Today I am restarting my regular posts on US and Indian Market indexes. Let me start with NSE Nifty Future with Daily Chart as my instrument of analysis.
Looking at the Daily Chart of Nifty Future, I arrived at following :
- The Main Downtrend Line is too far above current level which means even if Nifty Future could manage to rally upto 3300, it will still be in bears' hands.
- The EMAs are very close to each other, suggesting a breakout either side can be a big one.
- The EMA trend is negative as 13 EMA is below 34 EMA which is below 55 EMA.
- Look at Line 1, 2 and 3. Line 3 is first resistance and so anything near 2820-30 will be facing big selling pressure. Line 1 is next resistance near 3000 (looks almost impossible) and Line 2 is last resistance before Main Downtrend Line (Not likely at all).
- I'd be happy to initiate fresh shorts at near 2800 to 2830 Levels.
After putting my thoughts about Nifty Future, let me take this opportunity to comment on my erstwhile ideal Mr. Warren Buffet. I have always admired Mr. Buffet but his actions off late are no worse than that of either politicians or Wall Street devils. Please read this on my AllNewsViews blog.
My worries about Mr. Buffet are coming true.