Tuesday, December 3, 2013
Nifty Pre-Market View.
Day & Hour are in overbought zone and showed signs of weakness yesterday with inability of prices to move beyond resistances.
Month & week are in "sell on rises" and prices moved beyond the MHEma & WHEma and fell to initiate a weakness in Hour T/F.
It still remains as a "Flat correction" from 5972-6212-5973-6229 for the earlier fall from 6343 to 5972.
"Flats" during uptrend are bullish while the same during downtrend is bearish.
As repeated earlier, the signals are mixed in various T/F and the trading range is contracting.
Weakness below Day pivot & Hr JNSAR-6201-06.
Strength above 6230-70.
Month & week are in "sell on rises" and prices moved beyond the MHEma & WHEma and fell to initiate a weakness in Hour T/F.
It still remains as a "Flat correction" from 5972-6212-5973-6229 for the earlier fall from 6343 to 5972.
"Flats" during uptrend are bullish while the same during downtrend is bearish.
As repeated earlier, the signals are mixed in various T/F and the trading range is contracting.
Weakness below Day pivot & Hr JNSAR-6201-06.
Strength above 6230-70.
Monday, December 2, 2013
Nifty Pre-Market View.
Month unable to retain its upward momentum with a close below MHEma, generating a "sell on rises" which would mean "unless prices move above MHEma by 80-100 points, weakness would return".
Besides there are conflicting signals from week & Day T/f.
Considering the non-trending nature of price behaviour, one would be extra cautious while following the market which has failed to break-out on last two or three major occasions.
A flat correction got completed for the rise from 6068 to 6183 @ 6160 and prices started the next rise from there on. Follow the prices from 6160 on...
If unable to move past the earlier resistance zone of 6212 & 6269(80%), weakness would return.
Besides there are conflicting signals from week & Day T/f.
Considering the non-trending nature of price behaviour, one would be extra cautious while following the market which has failed to break-out on last two or three major occasions.
A flat correction got completed for the rise from 6068 to 6183 @ 6160 and prices started the next rise from there on. Follow the prices from 6160 on...
If unable to move past the earlier resistance zone of 6212 & 6269(80%), weakness would return.
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