Friday, June 13, 2014

Nifty, from overbought zone, broke below key retrace level-7625 to close below DLEma..

We discussed "Macd turning down in extreme point"; here, it is.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's are net buying consistently during this month except a day.
Prices, in the short term, have closed above two key ST averages.
"Impulsive 3rd wave" seems to be underway with minor corrections within a channel;
The ST direction is "UP" till prices continue to close above these two key averages(21 or 34 hr smas). Aggressively Holding above 7630, Conservatively Holding above 7609 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. 
7622-30 & 7610 are two key supports
7678-83 & 7715 are two key resistances today.