Nifty Weekly Technical Analysis for Week Beginning 04 June

Last Week was a shocker from Macro Point of View as India's gross domestic product growth slowed to 6.5% in 2011-12 (Apr-Mar) from 8.4% a year ago and Growth was just 5.3% lowest in last 10 years.
From Global perceptive:

1. The HSBC Purchasing Managers Index (PMI) for China fell to 48.7 in May from 49.3 in April. This has been the seventh consecutive month that the index has come in below 50. A level below the 50 mark indicates a contracting economy.
2. US Non Farm Payroll added just 69 K and Job less rate came at  8.3%
3. Europe is on tenterhook as Bonds of Spain are reaching above 6.5% which basically means SPAIN will require a Bailout soon.

Nifty Hourly Chart

Nifty started the June month with a 100 points fall in NF as slowing down India GDP has given reason for FII to sell followed by continuous run in INR (http://inrliverate.blogspot.in/) which closed at record low of ....


Read the Full Story