Thursday, April 17, 2014

Nifty hints at a possible flat or a running correction befitting the major break-out

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

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Week in uptrend but overbought and susceptible to a pause..
Day in downtrend, midway, has stopped at 20 dsma.
Hour near oversold zone near a critical 6650.
Latest signals have been sell on rise; accordingly, the last rise retrace comes to 6707-17.
I have removed the ST EW labels since it resembles more like abc-x-abc..., a tough nut to crack.
Trade light during corrective right using the resistances and supports calculated for the day.
Tue: produced a perfect entry for sell on rise at DHEma+20.
Wed: midway, unable to rise higher, broke down at 6728 & reached below the support-6672.
Thu: OS, holding 6660, a bounce is likely towards 6717/28-HrJnsar/21 Hrsma & then a fall..unless market has other ideas which could be managed with 80%-6732+