Wednesday, October 29, 2014

Rally continues in a channel, holding critical 2 day & 2 Hour lows...& has reached the resisting supply line...

Nifty Intraday Update-II

Nifty Intraday Update-I

Having completed a brief hour corrections, the rally is poised to continue higher...

FII's have sold in the 2nd half of September and prices came off the highs from 8180 & closed near the lows.
FII's have continuously sold in this month, barring one day(& 3 days of small buying) and if that trend continues, prices would close below last month's close.
ST weakness would manifest, if prices are contained below 8090-8105 and broke 2 hour lows.
Presently, all t/f technicals are in uptrend.
Day has reached OB zone; only EOD would confirm a reversal with a minimum close below DHEma.
Hour has reversed after a brief correction & has resumed uptrend...Watch out for any -ve divergences developing after few hours of trading..