Wednesday, September 3, 2014

Nifty continues its climb steadily with mild intra corrections.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Protecting the "i"st wave high(8022) 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 are trending up in the middle part of the channel.
With the "Trend" intact, prices would continue their trending ways by holding 8055-66.
Bearish scenarios open up only below "8007".
Immediate minor resistances are 8111 & 8139.
We have tentatively labelled the sub-waves of the move from 7540.
The 5th wave may have started from 7422 or 7540.
Accordingly tentative targets could be (as per 1=5 with 1 as 5933-6777=844):
7422+844=8266  OR
If the sub-waves play out as per the tentative labels, it could reach closer to 8200.
Remember, these are tentative labels in shorter t/f and we should adjust the labels as they unfold while trailing our positions with the last rise which is from "8007".
("Cooldent" believes in it and has picked up this art quite well.)