Monday, April 28, 2014

Nifty continues down in the corrective phase..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices, on moving past 6800, find supply(selling) coming in..
And prices find demand(buying) coming in around 6650-65 zone.
Selling has not been strong enough to break down below the rising support line while
buying has not been strong enough to develop into an impulsive uptrend.
A trader, thus, finds only one strategy to trade the small channelled moves within an expanding triangle.
A cluster of resistances are visible in 6813-38 and
a cluster of supports are visible in 6697-6732.
Sideways consolidation since the 6777 highs continuing..