Free Intraday Tips For 17 May 2010
Nifty sold off right after getting back into the channel. This means that the earlier move was an X wave, whose probability we discussed earlier. It gave a whipsaw to the downward parallel channel and is now heading lower conservatively for wave Z. The weekly momentum indicator continues to be in sell mode and the daily momentum indicator, which had risen the hopes of the bulls, will make a hinge again if Nifty falls even harder. Nifty never closed above its 20 daily moving average (DMA), which acted as a crucial resistance. Hence, we continue to hold our medium-term bias down and change our short-term bias to down with the reversal above 20DMA. Let us see whether the Bulls can hold 200DMA again. Nifty on the hourly chart is trading below its 20 hourly moving average (HMA) at 5163 and 40HMA at 5153, which are now its short-run resistances. The hourly momentum indicator KST has turned into sell mode and trading below the zero reference line.
Nifty Close 5080
Nifty Support 5040-5000-4950
Nifty Resistance 5130-5170-5220
- Sell Nifty 5080 SL 5145 TGT 5040
- Sell BHEL 2363 SL 2385 TGT 2244
- Sell STER 702 SL 721 TGT 685
- Sell Tata Steel 547 SL 566 TGT 532
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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