NIFTY SHORT UPDATE - NIFTY SPOT EOD CHART DT 6TH MAY 2011
A SINGLE DAY MOVE CAN NOT CHANGE THE TREND OR OUTLOOK OF THE MARKET
NIFTY SPOT TOOK SUPPORT AT LOWER TREND LINE @ 5450 AND CLOSE JUST ABOVE THE SAME ON THURSDAY
ON FRIDAY MARKET BOUNCE BACK FROM THE LOWER LEVELS DUE TO BIG-FALL IN METALS / CRUDE / COMMODITIES
AND AS IT HAD BEEN 3-4 DAYS NIFTY SPOT WAS CLOSING MUCH BELOW LOWER BOLLINGER BAND
AND FINALLY ON FRIDAY IT GAVE CLOSING MUCH ABOVE LOWER BOLLINGER BAND.
BUT FACED RESISTANCE AT EARILER SUPPORT ZONE WHICH NOW ACT AS A RESISTANCE "5570"
BUT KEEP IN MIND A SELL-OFF IN COMMODTIES TAKES THE GLOBAL MARKET ALONG IT
AND HISTORY SAY WITH RISING - RALLY IN CRUDE, MARKET HAD BEEN RISING AND FALLING WITH FALLING CRUDE
DOES IT A SIGN OF REVERSAL !!!! OR JUST AND BEAR TRAP OR WHAT !!!
WHAT NEED TO BE DONE TO THE 50% SHORT'S STILL OPEN FROM 5800 AND DOUBLE THE QTY @ 5680
LAST WE BOOKED 50% AT TGT 2 - 5480 AND BELOW
WILL TGT 3 AND TGT 4 BE HIT OR SHORT NEED TO BE BOOKED AND THEN GO LONG ?
ON FRIDAY THE CANDLE HAS BEEN BIG BUT THE VOLUME HAD BEEN LOWER SINCE LAST 3 DAYS OF SESSION
FOR CONFIRMATION OF REVERSAL THERE NEED TO BIG / HUGE VOLUMES ALONG WITH PRICE MOVE
ELSE IT MAY BE JUST THE BEAR TRAP .... INNER TOO SAYS THE SAME ....
RISK TAKERS ARE REWARDED WELL .... REST ALL IS THE HISTORY ....
AS PER ASTRO MONDAY AND TUESDAY WOULD BE A LIGHTER DAYS BUT LAST 3 SESSIONS CAN SEE BIG SELL-OFF
ON MONDAY 5570 ON NIFTY SPOT NEED TO WATCHED VERY CLOSELY
IF CLOSE ABOVE THEN ONE CAN REVERSE THERE POSITION FROM SHORT TO LONG
WITH SL CLOSING @ 5450, BUT IF IN A CASE ON TUESDAY NIFTY BREAK MONDAY LOW
AND CLOSING NEAR BY MONDAY LOW , ONE HAVE TO CUT THE LONG POSITION
AND REBUILD THE SHORT POSITION WITH SL 5570 ON CLOSING BASIS FOR TGT 3 / 4
LONG TGT AND MORE WILL POST / UPDATE LATER ONCE LONG TRIGGER
ONE CAN NOT GO SHORT OR BOOK LONG ON THE TOP OR BOOK SHORT AND GO LONG AT THE BOTTOM
DOING THE SAME IN NOT SMART TRADER MOVE AS ONE SHOULD WAIT FOR THE CONFIRMATION
IT'S BETTER TO SKIP 100 POINTS MOVE THEN BEING TOO EARLY TO BE WIPPED OUT
WE WENT LONG BTW 5360-5410 FOR TGT 5900-5950 AND WENT SHORT @ 5800 FOR 5560 / 5480 AND BELOW
AND EARILER MOVE IS JUST THE PAST AND HISTORY AS WE DO NOT MANTAIN OUR TRACK RECORD ... ETC.
AND IF WE TALK ABOUT TECHNICAL INDICATOR ON NIFTY DAILY CHART
THERE HAS BEEN +VE DIV ON STOCHASTIC BUT THE INDICATOR IN NOT MUCH RELIABLE
IT GOOD FOR TAKING AN EXIT BUT NOT FOR TAKING A FRESH ENTRY
REST ALL INDICATOR JUST THE SAME BUT A FRIDAY MOVE MADE SOME COOLING OFF
AND IF WE TALK ABOUT TECHNICAL INDICATOR ON NIFTY WEEKLY CHART
THERE HAS BEEN -VE DIV ON STOCKASTIC SAME RULES APPLY HERE ALSO
AND MOST OF THE INDICATOR ARE ON -VE DIV AND FEW GIVEN SELL SIGNAL TOO
WILL BE POSTING NIFTY FUTURES LEVELS FOR 9TH MAY 2011 IN A SHORT WHILE
OM SHRI GANESHAYA NAMAH
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