"BUY HDIL 125
CALL @ 2 TGT 3.80/5.50 SL 0.50"
"SELL IDFC
FUTURE BELOW 169 TGT 167.20/165.40 SL 172.40"
Consolidation was there in the market today
Nifty closed at its important psychological level of 8,700. Nifty declined 12
points to shut shop at 8,700, it opened at 8728 made a high of 8755 and low of
8682, total 73 points was played by nifty throughout the day.
The intermediate uptrend is now clearly
under threat! If there isn’t any significant recovery tomorrow it is
quite likely that we would see further downside from here that might lead the
Nifty to test 8625 through 8595 support area shortly. The last and final
citadel for this uptrend is now located just around the 8500-mark. If after
taking out the 8625 – 8595 support area it breaks down decisively below the
8500-mark both the intermediate and the medium term uptrend would be under
threat. Thus, we need at least a short term reversal soon enough so that these
scenarios don’t pan out.
The critical range to monitor for
tomorrow will be found between 8741 and 8779 unless this range is decisively
taken out any recovery swing or a short covering rally would just be a mild
pullback; it won’t do the job for the bulls in fact, it could just be an invite
to the bears to press sales again. On the downside, any sustained campaign
below 8670 would mean the probability of testing the important support area
between 8625 and 8595 going up significantly. We need a strong close above the
8825-mark to counter this bearish overhang.
More about intraday tips on Google +
RESISTANCE: 8750, 8800,
8850
SUPPORT: 8700, 8650, 8600
Best Positional Trading System Nifty
ReplyDelete