Wednesday, August 6, 2014

Nifty, in a trading mode, travels HEma to LEma on the back of weak hour technicals...

Nifty Intraday update-III

Nifty Intraday Update-II

Nifty Intraday update-I

Nifty Pre-Market View.

Nifty, in "Trading mode", moved to DHEma(7747) while holding DLEma less 30pts(7621)...
The upmove from 7638 paused at 7673.70, did a shallow correction upto 7663(not breaking 7648) moved higher to 7752(short of 80% at 7758).
Hence, we look for a correction for that rise from 7663 to 7752, preferably till 7718, below which 7702 or 7697. Holding above 7697, uptrend continues...
If breaks 7697(or 7680), "the entire upmove would be an abc of X" and the next part of downmove could start with confirmation of breaking 7661.
It is a trader's market once you have started to see 3's & 4's.
Day technicals are vulnerable with trend indicator still below its trigger and so is Relative Strength Index.
A cluster of resistances are seen in the chart below from 7755 to 7810.