Wednesday, August 27, 2014

Nifty holds well above last rise retrace for a likely "decisive move"ahead of long weekend.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

BN's chart shows a 4th wave done from 14709(Nifty's 7540) at 15503(Nifty's 7862)with a break of the Hour channel & reversing back into the channel. Hence, holding retrace point of the last rise from 7862 is critical for making a new high.
The fall from 7968 to 7862 is of 3 waves and hence, the retrace could be anything.
With the "Trend" intact and hour technicals completing their corrective move from OB to OS zone, prices may have resumed their uptrend.
Immediate resistance/ cluster points are 7925-29 and prices sustaining above it would bring the momentum.