Friday, March 28, 2014

Nifty impulsing up in its 5th wave ahead of the (fin.)year & month end.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Trending & Sideways market trading was discussed recently and it was stated to "Trail your positions in a trending market" and " trade your positions using supports and resistances in a sideways market".
We kept a trail of 6580 at open and subsequently raised it to 6620-25 using the rising wedge pattern.
This pattern continues till below 6685-6700 approx.
To rollover your positions, it was suggested to use quantitative analysis. Accordingly, it was noticed that Nifty has corrected 43-46 points during the last rise from 6483. Nifty fell 46+ points from the high of 6674 to 6625.
Move past 6665 & 6685 at open would bring in an impulsive 5th to continue and the last rise may be taken from 6625-xxxx to manage trades.
Traders who have traded or being part of the period during Nifty's rise from 900 with FII's inflows would be able to identify the corrective pattern of FII's.