In Bull Market every good news is used by market participants
to push market higher and every bad news is met small correction which
is used by dip buyers to buy more. When Mamata DIDI took her support off
UPA we made a correction of 50 points and when Mulayam told he will
give outside support Nifty rallied the most in 2012, Typical
characteristic of Bull market so either stay on sideline but do not
short the market and go against the trend which will hurt you both
mentally and financially.
Whats in store for next week lets jump and see the
Nifty technical outlook as we have Nifty September 2012 Expiry
Nifty Hourly Chart
Nifty
Hourly charts is heavily overbought with RSI,MACD and Stochastic
indicator consistently trading above 80. Overbought can remain
overbought. When such big rallies come its always profitable to have
look at higher time frames...
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