Bounce back complete. Trade small on both sides Buy & Sell. Bullish above 5525 and Bearish Below 5445
Technical Views - Equities 23th May 2011
NIFTY
TREND : On expected lines, we saw a bounce back on Friday's trading. Today we do not expect any big moves. 5515-20 will act as resistance and 5450 as the support for the Day. Intraday trades should be done with small profit targets only. We will initiate positional calls only on the breach of 5350 - 5520.
SIGNAL : Use only buy and sell signals of TDI - BS for the day.
BankNifty
TREND : Incase we witness any selling today, BankNifty will be the front runner. In comparative terms BankNifty is the weaker one of all three.
SIGNAL : Use buy and sell signals of TDI - BS for the day
CNXIT
TREND : Still consolidating. Very good consolidation is happening in CNXIT. A swing move of 150 points is in the making. A break of 6540 - 6685 will be a good trading opportunity
SIGNAL: Avoid using signals. Wait for the breakout and trade accordingly
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