Thursday, May 22, 2014

Nifty, from its lower range of 7210, moved to the upper range of 7320 and fell to the midpoint..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's continue to be buyers & VIX lower... (Sold a small amount on 20th & 21st)
Prices continue to close above all key averages.
Red "b" and green "iii" direction "up".
Holding above 7231-38, uptrend continues towards the two lows(7352-64) made after the recent top and then, if strength remains & key retracements held, towards the two highs made after the top(7414-15).
The strategy that has worked well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL".
Yesterday, the last fall retrace gave an opening trade;
Subsequently, being below Day pivot, opening fall gave another trade for opening fall retrace.
Towards the end, the last rise has held its "key retrace at 7231-38".
Hence, Holding above "7231-38" is stated above.
Next rise may have started from 7239.15...hence, last rise from may be taken as "7239".
(7324 is 30 points + DHEma of the day)