Tuesday, April 1, 2014

Nifty shrugged off the non-event & held its ground...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Upward momentum is confirmed for the month T/F after a major break out above 6343-58 zone.
Prices seem to be in their 5th wave or in a more bullish scenario, prices would continue to have small corrections and advance in to the major sub-dividing 3rd wave.
Eventful day with a high VIX would have volatility.
Resistances would be around 6740 & 6770.
Weakness would be confirmed when prices break below 6680 & 6663.
Last rise may be considered from 6663.
Note how prices have been taking support at 21 hr sma and moving higher; a break of 21 hr sma would be an early indication of intraday weakness, followed by 34 Hr sma & the channel.