AUG 19, 2013 @ 10:20 AM
Step 1: Market Analysis
NIFTY : Down -65 pts
CNX 500 : Down - 53 pts
A:D : 1:2.5
The Market Analysis says today is a
" Down Day"
Step 2: Chart Analysis
Today morning price broke the important support level of 5475- 5500,on intraday basis. This is weekly support, we need a weekly closing to change the view. As the price is at critical time period. The last bar of chart show a strength in price. The high probability trade is "short",only on intraday basis.
Conclusion:
Go short on pullbacks with tight stops.
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