Wednesday, August 20, 2014

Nifty continued with the "breather" for the avg-catch-up-act..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

The fall from 7841 to 7540 was a distinct 3-wave corrective and it is being followed by an impulsive upmove.
It was observed that above 7664-75, market could rally anywhere and it broke past the resisting trendline at 7675 and has climbed so far 250 points.
The reliable 9-Day rsi suggested of a reversal last week from its critical support and prices managed to hold well above 50 dsma.
There was also a fast rise set up noticed between 5 & 50 dsma &amp which has resulted in a sharp rise.
Strength continues above 7820, week pivot. Presently prices seem to move from the channel top to channel bottom..
Minor resistances are in the region of 7927-36 above which 8050-80 in the coming days, holding above 21 & 34 Hr Smas.
(Last rise retrace considered from 7817)