Friday, March 14, 2014

Nifty asserted its week trend after 4 days of correction on its last day of the week...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Price correction after a steep run from 5985 to 6563 exceeded 75 points yesterday by breaking below "6487", hinting at a larger correction and the EOD close too confirmed a likely trading zone between DLEma and DHEma with a 20 point filter.
ST averages are placed @6520-6532 for the opening session as resistances.
Immediate supports are @ 6447-6459 taken from camarilla's LL4 & Pivots S1, coincides with approx. JNSAR -DLEma.
In a worst case scenario, it could drop to 6426, S2/ week pivot. But considering the consistent FII inflows, the correction would be opportunities to buy. I would prefer to keep a filter for JNSAR considering the weekly pivot placed below JNSAR.
If (4)th wave, it breaks the channel bottom(not a necessity) and reverse.
A critical day, indeed. We have seen, during strong uptrend, the weekly lows and highs made on the last day.
Accordingly, I'll plan my strategy for the day, a low risk one.