Nifty's hour indicates some weakness. by closing below High ema.
Nifty struggled most of the early session to stay above 5063(Day High ema presuming for a high of 5095)
Looks like the correction continues. Presently it is rallying up which will shoe its inherent weakness or strength.
4950 is a very critical support.
5 comments:
Hi Mr. Ilango
Since Nifty is trading constantly below its 5day EMA do u think we can go short by keep its 5day EMA as sl.
Please advice.
But at the same time looking at Asian and European markets I have a feeling we should not close in red.
Regards
Akhil
Hi..Akhil,
World markets are retracing a huge falls of the previous week. They still need to clear certain levels, say 1070 for S&P 500, before any reversal possibility.
Upsides are limited meaning we are near the last upmove of this uptrend. Till then it is trading small moves. Positional longs SL may be yesterday's low or 4904.
From the channelling it looks like 4960 is a bottom and 5068 as a resistance for the day. So sell with a SL of 5070 when the intra tech hits OB. Buy closer to 4994 or lower. with a sl of 4960.
As per our morning view:
5075 was a resistance with a possible correction upto 5025 & Pivot support @ 4994.
Now, we will see how much strength is there to move past 5050 first.
Hi..Akhil,
the intra move of the past 30 minutes look like a "Bear flag"..So your sell call is sensible.
Thankyou sir..I have been the quite visitor of your blog for past few weeks.
Thankyou for your guidance.
Regards
Akhil
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