Friday, May 2, 2014

Nifty's corrective phase add wee(a)k signals to move lower..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

EOM has just gone by with trend & momentum intact;
EOW is here..with three critical numbers..6779,6717,6639.
Retrace for the last fall comes at 6733(HrJNSAR@6732) & for a larger retrace 6755(J10SAR@6750 & 20 dsma @6749).
Sell on rise continues..
Prices found a pause at the last two demand points of 6650-65 and the quality of this bounce will be critical for the end or continuation of this corrective phase.
From 6650, a 169 points rally emerged;
From 6665, a 205 points rally emerged.
If the rally from 6663 does not move past 6777-80 in the next 2 days, early signs of weakness would be confirmed..
Watch the retrace of the current bounce from 6657 for signs of weakness.