Friday, February 21, 2014

Nifty closes above WEma, one of the few pending signals for uptrend..

Nifty Intraday Update-III


Nifty Intraday Update-II


Nifty Intraday Update-I


Nifty Pre-Market View.

Trade Table shows "Down..Down..Down", meaning prices are in a consolidating mode until LEma or HEma is conquered.
Bears would target initially "6073" and later "6040", the LEmas while the
Bulls would target initially "6123" and later "6178", the HEmas. And the
Pivots would be the Emas-"6097-99".
EW:
If prices move past 6120, it would mean either
the correction is over and the next upmove unfolds....or
the correction continues as a flat, holding above "6073", considering a 3-wave fall from 6160. In this scenario, "a" done @ 6084, "b" would move higher towards 6145 with the help of global cues and "c" could move down again on the back of "roll over".
Technically:
Week could generate a new signal with a close above "6115" considering FII's inflows, low VIX.