Thursday, August 28, 2008

Nifty and US Markets Today


Just see my last post, there I told you I was worried for bulls and it came true. Another more important point is the today's Nifty Futures low was 4209, just near the 50% retracement I told in my last post. Now if bears have upper hand again, the next support for Nifty Futures will be at 4098 - the 61.8% retracement (see the chart in my last post). Below that it can be a journey towards lower low. Bulls need to defend this 4098 with all their might or they might become extinct for some time.

Looking at US Markets, the S&P 500 Futures are between 34 EMA and 55 EMA and there can be a big move in the days to come. The Dow Jones Futures are, however, above 55 EMA. The larger trend is still bearish in my opinion. I will be looking at 1260 very closely now, it is going to be an important support level.

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