As per two day swing trade currently it is in buy mode and the trend will reverse on move below the 2915 level (future). As per swing trade any move below 2915 will pave way for 2757 and any breach of the same has all chances of nifty moving towards the 2525. The points being discussed in the swing trade are that of the future.
Current trend - Buy
Reversal Value - 2915.
Bankex
Current Price - 4123(future)
Current Trend - Buy
Reversal Value - 3978
Important things which has happened technically during last three days
nifty has successfully moved above the 20 day and 50 Day EMA and is now just placed at the door steps of 100 day EMA. During the last one year from January 2008 fall nifty has reversed in a big way on touching the 100 Day EMA or on moving just above the 100 Day EMA and reversed instentaniously. So we have to be watch full in trading for the next two days. if 100 Day EMA is taken our successfully then nifty might make an attempt at the november high of 3240.
Another point to be noted is that nifty has moved above the year to date pivot which is currently at 2890. As year to date pivot is taken out on positive side R1 is place at 3241( which happens ot be November high also). Any movement below this will signal the end of the current up trend.
Another point to be noted is that the rise on last two days is on high volumes, which is giving an indication that good amount of buying might be taking place/ any selling taking place? we have to wait and see what is instore.
No comments:
Post a Comment