[sharetrading] Free Intraday Tips For 7 June 2010

 

Free Intraday Tips For 7 June 2010

Nifty closed in green but there is not much to cheer about as it closed with marginally gains on pretty low volumes. This is what typically happens in wave X—the volumes don't support the rise in price. However, the daily and hourly momentum indicators remain in buy mode keeping the short-term trend up, but the medium-term trend remains down as the weekly momentum indicator continues to be in sell mode. Nifty has posted yet another positive weekly close in its wave X up retracing almost 61.8% of the fall from 5400 to 4786. 5168 is a crucial resistance i.e. 61.8% level, which is also our short-term target and 5091 is a crucial support. Now, the monthly KST is on the verge of giving a sell crossover and that will be the biggest trigger on the downside. But till that is not confirmed, we continue to maintain our short-term bias up in tandem with the daily indicators.

 

 

Nifty Close 5135

Nifty Support 5100-5070-5020

Nifty Resistance  5165-5200-5240

 

Sell Ranbaxy 430 SL 435 TGT 422-416

Buy Nifty ABOVE 5137 SL 5115 TGT 5183

Sell Nifty Below 5090 SL 5117 TGT 5030

 

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With Regards,
Kushagra Mehta
http://www.daytrading.in/

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