Nifty Traveling and Intraday Tips

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Nifty Traveling and Intraday Tips
Indian Intraday Stock Market edged up on
Thursday, recovering somewhat from the 1-1/2
month closing low hit in the preceding
session, as investors picked up some of the
tattered stocks but also sustained to book
profits ahead of decisive election results in
the next week. The Bombay Stock Exchange Sensex
closes at 22345 were up by 21 points or gained
by 0.09 percent where BSE Midcap index rose
0.31 percent while BSE Midcap index fell 0.16
percent while BSE Smallcap rose 0.17 percent in
today Intraday trade. Sensex Major Resistance on
Upside at 22433-22520-22607 Sensex Major Support
on Downside at 22269-22192-22105 Trend Deciding
Level at 22356 Nifty Index Major Resistance on
Upside at 6691-6722-6753 Nifty Index Major
Support on Downside at 6634-6608-6577 Trend
Deciding Level at 6665 Major Headlines Brigade
Enterprises Q4 net profit at Rs 49.2 cr Vs Rs
28.4 cr (YoY) City Union Bank block deal 2.3 cr
shares exchanged at Rs 63/sh on BSE Shriram City
Union block deal 10.7 lakh shares exchanged at
Rs 1265/share on BSE, NSE BHEL commissions gas
turbine power plant in Oman Steel Strips receives
export order worth of 1.5 million from
Peugeot-France Adani Enterprises says investment
in Queensland moves ahead with state reco on
environ nod Nifty Indices Nifty managed to end
the day in the green after yesterdays
sharp selloff. In yesterdays session it had
broken the crucial support level of 6650 which
indicated that wave C down of wave II had
ensued. On the higher side, 6745 is now a
crucial resistance as it is the swings high of
wave B. So, till the Nifty doesnt surpass and
close above those levels, the short-term trend
shall remain down. On the hourly chart there
appears a possibility of an ending diagonal
pattern, so a bounce, if any, should be utilized
for initiating shorts as the Nifty will face a
resistance at its downtrend line, ie near 6703
levels. The Nifty has formed a spinning top
candlestick pattern on its daily chart and
thats near its 40-day exponential moving
average and the lower Bollinger Band. This
may generate some bounce intra-day as bears
seem exhausted at lower levels. But these
bounces should be utilized to initiate shorts. On
the contrary, if yesterdays swings low of
6638 gets broken then one could add more shorts
for an immediate target of 6550 levels. The
momentum indicators are well in sell mode.
Also, the Nifty is trading well below its
short-term averages which is a clear
confirmation that the overall trend has
reversed from
2
up to down in the short term. This is
immediately a quick-fix retracement of the
rise from approximately 5950 levels for
this reason, traders shouldnt go short
assertively. Till 6749 level is not taken off
avoid longs and go short on every rise. In the
daily chart the index is trading between the
Twenty-Daily moving averages (DMA) and the
Forty-DMA, ie 6739 and 6628 correspondingly.
The momentum pointer is trading in negative
mode with negative deviation. In the hourly
chart, the Nse Nifty is trading below the
Twenty-hourly moving average (HMA) and the
Forty-HMA, ie 6684 and 6698 correspondingly,
which are vital intra-day levels. The hourly
impetus indicator encompass turned positive. The
market duration was turned almost negative with
665 advances and 796 declines on the National
Stock Exchange. Nifty Future Major Resistance
on Upside at 6713-6746-6778 Nifty Future Major
Support on Downside is at 6655-6630-6597 Trend
Deciding Level at 6688 Bank Nifty Major
Resistance on Upside at 13168-13236-13303 Bank
Nifty Major Support on Downside at
13028-12956-12888 Trend Deciding Level is at
13096 5 Daily Moving Average _at_ 6684 50 Daily
Moving Average _at_ 6569 200 Daily Moving Average
6144 5 Days Relative Strength Index 29 and 14
Days Relative Strength Index _at_ 47 INDICATES
NIFTY PLACED IN TRADING ZONE, WITH BEARISH
MOMENT. Intraday Tips Buy Nifty Fut May
Intraday above 6715 sl 6690 Tgt 6735-6760 Or
Sell Below 6665 sl 6690 Tgt 6645-6620 Buy Bank
Nifty May Intraday above 13160 sl 13110 Tgt
13210-13260 Or Sell below 13060 sl 13110 Tgt
13010-12960 Curious Fact Our eyes remain the
same size from birth onward, but our nose and
ears never stop growing.