Monday, September 15, 2014

Nifty, keeping below 8114, weakens further..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices heading towards lower channel after breaking the mid-channel.
FII's continues their purchases with subdued VIX.
Prices suggest of:
a) a major correction is underway from 8180.
b) the minor (4)th wave's "c" unfolding from 8180 to channel bottom's break.
Since the inside day with "2-day low -8126" broken, the ST got tilted to bears and prices have been making series of lower lows and unable to retrace above 80% of last fall, the last fall from 8128 being retraced exactly at 8114 & nothing more..
The"Trend has lost its momentum in day t/f" with prices closing below DHEma after showing signs of exhaustion with -ve divergences".
Mild bearish scenario has opened up below "8125" & more would be below 8050-61 & 8007-22, the two cluster supports.
Mild Bullishness returns only above 8115 for the day & more above 8134.