Monday, September 22, 2014

Nifty Pre-Market View.

FII's have net sold in the last two days but in very small qty..??
Week has been in overbought zone with continuing -ve divergences and hour is reversing from the overbought zone and the day is moving towards OB zone - the number quite relevant is "DHEma" (presently 8105, also Friday's intraday low & 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 4th wave completed from 8180 to 7925 , for the rise that started from 7422.
Bearish scenario opens below "8045"..
Just one cluster resistance is standing in the way of Bulls - 8157-61.
For intraday, weakness below 8108, 2-3 hr lows..
Minor support exist at 8072-77.


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