Friday, May 23, 2014

Nifty, after 4 days of sideways stay, showed signs of upward impulsive characteristics...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have been selling in small qty for the last three sessions in the run up to the swearing-in-ceremony, another sentiment driving event after the "Election results day".
However, FII's seem to be in a speculative mood to remain long in Futures market and that reflects in prices.
Prices continue to close above all key averages.
Red "b" and green "iii" direction "up".
Holding above 7247-58, 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 too such trade points emerged, and towards the end, the last rise has held its "key retrace at 7250-64".
Hence, Holding above "7247-58" is stated above considering key hour lows..
Next rise may have started from 7259.80...
(7336 is 30 points + DHEma of the day)