Thursday, June 19, 2014

Nifty, in sideways mode, rose to resistances, fell to supports to close in the sideways mode...

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.
But prices, in the short term, have closed Below two key ST averages.
"Impulsive 3rd wave" seems to be underway with continuation of correction, the current one being "(2)"nd sub-wave;
The ST direction is "Sideways" till prices continue to close between DHEma & DLEma.
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.
Note how prices are consolidating in a broader channel and remaining in the "upper zone", having positive bias. Once they break this middle line, the bias would turn negative.
Momentum would return above this channel.
Consolidation continuing for "investors" for the next big upmove as long as "7300" is protected.