Tuesday, July 8, 2014

Nifty, tentatively moving higher, has made a tentative 5th top..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have been buying for the last 6 days after the consolidation with in the major uptrend.
Prices, in the short term, have been closing above two key ST averages. (As long as prices close above these, technicals remain strong; after a close below it, follow up is important; if not, trend would reassert)
The ST direction is "biased UP", as long as prices stay above 7711-7726 & 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 7760(2-Hr low), Conservatively Holding above 7722(DEma), uptrend continues....