[sharetrading] Free Intraday Tips For 21 June 2010

 

Free Intraday Tips For 21 June 2010

Nifty seems to have completed its first leg of wave Y of wave X up and for that 5303 becomes a crucial resistance. In the second half, Nifty as expected headed lower after giving an hourly negative close and the hourly KST formed a hinge. The current downwave has a crucial support at 5206 and till that is held there exists a probability that it is a correction of the rise from 5206 to5303 but if 5206 is broken, the possibility will be negated and the Nifty will head even lower. On the downside, 5147 is the decider if this rise has to be an impulse, but if 5147 is overlapped the possibility of an impulse will be negated and it will be confirmed even more that the rise from 4786 is an X wave. On the weekly charts, it seems to be a corrective wave as the last week was a weekly negative close. Hence, we are now in the second leg of wave Y of wave X and once it gets completed we will head upwards again for the third leg up, which should be the final rally. The daily momentum indicators are in buy mode and since the third leg up is expected after this slide, we continue to maintain our short-term bias up.

 

Nifty Closed 5262

Nifty Support 5230-5190-5150

Nifty Resistance 5290-5330-5370

 

 

Buy Nifty ABOVE 5280 SL 5258 TGT 5345

Sell AXIS Bank BELOW 1190 SL 1208 TGT 1165

Buy Maruti ABOVE 1370 SL 1349 TGT 1400

Buy SAIL ABOVE 199 SL 196 TGT 203

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

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