Wednesday, April 30, 2014

Nifty with "Sell on rises" has fallen 200+ points befitting a weekly correction..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

A 5 wave fall was observed from 6761 to 6709. Hence, a bounce is expected.
And when the bounce reaches 6735-41(and 6751-80%), the price behaviour is to be watched.
Also follow the retrace for such a bounce for "weakness".
Holding 6697, the rising support line is crucial as well as a break-out above the falling supply line.
As long as prices stay below 34 Hr sma, weakness would return after the ST bounce unless the T/Fs clash resolves to higher T/f or a reversal happens in higher t/f..
Last day of the month could attempt 6800 or break its lows... Use the above to navigate this scenario.