Wednesday, July 30, 2014
FII's have been buying again for the last 9 days, after 3 days of minor selling- a resumption of the major uptrend.
Prices, in the short term, have closed below the two key ST averages. (As long as prices close below these, technicals remain weak; only a close/sustaining above it would reverse the ST trend)
The ST direction is "biased Down", as long as prices stay below 7791 & 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 below 7771-85(61.8% - 80% of last rise), Conservatively Holding below 7796(DHEma), downtrend continues....
Aggressively Holding above 7761, uptrend could resume....