Monday, May 2, 2011

Update for Nifty Trading

Few observations for today's trade -

1. The 'Osama' effect was missing in action, though the Bears had a little party to celebrate.

2. Prices closed below the critical 200dma mark and infact the close was the lowest since 28-03-11 ( 20 trading sessions ).

3. Today's fall was on low Volumes.

4. There is a Positive Diversion in 5min chart with hourly charts still oversold. Will it give a technical bounce tmrw ??

5. Short term Moving averages ,5-20dema have crossed bearishly .

6. Now the Supports come near today's low and apprx. 5630 level i.e 50dma.Resistance comes at confluence level of 5740-50 having 200dma,5dlema and 5wema. and then at 5785-90 level.

7. As posted yesterday , now keep 200dma level as the SAR and manage it for intraday.This may be a whipsaw below 200dma. Better be safe using the SAR. It may be a tricky day tomorrow

8. Please check  for the Trading insight in detail carefully at yesterday's Post.

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