Tuesday, June 10, 2014

Nifty, completing technical intra correction, inches up.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's are net BUYing in BIG quantities for the last few days.
Prices, in the short term, have closed above all key averages.
"Impulsive 3rd wave" seems to be underway after a flat correction (which foretells of bullish undertones);
the direction is now "UP" till prices continue to close above these key averages(21 or 34 hr smas). Aggressively Holding above 7561, Conservatively Holding above 7527 uptrend continues....
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.
7625-33 & 7586 are two key supports today.