Free Intraday Tips For 23 June 2010
The Nifty ended in red today after a strong rally yesterday making an inside bar candlestick pattern. Hence the high and the low of its previous candle become pretty important. The Nifty is currently in its wave iv, which can be a zigzag or a triangle, hence it can trade range-bound or sideways before expiry (due Thursday, June 24, 2010). Once 5302 is broken on the lower side, the Nifty will slide to meet its 23.6% retracement level at 5273, which is also close to its 40 hourly moving average (HMA). On the upside, 5367 is a crucial resistance and till that is not taken off, wave iv down will continue in the short term. However if 5367 is taken off, extension will continue on the higher side. The hourly momentum indicators are in sell mode but the daily and weekly indicators are in buy mode and so we continue to maintain our bias up.
Nifty Close 5318
Nifty Support 5280-5250-5210
Nifty Resistance 5350-5380-5410
Buy Nifty Above 5350 SL 5322 TGT 5410
Buy Glenmark Pharma 274 SL 268.5 TGT 279.5
Sell BHEL 2435 SL 2460 TGT 2412-2400
Buy Maruti Above 1388 SL 1370 TGT 1415
