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Sunday 3 February 2013

Nifty - Small correction to continue from 4th Feb


As warned by me on January 30, Nifty has corrected a bit and is likely to further slide downwards.
Please read my earlier post here.

Nifty has moved below the 10 and 20 day Moving averages. RSI and MACD has given sell signals. Further downmove is likely.

Important Nifty stocks like - SBI, Tata Motors, Tata Steel ,L&T and Infosys are sell in daily charts.
Reliance is also weakening.

For the next week, please trade cautiously. For intraday, I would prefer sell side rather than buy. On Monday Feb 4, there could be a positive start because of bullish dow, but upmove may not be sustained.
Please see charts.



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