Tuesday, September 16, 2014

Nifty, keeping below 8059, gathered down-momentum..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices have broken the channel.
FII's have sold mildly with gently rising 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 highs & lower lows and unable to retrace above 80% of last fall, the last fall from 8114 being retraced at 8059 & below 8097.
The"downtrend has gained its momentum in day t/f" with prices closing below DLEma after showing signs of exhaustion with -ve divergences".
Bearish scenario has opened up below "8125" & more would be below 8007-22, the 2nd cluster support.
Mild Bullishness returns only above 8060 for the day & more above 8085.