Free Intraday Tips For 19 May 2010
Nifty, as expected, found resistance at 5106, which was 61.8% retracement for the wave four up. Now, since the index has closed in green forming a doji candlestick pattern, so, wave B of wave Z down looks completed. The correction still doesn’t appear to be over, as on the hourly chart it appears that the rise from 4966 to 5105 is a threewave rise. So, going forward, two levels will be crucial to watch out for—5105 and 5024 —as the break of 5024 will confirm the continuation of wave z down. Since, the daily KST has made a hinge for the third time, the upside risk in the short term is high. Hence, we continue to hold our short- and medium-term bias down.
Nifty Closed 5066
Nifty Support 5020-4980-4940
Nifty Resistance 5120-5160-5200
Sell IDFC 160 SL 162.80 TGT 158-156
Sell Nifty Below 5030 SL 5068 TGT 4970
Sell TCS Below 728 SL 739 TGT 713
Sell DLF Below 285 SL 290 TGT 278
