Thursday, March 27, 2014

Nifty ends the settlement at an "all time high", still holding within the channel with measured falls..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

5th wave's form is unusual (roll over & settlement could be the reasons for this); but then market is not a perfect place as it consists of "imperfect us".
As long as the correction holds 50% of last rise from 6483 wherein placed 34 Hr sma(6555), more highs are possible. Being an imperfect place, it could do so even after breaking it. However, we need to flow with the momentum and give importance to strength in retrace. Besides, we will have "last fall" retrace to get back into a reversal.
Making a low below 6580 without clearing 6610 would make the fall from 6627 a "5 wave structure".
A 10 point below last two hour low of 6581 @ 6571 is the immediate support. Break below it would be "Two Day Low - 34 Hr sma @ 6545-55".
Immediate resistance at open is 6610 & 6633.