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.
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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Thanks
& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
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