Monday, May 26, 2014

Nifty, on moving closer to prev. top, gets sold off and ends with a "sell on rise" signal..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have resumed NET Buying in the run up to the swearing-in-ceremony, another sentiment driving event after the "Election results day".
Prices continue to close above all key averages.
Green "iii" taking precedence over the rest & the direction is strongly "up".
Holding above 7331-41, uptrend continues towards the two highs made after the top(7414-15), above which is the 80% @7477 and then to newer highs....
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".
On Friday too such trade points emerged, the last rise(from 7260 to 7365) has held its "key retrace at 7300-13".(Held at 7301 and rose to 7381)
Hence, Holding above "7331-41" is stated above considering key hour lows..
Next rise may have started from 7331...