Free Intraday Tips For 7 May 2010
Today, Nifty has broken the yesterday’s low of the hammer candlestick pattern formed on the daily charts. The break of 5056 and a new low 5037 in this fall continue to be impulsive. On the upside 5137, 5170 and 5202 are the crucial resistances and till all these levels are not taken off, the trend remains down. Today, Nifty has closed below its 20 weekly exponential moving average (WEMA), so it will be important to watch where it closes tomorrow it being a weekly close. If Nifty closes below its 20WEMA, the probability of its heading lower increases. The volatility since couple of days has increased suggesting a fresh trend to come going forward, which probably appears down. Hence, we continue to maintain our short-term bias down.
Nifty Close 5090
Nifty Support 5040-5000-4970
Nifty Resistance 5130-5180-5230
Sell Bpcl 539.5 SL 546 TGT 532-527
Buy TCS Above 777 SL 767 TGT 793
Buy Jp Associates Above 136 SL 133 TGT 139
Buy Sail Above 214 SL 210 TGT 219
Comments (1)
great post as usual!