Sunday, May 19, 2013

Nifty P&F (Wk 2005-2405) - Channel top resistance 6220 might give some selling opportunity

Recap:

It buckled from double top & also heading now towards the channel resistance.

Weekly Analysis:


Daily Analysis:


Summary:

Weekly & Daily up. Weekly very near to the channel top & it's highly unlikely that it does not react at this point for a correction / reversal. To follow the reversal we should look at the fib levels.

The immediate opportunity to enter the bull trend might be matter of some time. It can be a good opportunity to short at the resistance points & exit at the sign of reversal.

3 comments:

  1. Markets Quantified
    NIFTY 20-May-2013
    Current Market Situation :

    NIFTY current close : 6157
    NIFTY resistance level : 6158
    NIFTY support level : 5912
    NIFTY sentiment : positive
    NIFTY dominant cycle period : 12 days


    Levels Tomorrow :

    NIFTY intraday resistance 1 : 6183
    NIFTY intraday resistance 2 : 6212
    NIFTY intraday resistance 3 : 6255

    NIFTY intraday support 1 : 6131
    NIFTY intraday support 2 : 6101
    NIFTY intraday support 3 : 6058
    Markets Quantified

    ReplyDelete
  2. Dear Rajib,
    Kindly guide me when to book shorts? And make long in nifty.
    Regards,
    Pinakin

    ReplyDelete
  3. @ pinakin,

    I can talk about the levels to watch out for, but plz don't ask me about individual trades - you got to manage them on your own.

    Above 6178 shorts don't exist, below 6098 downside momentum likely to increase.
    As of now there is no suitable entry point for long - will update them as I see it.

    Regards,
    Rajib

    ReplyDelete