Nifty Traveling and Intraday Tips

Information about Nifty Traveling and Intraday Tips

Published on May 10, 2014

Author: speak2earth

Source: authorstream.com

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PowerPoint Presentation: Nifty Traveling and Intraday Tips Indian Intraday Stock Market edged up on Thursday, recovering somewhat from the 1-1/2 month closing low hit in the preceding session, as investors picked up some of the tattered stocks but also sustained to book profits ahead of decisive election results in the next week. The Bombay Stock Exchange Sensex closes at 22345 were up by 21 points or gained by 0.09 percent where BSE Midcap index rose 0.31 percent while BSE Midcap index fell 0.16 percent while BSE Smallcap rose 0.17 percent in today Intraday trade. Sensex Major Resistance on Upside at 22433-22520-22607 Sensex Major Support on Downside at 22269-22192-22105 Trend Deciding Level at 22356 Nifty Index Major Resistance on Upside at 6691-6722-6753 Nifty Index Major Support on Downside at 6634-6608-6577 Trend Deciding Level at 6665 Major Headlines Brigade Enterprises Q4 net profit at Rs 49.2 cr Vs Rs 28.4 cr (YoY) City Union Bank block deal: 2.3 cr shares exchanged at Rs 63/sh on BSE Shriram City Union block deal: 10.7 lakh shares exchanged at Rs 1265/share on BSE, NSE BHEL commissions gas turbine power plant in Oman Steel Strips receives export order worth of 1.5 million from Peugeot-France Adani Enterprises says investment in Queensland moves ahead with state reco on environ nod Nifty Indices Nifty managed to end the day in the green after yesterday’s sharp sell—off. In yesterday’s session it had broken the crucial support level of 6650 which indicated that wave C down of wave II had ensued. On the higher side, 6745 is now a crucial resistance as it is the swing’s high of wave B. So, till the Nifty doesn’t surpass and close above those levels, the short-term trend shall remain down. On the hourly chart there appears a possibility of an ending diagonal pattern, so a bounce, if any, should be utilized for initiating shorts as the Nifty will face a resistance at its downtrend line, ie near 6703 levels. The Nifty has formed a spinning top candlestick pattern on its daily chart and that’s near its 40-day exponential moving average and the lower Bollinger Band. This may generate some bounce intra-day as bears seem exhausted at lower levels. But these bounces should be utilized to initiate shorts. On the contrary, if yesterday’s swing’s low of 6638 gets broken then one could add more shorts for an immediate target of 6550 levels. The momentum indicators are well in sell mode. Also, the Nifty is trading well below its short-term averages which is a clear confirmation that the overall trend has reversed from PowerPoint Presentation: up to down in the short term. This is immediately a quick-fix retracement of the rise from approximately 5950 levels; for this reason, traders shouldn’t go short assertively. Till 6749 level is not taken off avoid longs and go short on every rise. In the daily chart the index is trading between the Twenty-Daily moving averages (DMA) and the Forty-DMA, ie 6739 and 6628 correspondingly. The momentum pointer is trading in negative mode with negative deviation. In the hourly chart, the Nse Nifty is trading below the Twenty-hourly moving average (HMA) and the Forty-HMA, ie 6684 and 6698 correspondingly, which are vital intra-day levels. The hourly impetus indicator encompass turned positive. The market duration was turned almost negative with 665 advances and 796 declines on the National Stock Exchange. Nifty Future Major Resistance on Upside at 6713-6746-6778 Nifty Future Major Support on Downside is at 6655-6630-6597 Trend Deciding Level at 6688 Bank Nifty Major Resistance on Upside at 13168-13236-13303 Bank Nifty Major Support on Downside at 13028-12956-12888 Trend Deciding Level is at 13096 5 Daily Moving Average @ 6684 50 Daily Moving Average @ 6569 200 Daily Moving Average 6144 5 Days Relative Strength Index 29 and 14 Days Relative Strength Index @ 47 INDICATES NIFTY PLACED IN TRADING ZONE, WITH BEARISH MOMENT. Intraday Tips Buy Nifty Fut May Intraday above 6715 sl 6690 Tgt 6735-6760 {Or} Sell Below 6665 sl 6690 Tgt 6645-6620 Buy Bank Nifty May Intraday above 13160 sl 13110 Tgt 13210-13260 {Or} Sell below 13060 sl 13110 Tgt 13010-12960 Curious Fact Our eyes remain the same size from birth onward, but our nose and ears never stop growing.

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