Technical Views - Equities 31st May 2011
NIFTY
TREND : Consolidation was all that happened yesterday, we could hardly get any good moves in Nifty. Though the chart pattern suggests a bullish bias suggesting another 100 points upside move. But we cannot forget that we are in an earning season and results might play a more important role than charts. This is not terms mean that i am not going to trade by charts but this means i would like to only take confirmatory signals and avoid anticipation. For the day we would like to go short below 5440 and long only above 5485.
SIGNAL : Use buy and sell signals of TDI - BS only for the day.
BankNifty
TREND : On expected lines, Banknifty is planning to rest before its next move to 10850 or 10550. For the day we will go short only sell signals and long only above 10725.
SIGNAL : Use buy and sell signals of TDI - BS for the day
CNXIT
TREND : The verdict is still clear no buy, but if there is weakness then only sell CNXIT else avoid trading in the same
SIGNAL: avoid signals
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