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 7, 2011

Analysis for July 7

The Descending traingle formed in NS is still intact with range 5640 -5614. Yesterday It gave a minor break during opening but did not sustain and NS was dragged down to the support level.

Nifty still exhibits ST weakness by closing below the Day Hema, Week and Day Pivots. A close below the Day Lema at 5593 Would lead to more weakness.

If NS finds support at 5585 - 23.6% retr of the rise from 5197-5705, then an intraday bounce can be expected upto Day Hema of 5648. It would be wise not to hold any Short position (Short Term) with a breakout above 5650 as the 200 DMA 5745 is still in the reachable limits.

Todays Trading Range : Short below 5648 (DHema) with SL at 5655
                                      Long above 5605-10 with SL at 5580

Today's CAM levels:

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