Nifty taken support at 50% fibo level of spike on 18th May
Nifty Futures Hourly Chart
Nifty Daily Chart
Nifty Half Hourly Chart
Happy Trading !!
Nifty Half Hourly ChartThe doji that formed on 26th with a higher low proved to be an "evening star" which is a bearish reversal pattern. Yesterday's candle also closed below the "Inside Day" 's ( formed on the 19th and 20th of May,2009) lower range of 4167.
The midline of the channel was broken decisively by the Nifty , melting through the support of 4150. This midline will now offer resistance at 4250. Good support is available at 4024-4048 fibonacci levels, marked on the charts. If this breaks we have support at 3910-3850 levels which should not be broken for the uptrend to remain intact.
The Nifty Futures chart has support at 4053 the level of the first gap made on Monday , 18th May,2009. Watch out for supports here .A break could mean testing breakout level of 3717 on the spot Nifty.
Keep a strict stop loss of 4270 spot nifty on shorts and a strict stop loss of 3995 spot nifty on longs.
Keep a strict stop loss of 4270 spot nifty on shorts and a strict stop loss of 3995 spot nifty on longs.
Longs with a medium term view could keep stops at 3700 spot nifty levels.
Lakshmi Ramachandran
www.vipreetsafetrading.com
2 comments:
fiis gave a signal of selling futures probably they maintain support by buy cash or just avoid selling in cash.when ever there is divergence between views of fiis and domestic institutions esp near te futures expiry.this jugglary is difficult to understand by small investor sees bouts of alternate selling and buying in succesion.kindly throw some light as i have noticed arvind rises near expiry other days is a slow mover.
There is nothing like a small investor/trader. Be technically wise and trade/invest. No one can then take you for a ride. Plan your moves and then move. Failing to plan is planning to fail.
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