Friday, May 30, 2014

Nifty, sell on rises, closes at the lower end of day's range..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's are net selling in small quantities for the last many days.
Prices, in the short term, continue to close below all key averages.
"Flat Correction" is unfolding; the direction is now "biased down" in the ST till prices continue to close below these key averages.
Holding below 7314, downtrend would continue....(7314, week pivot)
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
On Thursday too such trade point emerged at open, the last fall (from 7338 to 7302) was retraced to 61.8% at 7325 and market fell and reached DLEma less 30 points at 7224.
Last fall may be treated as from "7295".