11 Dec 13 ,10 : 15 Am
Step 1 : Market Analysis
Nifty : Down 30 pts
Cnx 500 : Down 15 pts
A:D : 1 : 1.1
Market Analysis says today is " sideways to mild Down Day "
Step 2 : Chart Analysis
Market Just gaped down 20 pts and never filled the gap. This says market will close below its open 70% of time.The momentum indicator says Bears are little stronger. The trend on the 5 min chart is down on pullback mode. The trend on the 30 min chart is also down. The Nifty has support at 6272.
On daily Chart nifty broke above the life time high and corrected below it. The short term trend line comes at 5275. The Bears looks week on daily chart.
Conclusion:
Trade short till 5270 with tights stops. be ready for trend reversal at any point of time.
0 comments:
Post a Comment