Needless to say I’m not too bullish on the Indian markets. After my earlier short ideas here’s a long term look at the nifty charts
[click on the chart to enlarge]
The weekly charts gave some interesting opportunities to trade. It made a textbook double top at around 6200-6300 levels which would have been an ideal opportunity to short. After that the prices have been slowly trending down with some up swings. The key levels to watch out for are 4600. That level has seen a lot of churn previously and has marked the turning point for multiple times.
Recent movement points to some weakness after testing the down trendline the prices have taken the turn and the RSI is also pointing downwards. Next week we have the RBI policy announcements which will decide the direction of the markets. Either ways – look for large moves. My bias is downwards but not that strong that I will go and short. So I’m on the sidelines but will short the market on signs of weakness. If weakness materialize, target is 4600 which will be a key key support. Good luck!
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