It was seen on NIFTY charts yesterday, there was formation of Doji which indicated that market will move down from yesterday's level. RSI also confirmed this as markets were on over bought area.I also expected amrkets to slide a bit today and thats what happened today. NIFTY opened some 100 points down then moved up a bit but finally closed at some 80 points down from previous close. It can be seen in the chart below that RSI indicates overbought position.Again Slow stoichastic show that %K line has cut the %D line from above which indicates that markets may continue to fall a bit.
Thus my expectation is that NIFTY may fall a bit tomorrow....then it may recover later on....
I am not competent enuf rite now to predict xact numbers....so lets wait and watch...teh movements for now...I wud invite comments and expert advices on the NIFTY movement and number calculations...
Good note- do you have a post that's a bigger overview of technical analysis? I would like to learn it.
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