Technical Views - Equities 2nd June 2011
NIFTY
TREND : The entire day the markets drifted and in the last hour jumped against our expectations. Though neither of our levels breached nor we had any open trades that would result in a profit or loss. But we learn from such trading days that we can anticipate but not predict markets consistently. Lets leave the psychology and focus on the trading plan. 5610 will remain to act as resistance, i would love to go short on Sell signals today. On the lower side 5550 will act as support. Trade both sides with small targets and strict sl
SIGNAL : Use buy and sell signals of TDI - BS only for the day.
BankNifty
TREND : I still stand by my yesterdays analysis. We should not buy this rise any more and look to sell on sell signals or with a small SL at the higher ranges. Below 10850 which is the support for today a swing sell opportunity exists. 11000 remains a major resistance.
SIGNAL : Use sell signals of TDI - BS for the day
CNXIT
TREND : CNXIT is back in its range which it had broken down. We suggest to avoid trading CNXIT for now. Look to sell CNXIT around 6660 - 6670 with 6685 as SL
SIGNAL: avoid signals
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