Tuesday, April 22, 2014

Nifty, uptrending, devoid of upward momentum..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices have not yet shown an impulsive charateristic that is associated with a 5th "yet".
Conservatively, you trail it with 34 Hr sma and aggressively with the "rising 21 hrsma or the HrJnsar".
In a strongly trending market, OB need not result in a reversal. However, since the highs of 6777, prices have been in a broad sideways mode; and if they hold 34 hr sma, they could break out of this trading range.
Opening session should provide more clues to this twin scenarios.