Thursday, June 12, 2014
FII's are net buying consistently during this month but started to sell in small since yesterday.Prices, in the short term, have closed in between two key ST averages.
"Impulsive 3rd wave" seems to be underway with minor corrections within a channel;
The ST direction is "sideways" till prices continue to close between/ below these two key averages(21 or 34 hr smas).
Aggressively Holding below 7673, Conservatively Holding below 7579 correction 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.
7579-89 & 7535 are two key supports
7639-41 & 7663-73 are two key resistances today.