NIFTY DAILY ANALYSIS - 7 AUG 13

Hi friends

NIFTY TREND: UP (close above 5562)

POINT OF FAILURE: CLOSE BELOW 5470

These are some of the reason for changing the trend.

Reason 1: Price at daily Support.
Reason 2: Hammer candle at support.
Reason 2: Price at weekly support.
Reason 3: RSI below 30.
Reason 4: Bottom tail candle with good volume.


Conclusion: 

• These are not good areas to enter long trade because, it may be pullback on down trend.
• These are good areas to take partial profits out of the table and put Revised stop losses.