Look for an upmove today.....

 
Technical Views - Equities 25th May 2011

NIFTY
TREND : Today we can look to buy Nifty on account of 2 reasons, 1) the 60 min chart is suggesting a candle reversal though a small one. And secondly there is again a divergence between the RSI and Nifty. These both signals can help Nifty touch 5415 - 5445. Take shorts only below 5350
SIGNAL : Use only buy and sell signals of TDI - BS for the day.

BankNifty
TREND : The weaker of the lot has given first signs of revival and did not breach its level of 10350. Yesterday we got the opportunity to take longs above 10400 which were exited at 10480. For today take the buy calls again and shorts below 10350 only
SIGNAL : Use buy signals of TDI - BS for the day

CNXIT
TREND : Still consolidating.............. till when i am not sure but CNXIT is on my watch list. 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


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