5755 again got sold into.
Weekly Analysis:
Daily Analysis:
Summary:
Weekly DOWN. Daily range-bound. In daily time-frame it may extend it's range-bound movement & thereby whipsaws. But the selling pressure in price behaviour is quite evident. As long as the pullbacks are pushed by the channel tops & BrRLs, it's prudent to consider only shorts.
Current chart suggests, 5580-5620 to be watched out for resistance.
Dear Rajib, Now what to do as nifty has crossed both resistance
ReplyDelete@pinakin,
Deleteit was expected that there will be pause in downtrend.
Let the short-term uptrend be settled with its movement, if it's a new trend it will correct near the channel top (@ 5700) & will get support from the BlSL else it will break the support.
I'm still looking at it as pullback to the current downfall. Until & unles you are day trader, it's prudent to wait & short at channel top (@ ~5700).
Regards,
Rajib
Dear Rajib, Now as nifty crossed resistance and close above it what level do you see for taking long
Delete@ pinakin
DeleteYes with the fierce force nifty pulling back, it really provokes one to get sucked to long side. However, we need to be doubly sure for a reasonable base formation to believe the reversal has happened.
In short term resistance level is near 5950 level.
Regards,
Rajib
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DeleteNIFTY 16-Apr-2013
ReplyDeleteCurrent Market Situation :
NIFTY current close : 5689
NIFTY resistance level : 5756
NIFTY support level : 5589
NIFTY sentiment : sideways
NIFTY dominant cycle period : 13 days
Levels Tomorrow :
NIFTY intraday resistance 1 : 5713
NIFTY intraday resistance 2 : 5740
NIFTY intraday resistance 3 : 5780
NIFTY intraday support 1 : 5665
NIFTY intraday support 2 : 5638
NIFTY intraday support 3 : 5598
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Dear Rajib, what is your next trade? And is VPO still intact and if so then any SL for short nifty? And if long nifty also give SL for it .
ReplyDeleteRegards,
Pinakin