessed the kind of single day fall that we had seen in 2004, 2006, even in 2007, 2008 and 2010.
Compared to the daily Nifty Future volumes of more than 2 crore, the participation is still missing.
The technical parameters on the Nifty chart suggest a sharp move here on.
The Technical parameters:
1) RSI at 71.
2) Positive formation above MACD histograph.
3) Most important: The Ultimate oscillator is not to test 70. Historically, on the monthly chart whenever the UO crosses 70, the momentum becomes much broader, larger and sharp. Ultimate Oscillator measures the buying or selling pressure. Currently, the monthly UO at 64, suggests the pressure had been strong enough and on MONTHLY BASIS a larger momentum is not ruled out.
A closing above 6185 on monthly basis will confirm this view.
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