NIFTY CLOSED AT 7235.65 ON 29-5-14
Nifty behaved the way I expected today and it broke the short term DMA and negative divergence also came into play and it did close below the recent closing bottom of 7318 and 7252.90 which indicate that the deeper down correction is triggered but still the level of 7193.55 is very important support and nifty can bounce back from here but once this level is broken then the key support levels are 7108 / 7067 / 7000 / 6869.I feel that the down correction may continue for few trading session and I expect the nifty to bounce back from 7000-7050 level.The short term DMA is placed at 7301 for 30-5-14 so if it goes beyond this tomorrow then it can re-gain momentum again chance of which are looking bleak so aggressive trader can try short call on the rise near7280-90 level with a stop loss of 7310 or sell below 7224 with a stop loss of 7236 for a target of 7175 for intra day target.
REMARKS:-Long term trend is up but since the nifty is in correction mode avoid long trades .
Nifty behaved the way I expected today and it broke the short term DMA and negative divergence also came into play and it did close below the recent closing bottom of 7318 and 7252.90 which indicate that the deeper down correction is triggered but still the level of 7193.55 is very important support and nifty can bounce back from here but once this level is broken then the key support levels are 7108 / 7067 / 7000 / 6869.I feel that the down correction may continue for few trading session and I expect the nifty to bounce back from 7000-7050 level.The short term DMA is placed at 7301 for 30-5-14 so if it goes beyond this tomorrow then it can re-gain momentum again chance of which are looking bleak so aggressive trader can try short call on the rise near7280-90 level with a stop loss of 7310 or sell below 7224 with a stop loss of 7236 for a target of 7175 for intra day target.
REMARKS:-Long term trend is up but since the nifty is in correction mode avoid long trades .
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