27 Nov 13, 9 : 50 Am
Step 1 : Market Analysis
Nifty : up 4 pts
Cnx 500 : up 5 pts
A:D : 1.20 : 1
Market Analysis says today is :" Sideways day"
Step 2 : Chart Analysis
Market just opened flat, which offered us no clue. Yesterday nifty just formed a inside bar pattern, unless it is broken out we are in sideways trend. The momentum indicator which offered us no clues. The trend on the 5 min char is sideways. The trend on the 30 min chart is up (price at support).
Conclusion
Look for longs with tight stop. (we are taking long because price is at support on 30 min chart, once that is violated no longs).
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