Thursday, October 16, 2014

Prices opened into resistances at open, broke "7850" to reach 100dsma...Know the direction...know the retracement..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Prices under pressure till below 50 & 20 Smas in the short term..

Prices restricted within the "DLEma less 30" @7825 & moved higher to DHEma & reversed down & have closed above DLEma;
if manages to move above 7906, 2 Hr High, short term prices would move towards the cluster resistances of 7928, week high & 7972, last week high..
Day trend has paused with a close above DLEma..
As the chart below suggests, prices are most likely to reach the weekly channel bottom..
ST strength remains weak below Wk.pivot(7883) initially & returns above it & more above the critical MT average 50dsma(7920).
Hour chart suggests of "Contracting triangle" with prices oscillating between these two ranges while technicals getting weaker by each day..
Critical supports are 7821 & 7785.