NIFTY:22 MAY 2012 : (Intraday updates)High as of now is 4956. This is 50% of 5124.75 to 4788.95. Another retrechment resistance. Repeating- we are in the zone of many retrechment resistances

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

I am repeating the same what I said yesterday, that is, “we are in the zone of multiple retrenchment resistances”.
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Updates as of 10:00 am 

Today’s high as of now is at 4956. It is nothing but 50% retrenchment from 5124.75 to 4788.95. You can say a mid point too. Market is expected to be affected a lot of USD/INR equation.

I cannot predict exactly about the resistance to work but I can say that there are too many such figures and hence market will feel heavy with every advancing levels.+
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Updates as of 12:20 pm 

Yesterday panic low in last few min of trade was at 4894 and today's morning impulsive high was 4956. 
50% of 4894 to 4956 =  4925 (Check the day's low, its @ 4925.05). 
Applicable range = 23.60% i.e. 4942 to 4925. Nothing much in this zone. 
You can expect moves only if it breaks ranges on lower side. So 4924 can be decisive for fewer points of trading moves.
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Updates as of 02:20 pm 

Nifty has broken 4924 as mentioned above and slipped towards 4890. 
Problems are coming from forex market where INR is slipping below 55 again against USD. (You can read my views on USD/INR is given link - 
http://viecapital.blogspot.in/2012/05/usdinr-short-term-study-wake-up-call.html )


We are heading towards some troublesome hours of trades. Ofcourse, for bears these are good levels. 
Charts are suggesting that break below 4880 will cause immediate fall of further 30 points. If that happens then we may see closing @ days low.

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For today, intraday updates are over. 

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Praveen Kumar

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