This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

July 29, 2011

Analysis for July 29

Ns has closed below all pivots, 5ema and Lema's. Todaysclose below 5495 week Lema would lead to further weakness.

Action plan for today:

Sell below 5490 week Lema with Hrly close above 5500 - 5520 - 50 DMA
Buy above 5530 Day Lema with SL hrly close below 5500.

As per weekly charts NS is likely to get support at trendline 5410 - which coincides with Month Lema.
Also if the week closes below 5475 yesterdays Low then it would be bearishly engulfing previous two weeks candles, which would lead to further weakness.

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