26 AUG 13, 10:20 AM
Step 1 :Market Analysis
Nifty : UP 51 pts
CNX 500 : UP 39 pts
A:D : 3: 1
Market Analysis say today is "UP or Bullish day". Be cautious fifty futures is trading with 2 pts discount.
Step 2 : Chart Analysis:
Market Gap opened above the resistance of 5500 and holding above the resistance. Price break about the opening bar with strength. The volume is not supporting the price. But, still the price trades above the 5500, we assume the the trend is up.
Conclusion:
Go LONG with tight stops and with half position size. if price goes against our view,be ready to take some small loss. Hold no long position below 5500.
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