Monday, July 28, 2014
FII's have been buying again for the last 7 days, after 3 days of minor selling- a resumption of the major uptrend.
Prices, in the short term, have closed above the two key ST averages. (As long as prices close above these, technicals remain strong; only a close/sustaining below it would reverse the ST trend)
The ST direction is "biased UP", as long as prices stay above 7763 & 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 7763-68(2 Hr Low/ 61.8% of last rise), Conservatively Holding above 7734(likely JNSAR), uptrend continues....
Aggressively Holding below 7829, correction could resume....
(EW wise, holding 61.8% retrace held at 7768, vth wave could unfold...)