I think its once again time to look into Nifty Weekly Charts(As on 28th Nov,2008). The weekly chart above has an Inside Bar. Logically the high 2790 and the low 2633 need to be broken on either side to take the position.
So we passed the last four range bound sessions. And Still we are between the
range bound limits 2790 and 2633.
On Monday(1st,Dec) Though We tested the High's 2833 which is the 20 day EMA Resistance Zone. But closed below the upper limit 2790.
On Tuesday(2nd,Dec) And Tuesday We tested the Lows of 2571 but still we manage to close above the lower limit 2633 with Bearish Hammer on daily charts
On Wednesday(3rd,Dec) We Formed a Bullish Doji on the daily Charts between the limits 2633 and 2790
On Thursday we once again tested the upper limit 2790 but closed just below 2790( CMP : 2788)
Conclusion:
Really a range bound Market…. And still the Decision on Weekly Inside Bar is Impending. So Friday Would be the decision making day to get rid of this range bound market…… Friday's price action should either close above 2790 or below 2633 with makes buy or sell decisions for next week…. And Friday's close will defenitly reflected in next week too. Just Keeping my fingers crossed
