Wednesday, June 18, 2014

Nifty, not having a follow up of a 30pt rise above DHEma, fell to DLEma..

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 on two minor days.
And prices, in the short term, have closed above two key ST averages.
"Impulsive 3rd wave" seems to be underway with the completion of minor corrections, the current one being "ii"nd sub-wave as long as prices stay above the cluster zone of 7532;
The ST direction is "UP" till prices continue to close above these two key averages (21 or 34 hr smas). Aggressively Holding above 7585, Conservatively Holding above 7560, 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.
7580-7590, earlier supports & 7560 are two key supports
7674-88 & 7730 are two key resistances today.
(The top boundary line is 7725-35)