Wednesday, April 9, 2014

Nifty, completing a120-130 points correction, resumes its day trend with Week & month trend being intact-up...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Updatde-I

Nifty Pre-Market View.

Prices, on getting into a corrective, sideways mode with a close below DHEma few days ago, fell from above DHEma and moved to DLEma less 20 points and have started a return journey towards DHEma to DHEma+20 points.
Tech.Table is a simple tool to identify trending and sideways market of different t/f. Just like any other tool, it too has few whipsaws. But it has worked well enough to be embraced for our trading decisions. You need to know ST directions to trade the market and you need to know the critical support & resistance zones to initiate trades during a corrective phase.
45 to 75 points were the corrections of Hour T/F, we stated for this specific uptrend.
120 to 130 points were the corrections of Day T/F, we stated for this specific uptrend.
And Nifty has paused & took support around 6777-120/130=6657-6647 @6650.
This is called the quantitative tool/ analysis.
And weekly trend remains up as long as prices close above WHEma on the last day of a week.
Hence, 6654 is a critical number for this week to suggest larger weakness for a larger correction.