18 Nov 13, 10:30
Step 1 : Market Analysis
Nifty : up 86 pts
Cnx 500 : up 62 pts
A:D : 3 : 1
Market Analysis says today is "Bullish day "
Step 2 : Chart Analysis
Market just gaped up after 2 down week, this is a professional gap. Market gaped up 60 pts and never filled the gap, this is sign of bullishness. Momentum indicator says bulls are stronger and bears are weaker. The trend on the 5 min chart is up and on extension mode. The price at 30 min chart is at resistance zone of 6125 -6146, so trend is down.
Conclusion:
Wait for price to take out 6125 - 6146 zone and enter long with tight stop. There is also chance for price to consolidate.
ANALYSIS
Reason for Entry:
1. Price at support zone.
2. Hammer at bottom.
3. Momentum is bullish.
4. Trend is up
5. H trend changed to up
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