Wednesday, May 28, 2014

Nifty is pausing critically at the mid-channel support.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have resumed NET selling in small quantity.
Prices continue to close above most key averages.
"Flat Correction" was back in the contention & the direction is now "mixed" in the ST.
Holding above 7271-85 or 20-30 pts below DLEma, uptrend could resume....
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 Tuesday, the last fall retrace provided a trade at open (from 7483 to 7269).
(Channel at 7271 and last critical hour low at 7285)
Hence, Holding above "7271-85" is stated above.
Last fall for retrace to have started from 7373...(Critical resistance at 21 hr sma)
Last rise for retrace to have started from 7275...(Critical support at 3-hr low)