CNXIT - The next big trade...........

 
Technical Views - Equities 24th May 2011

NIFTY
TREND : We opened below our support of 5445 against our expectation. We also could not go short in the first 30mins due to the gap down opening. But made some profits below 5414. 5350 still remains intact and look to create shorts below the same. For the day 5350 - 5400 will be the range and a break on either side is a trading opportunity. 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 : As per our expectation Bank Nifty was the weaker of the lot and witnessed the breach of 10350 a very important level. In-case today also it remains below 10350 we will initiate short positions. And if on the upper side 10410 is breached we will look to buy Bank Nifty. No trades inside the range of 10350 - 10410 
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. Yesterday we saw a fall below 6540 but that was not sustainable.
SIGNAL: Avoid using signals. Wait for the breakout and trade accordingly


Your feedback and comments are always welcome. For any issues with understanding the newsletter content please mail us on info@topdataindia.com
Please Like US on Facebook
Please follow us on twitter @topdataindia
For a free demo of our TDI BS signals and other products please contact 9717555433 /466