Tuesday, November 3, 2009

Nifty Premarket View

As per EW study and TA status and combining the weekly & daily Pivot points, the ideal level to end the 5th wave down is @ 4638-4648 and the same will come in the opening hour.
Strategy: Close the "Shorts" around there and initiate longs with SL., to be confirmed later by a "ORB" break on the upside and furthermore a move towards Daily Pivot @ 4751.
An alternative scenario could be a open flat and move higher to 4737 and fall towards 4668-4648-4638..and then a possible reversal.

If 4638 does not hold, then next reliable support would be 4585-4590.
A critical reversal day..Trend is down but maturing for the short term.
Positive div in hour but to be confirmed by price reversal.

3 comments:

Sunny said...

hi sir gm,
plz update bank nifty and sbi tecnicals
plz give me the range
thx 4 ur valuable suggestions

DKG said...

Hi Sir,

Can i buy nifty for intraday? what will be SL?

Ilango said...

Hi..Dinesh,

Buy here with day's low as SL.

Hi..alpesh,

I will not be able to do it during market hours. I would try to give my views in the evening. I prefer to stay focused on only "NIFTY".

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