Nifty prediction october 2012

Nifty prediction october 2012, nifty trend next 2 weeks ; Last week was a spectacular example of what can happen when policy makers and liquidity are both in action. A gush of liquidity on the back of Quantitative Easing by the US Fed in the previous week, coupled with the Indian Finance minister putting his foot down to ensure that there was no roll-back in reforms despite of immense pressure from opposition.
The Trinamool Congress did try and play spoil sport but then the Samajwadi party was there to hold the fort. Finally, the market is now in a "Higher top-Higher bottom" cycle on the monthly chart and it all seems well at this point of time.

Technically speaking, a pullback or some sort of consolidation cannot be ruled out over the next few sessions but the underlying tone is clearly bullish.

Also the bulls will welcome any corrective down move with open arms as they can then further add to their long positions at lower prices.

On the downside, the Nifty has strong support at the 'gap' area formed on Monday. This support zone is between 5450 and 5525 on the Nifty. Any decline towards these levels will be an opportunity to buy.

The ADX (14) Indicator on the daily chart has moved from 16 to 29 and indicates that the momentum is extremely strong and that the trend is likely to remain intact. In the next week, the derivative expiry seems to indicate further short covering in specific stocks. We are of the view that the Nifty is likely to test 5850 to 5900 levels over the next 2 weeks.

The broader indices too seem to have picked up and the BSE Midcap index showed a clear trend line breakout with targets of 6,900. Similar is the case with the BSE Small cap Index which suggests the possibility of a move towards the 7,400 mark.

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