There is double "inside day bars" in the daily chart suggesting range contraction prior to a break out. So watch out for 5210 to 5280 for a direction. And there could be false break outs too. So we have first supports & second resistances to take care of them.
If it is a 4th wave, 50% retracement comes @ 5167 (Normal), deeper could be 61.8% @ 5120.
A close below Day low ema may give the downward momentum. For day traders, trading below the pivots should be sufficient.
5 comments:
Ilango,
The actual close(without averaging) at 3.30pm wad 5227 below the low dema.It seems this should show its colour Monday morning.Best
on monday U.S mkts are closed so asian markets and nifty may not be getting clues from there
will it be range bound for one more day or ready for some volatile move?
I think good rains and RNRL-RP deal will take the markets at-least 50 points up....
RNRL Share Price Set to Decline
http://www.thehindubusinessline.com/2010/07/05/stories/2010070552850100.htm
Where would I find Nifty total volume intraday ?
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