Thursday, August 7, 2014
Nifty, in "Trading mode", moved from DHEma (7741) to DLEma (7659)...
The lower most range for the day as per "Trading mode"is DLEma less 30 which is 7639-7609. There is also the rising 50 dsma at 7602 which market have gone near but not touched so far during this rise from 5933.
Nifty has closed above the key ST (20)avg:7670.
Nifty has its key MT(50)avg:7602.
Hour T/A have turned down & prices are heading towards WEma-7628.
Hence, we look for a fall towards , preferably till 7628, below which 7602 or 7595. Holding below 7665, downtrend continues...
It is a trader's market once you have started to see 3's & 4's.
Day technicals continue to be vulnerable with trend indicator having turned down below its trigger and so is Relative Strength Index.
A lower cluster of resistances are seen in the chart below from 7708 to 7723.