23 Sep 13, 10:00 AM
Step 1 : Market Analysis
Nifty : Down 52 pts
Cnx 500 : Down 23 pts.
A:D : 1 : 1
Market Analysis of Day say trend is "Sideways to Down" but be careful, Nifty Futures is trading with the premium of 22.
Step 2 : Chart Analysis
Nifty gaped down 50 and had a 61.8% gap fill, this indicates price will close above the open 70% of the time. If you look at momentum today bulls has slight upper had. Nifty has formed head and shoulder pattern on 5 min chart, so if trend line or neck line of 5940 breaks, we will be heading lower. As per chart analysis today's trend is sideways and below 5940 will be heading lower.
Conclusion:
Trend is sideways till 5940 holds and below 5940 it is down. So, trade with tight stops and novice please avoid trading today.
ANALYSIS:
1. Price gave break out of 5940 support zone, which confirms down trend.
2. Price pulled back to Resistance zone of 5940(turned support).
3.Candle stick pattern at resistance.
4.Momentum is bearish.
5. The trend on 5 min chart is down.
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