Nifty - Ready for a Bounce UP

We are still short but trading above 5450 will be the first trigger to exit shorts and go long. Please see the chart below
 
Technical Views - Equities 19th May 2011

NIFTY
TREND : On the 60 min charts we find a divergence between the price and the indicator. This pattern will help Nifty bounce back. The low of 5400 should not break for this pattern to realize its potential On the upper side we expect 5515 & 5605. For bears the SL to hold shorts is 5450. Is this a bottom - No. The charts a suggesting a upmove and we are playing the same. Time and again i have stressed the fact that as a trader we should follow the flow and not stand against it waiting for it to correct. We are small stones in an ocean full of strong waves. We will never know when we are washed away by these strong currents. So be cautions and play the trend
SIGNAL : Use only buy signals of TDI - BS for the day.


BankNifty
TREND : Similar pattern is seen on the Banknifty charts also. Bounce is on the radar. 10700 will be the trend decider
SIGNAL : Use only buy signals of TDI - BS for the day

CNXIT
TREND : 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 oppurtunity
SIGNAL: Avoid using signals. Wait for the breakout and trade accordingly


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