Free Intraday Tips For 21 May 2010
Nifty's closing in green today makes things quite tricky from here onwards, as the odds whether this decline is a complex correction W-X-Y-X-Z or an impulsive one get even. So, 4908 level becomes a crucial level to watch out for and till that is not broken, the bears should act cautiously. The hourly indicators are giving positive divergence whereas the daily and weekly indicators remain in sell mode signaling that the trend remains down but till 4908 is not broken there might be some consolidation. The break of 4908 will drag Nifty below its 200 daily exponential moving average (DEMA), which is now acting as a support and also increases the probability of this decline being impulsive. On the upside 4980 and 5015 remain crucial resistances and 4908 a crucial support. We continue to maintain our bias down.
Nifty Closed 4948
Nifty Support 4900-4860-4820
Nifty Resistance 5000-5060-5110
Sell Nifty Below 4920 SL 4956 TGT 4873
Sell AXIS BANK Below 1190 SL 1212 TGT 1168
Sell Maruti Below 1195 SL 1212 TGT 1170
Sell Reliance Capital Below 622 SL 633 TGT 608
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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