NIFTY: 21 May 2012: Intraday update – Still facing resistance @ 4930. Only a decisive cross can give you intraday opportunity to trade long. Else it is a dull market.

As of now we are in continuation of Friday’s recovery. It is just pausing @ 4930 resistance market with a high at 4933.35.

In actual sense, there is a zone of resistance which is 4930 to 4950. This zone will be very very critical if Nifty has to take one attempt above 5000 marks.

"I suggest wait- watch and then decide. There are chances that Nifty may looses stream in this zone. I am not opting trading right now. One must keep an eye on 4899 as an intraday support. Approximation basis – I may consider 4935-4950 to be watched as resistance. Nifty may try to form a ‘double top’ kind of patter on intraday chart."


Update @ 1:50 pm : - I said for zone of resistance 4930-4950. Many crucial retrenchments are falling in this zone. One such - 4945-61.80% from 4788.95 (of 5039 to 4789). Whole idea is that this levels might face some real stiff resistance and we need a decisive crossover. Charting might say a level to cross above 4930. Will it work? I am not sure. I am believing retrenchment signals.

(Note- its intraday strategy, daily charts are still giving signs of revivals. If daily chart has to be dull then first sign must come on hourly chart.)

You must read previous articles and watch above chart carefully to understand this article completely.

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Praveen Kumar

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