Nifty - first signs of moving up

5450 - 5500 seems to be close now. Nifty has given a very impressive bounce back and once again our charts helped us close our shorts at a very nominal loss and we went long at 5360

Technical Views - Equities 27th May 2011

 

NIFTY
TREND : As expected we were prepared to book small losses in out short positions and enter longs in Nifty. For today 5450 will act as resistance and on the lower side Nifty can touch 5380 - 5390, but these should be used to create longs. In the next couple of days we expect Nifty to touch 5470 and 5510. Our SL for the positional longs for today is 5350.
SIGNAL : Use buy signals of TDI - BS only for the day.

BankNifty
TREND : Clear signs of bottoming out are visible on the charts. Longs can be built on buy signals and also on the breach of 10525. Bullish days ahead. But i dont want to sound over-ally bullish. We advise you to keep a Stop & Reverse at 10350.
SIGNAL : Use buy signals of TDI - BS for the day

CNXIT
TREND : As it has broken down, the bullishness of its peers also could not help CNXIT come up. For today, if there is a weakness in the market then only sell CNXIT else avoid trading in CNXIT
SIGNAL: avoid signals

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