20 Nov 13, 9 : 50 am
Step 1 : Market Analysis
Nifty : Down 22 pts
Cnx 500 : Down 8 pts
A:D : 1.33 : 1
Market Analysis gives confused signals.
Step 2 : Chart Analysis
Market formed range day yesterday. Today morning nifty opened between the yesterdays range and trading with in the range.The momentum indicator doesn't give any signal. The trend on the 5 min chart is sideways. The trend on the higher time frame is also sideways.
Conclusion:
Go long on supports with tight stops
ANALYSIS
1. Price at support zone.
2. SSS candle.
3. Momentum is bullish.
4. Trend is sideways
5. H trend is up
Result: Either u should have made small profit or exited with small loss.
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