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Sunday, 25 September 2011

Nifty Morning Update - Kedar K Murdeshwar

26th Sept,2011 Monday

Market Overview as at 11.45 am (Nifty at 11.45 am was 4780)

Nifty looks more bearish as I had predicted on Friday Evening.As of now,I would say 4720 is the crucial support for Nifty and this can be touched either today or Tomorrow.

On the other hand,till date there had been 4 bearish sessions indicating one more bearish session is required to complete the short term downtrend at least as of now on a temporary basis.(based on Fibonacci logic,after a downtrend of 5 days the market can reverse)

I still say that if this reversal happens it can be a 1 or 2 day reversal as the bearishness is spread all over.

The next 1 hour can show some bounce back

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