Tuesday, September 23, 2014

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices held at 21 hr sma at open and rallied almost 100 points.
The "Re-buy" zone during corrections in an uptrend is 21/ 34 Hr sma proved rewarding to the followers.
FII's have net sold in the last three days but in very small qty..??
Week has been in overbought zone with continuing -ve divergences and hour has reversing from the oversold zone & heading to overbought zone again and the day has almost reached the OB zone - the number quite relevant is "DHEma" (presently 8124, also day's pivot & the DHEma would change based on day's high)
Prices are getting resisted at the mid channel.
FII's are alternating with selling & buying with a subdued VIX.
Prices suggest of:
a) a major correction is underway from 8180 with "A" wave completed at 7925 & "B" unfolding.
b) the 5th wave unfolding from 7940 with "i" done at 8160 & "ii" unfolding.
c) a complex "b" of B wave unfolding.
Multiple scenarios in shorter t/f.. start rejecting each when prices demand it.
Bearish scenario opens below "8055"..
Just one cluster resistance is standing in the way of Bulls - 8157-73.
For intraday, weakness below 8096, 3 hr low..
Major support exist at 8060.