Friday, September 19, 2014

Nifty, finding resistances at "8142-57" cluster, pauses...

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Big upmove but FII's have net sold..??
Week has been in overbought zone and hour has just reached the overbought zone just when week's crucial last day has come - the number quite relevant is "WHEma" (presently 8063 & would change if more highs are made)
Prices broke out of the downtrending channel at 8002 when it moved past 21 hrsma.
FII's are alternating with selling & buying with a subdued VIX.
Prices suggest of:
a) a major correction is underway from 8180 with "A" wave completed at 7925 & "B" unfolding.
b) the 4th wave completed from 8180 to 7925 , for the rise that started from 7422.
Bearish scenario opens below "8030"..
Two cluster resistances are standing in the way of Bulls - 8114-28 & 8142-57.
For intraday, weakness below 8083-95, 2-3 hr lows..