nifty forecasts and analysis of 23 may 2013
nifty today tumbled by 128 points or 2% and closed at 5767.on account of panic from nikkei and fed decision news sucking speculative money out of the market and as result of that we seen sharp sell off.
on daily chart,nifty now trading below month average and trending towards 3 month average support level of 5900.on upside 6000 is month average and 6070 is week average and both remain sharp resistances from short term view.momentum indicators now with absolute sell signal and from now on strategy remain sell on rise for month of may.
for remain 8 days,nifty may turn negative fro month and we may see 5790 as target in these 8 days.on upside on closing basis stoploss is 6105 and above this only expect reversal on long side.look like month of may showing it true color in last weeks.short to medium term must book profits in there portfolios and watch undervalued stocks to enter on lower levels.
in Asian market front,nikkei showing 80% gains in 1 year while indian,Hong Kong ,Australian,Malaysian market showing gains around 22-25% in this time frame.Taiwanese market gained 16% while Korean kospi gained 9%.Chinese market is major under performer and lost 3% in this period.