Tuesday, September 2, 2014

Nifty gathers further momentum in its vth wave of 3rd wave..

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

BN's chart shows a 5th wave progressing with sub ivth to commence.
Hence, protecting the "i"st wave high(Nifty's 7947) is critical for this upmove to make new highs.
Both Hour & Day 9-rsi are in overbought zone with week showing a -ve divergence at the top in "macd chart"(confirmation by this/next week end) and hence, one need to follow the prices with a trailing number. Prices could trade from channel top to channel bottom in a sideways mode.
With the "Trend" intact and Day technicals completing their corrective move, prices resumed their uptrend by holding 7939.
Bearish scenarios open up only below "7895".
Immediate minor resistances are 8034 & 8056.