Intraday Trading Tips For Tomorrow
THERE IS ABSOLUTELY NO CHANGE TO OUR HIGHLY BULLISH OUTLOOK WHICH IS GIVEN UNDER FOR 24TH MARCH & 23RD MARCH . EVEN THOUGH NIFTY HAS GONE UP FOR FOUR CONSECUTIVE DAYS FROM MONDAYS LOW OF 5348 TILL THURSDAYS HIGH OF 5529 & IS MUCH ABOVE LAST WEEKS CLOSING LEVEL OF 5373, YET NIFTY STILL HAS A LOT OF STEAM LEFT IN IT FOR FURTHER UP MOVE.
Nifty intraday tips for tomorrow opened with a downward gap of 12-13 points on weak global cues despite the fact that Nifty had fallen sharply on Friday also losing nearly 100 points. Nifty drifted lower on sustained selling & high voltage political uncertainity to touch an intra day low of 5479 where Nifty had entered oversold zones with positive divergences which lifted Nifty by nearly 60 points to an intra day high of 5542 before settling at 5533 about 16 points above the previous close.
As far as, extreme short term charts are concerned, Nifty almost touched the bearish targets of 5675 after it had risen sharply from 5328 to 5600 in last few days. Although Nifty can test the target of 5465 but with development of positive divergences in hourly charts Nifty may bounce back from the given levels to retest 5600-5625. If successful Nifty can test the next level of 5775-5800 in coming days. On the other hand, Nifty has strong support in 5300-5350 in region & if this support is not held Nifty can break certain supports to touch 5000 level in coming days.
As far as bar reversal in Daily charts are concerned, stocks like Nifty, Nifty Futures, ICICI Bank, HDFC, Infosys, Rel Capital, Reliance Ind., Bharti Airtel, LIC Housing have given “Upward Bar Reversal” while Satyam Computer, Biocon, Indusind, ECLerx Services, Sterling Biocon, Shipping Corp., Edel Weiss, MIC Electonics etc. have given “Downward Bar Reversal”. Stocks like MNDTV, Jai Balaji, UTV Software, Sujana Tower, TV Today, Berger Paint, UFlex, Prime Focus, Raymonds, Ucal Fuel have shown spurt during the day with unusually high volumes.
Sector wise, most of the stocks like NDTV, Sujana Tower, Sun TV, U Flex, Meghmani, Godrej Consumer, Pidilite Inds., HDIL, Gulf Oil, EKC etc. were among the top gainers of the day, to close in positive territory whereas stocks like Kohinoor, Wespun India, Texmopipes, ADSL, Zicom, Koutons, Daawat, Indowind etc. attracted profit booking at higher levels & closed in red territory. As far as, A/D data is concerned it was in favor of bears in the ratio of 3:4 with 614 advances & 821 declines during the day.
In nutshell, Nifty almost achieved the target of 5465 which was given after Nifty had moved up sharply from 5328 to 5605 in last few days. Now Nifty has chance to touch 5450-5465 before staging any recovery. Nifty faces strong resistance at 5600-5625 which if cleared will take Nifty to 5775-5800. On the other hand, if Nifty fails to hold the support at 5450, it will be heading for lower targets of 5300 in coming days. The best strategy is to be highly stock & sector specific as many stocks & sectors are likely to move in opposite directions.
Expected Weekly Movement -In totality, keeping all the planetary configuration, bullish and bearish aspects in mind, Jupiter-Uranus conjunction on 04th January 2011 was the beginning of change of trend when Nifty touched an Intraday High of 6181 and Sensex touched 20664 (On 03rd January 2011).The decline continued for a month and short term trend reversal came with conjunction of Venus with Pluto in Sagittarius. Market remained sideways after that for a month or so and again a bounce came as soon as Sun conjunction with Uranus in Pieces took place on 21st March 2011 when Nifty was 5348 and Sensex was 17792.Jupiter opposition on 28th March coupled with Sun-Pluto aspect applied brakes to the sharp rally which took place between 21st – 28th March.
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