NIFTY Views - for 8th Oct 2012:

1) Nifty has formed 52 week Hi @ 5815, but nothing changed !! Shorted @ 5800 as per levels & booked near 5740.

 Plz don't consider the Low of Nifty as 5000, as this wasn't reflected in BSE Sensex/ Futures.

2) Pattern: Bearish Engulfing candle has been formed with High Volume which means supply has overtaken the Demand. so threat to Bulls, to be confirmed tomorrow. We expect more fall in this week as correction only.

3) FIbo Level:  76.4% Retracement @ 5912, so Resistance ahead. 

4) Weekly TF    :- Uptrend

    ->  Bollinger  :- Up Trend

    ->  RSI          :- Up Trend

5) Daily TF        :- Double Bottom @ 5638,

    ->  Bollinger  :- Up Trend

    ->  RSI          :- Up Trend  (RSI above 70 + Bearish Divergence), so another High possible

    ->  MACD (9,19,6) :- Bearish Divergence from previous Top, so another Top is nearing. Confirmation after crossover only

    ->  Stoc (14,3,5)  :- Sideways, waiting for Sell signal

    ->  Stoc (5,3,3)   :- Sideways, waiting for Sell signal

6) 60 min TF      :- Side Trend

    ->  Bollinger  :- Side trend

    ->  RSI          :- Dip in Uptrend, so short term Uptrend for another top formation.

7) Gaps to be Noted:

    ->  5043  - 5077

    ->  5238  - 5309

    ->  5399  - 5415

    ->  5435  - 5526

    ->  5554  - 5575

    ->  5650  - 5683

BUY:  Buy in the morning near 5740-5750,TGT - 5800,SL - 5725

SELL: Sell in Rallies @ 5800 or Below 5730, TGT - 5730,5640, 5450 SL -25 Points