Free Intraday Tips For 5 May 2010
Finally, Nifty has broken the head and shoulders pattern, which is a trend reversal pattern, at the peak. The NSE bellwether has not only breached the 40 daily exponential moving average (DEMA) but has also closed below it, which again confirms that the short-term trend remains down. The daily momentum indicator clearly gave a hint by making a hinge not once but two times, signaling a bull trap at the peak. Nifty has also broken the weekly low of 5160 and with that it shows that wave III down has started, which is a superhero wave of all. The weekly momentum indicator KST and MACD that kept the hopes alive for the bulls have gone into sell mode, making a lower top signaling a deep cut in the days to come. The main trigger would be the 20 weekly exponential moving average (WEMA), as once Nifty closes below that, it will slide at its highest pace. So, watch out for 40WEMA closely, which is at 5127 currently. With this, we continue to maintain our shortterm bias down and also change our medium-term trend to down.
Nifty Closed 5149
Nifty Support 5127-5040-4952
Nifty Resistance 5202-5250-5294
Sell Bharti 290 SL 296 TGT 284-282
Sell Voltas 174 SL 180 TGT 166
Sell DLF @ opening SL 312 TGT 294-282
Sell LT @ Opening SL 1617 TGT 1520-1480
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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