Tuesday, March 4, 2014

Nifty, broke the channel as in "ivth", moved back swiftly into the channel & rose sharply as in "vth"..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices have closed below "ALL HEmas". It is a "trading mode" during which prices are likely to be oscillating in an effort to break the supports and gets sold at resistances.
Prices would oscillate between HEmas to HEma+20 and LEma to LEma-20. You can fine tune them with other key numbers or price clusters.
Whenever the hour trend gets oversold, weekly uptrend could assert during the week, provided prices sustain above 6160.
Hence, resistances would be 6253-65 and
and supports would be 6161-78.
EW: The fall was a clear 3 waves; hence, if prices retrace beyond 6265, the 80% of 3rd wave, it could mean two things:
A flat correction is unfolding with ranges between 6200-6300. OR
The channel break confirms "iv"th and the "v"th would unfold, moving past 6265 & 6283, holding 6212.