Monday, August 6, 2012

Nifty Intraday Movement for August 6

"bias would be negative if the Index weakens and closes below the candle." Opening gap-down, Index weakened below the candle. However, refusing to close below it, Index recovered later to end only 26
pts or 0.1% lower. While other sectors finished mixed, Metal Index lost 1.6%. The A/D ratio ended negative, at 1:2.
The action formed a Counter Attack Bull, a Hammer-like candle with a long lower shadow. The shadow indicates intra-day bounce from the 200- day EMA. Such a candle can be positive on strength above its head. Watch, however, if the strength maintains beyond the morning session. Strength above 5166 would indicate a positive structure
Future premium increases from 19 pts to 25 Bounces intra-day from lower end of blue parallel channel
Reverse fails to reach/sustain above if holds 5280-90.

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