Wednesday, July 2, 2014

Nifty, after the pause, gaps up & move higher..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have been buying big after the consolidation with in the major uptrend.
Prices, in the short term, have closed above two key ST averages.
"Consolidation"completed in a bull flag, prices broke out & have paused for the next upmove;
The ST direction is "biased UP", as long as prices stay above 7595 & close above these two key averages (21 or 34 hr smas).
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.
Aggressively Holding above 7619(3-Hr low), Conservatively Holding above 7581(DEma), uptrend continues....
Minor resistances would be at the earlier high of 7669-81.