Wednesday, July 9, 2014

Nifty has prepared the ground, with a huge fall ahead of "Budget day", for a highly choppy session...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's have been buying for the last 7 days after the consolidation within the major uptrend.
Prices, however in the short term, have closed below two key ST averages. (As long as prices close below these, technicals remain weak; after a close below it, "follow up" is important; if not, trend would reassert)
The ST direction is "biased Down", as long as prices stay below 7711-7726 & close below 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 below 7689(DEma), Conservatively Holding below 7716(2-Hr high), downtrend continues....
Hour lower channel support comes around 7575-85 zone, below which 7517-32, Month pivot-last wk low.