NIFTY - Make or Break level 5620

Technical Views - Equities 30th June 2011

WHAT IS A BUY OR SELL SIGNAL WHICH WE KEEP MENTIONING IN OUR DAILY TECHNICAL VIEWS ?

 We at TDI have created a proprietary logic based on technical analysis which generates buy and sell signals on Intraday charts. We call this logic as TDI BS aka TOPDATAINDIA BUY AND SELL. So when i say "Go Long only on Buy Signals we mean to say, When on an intraday chart a Buy signal appears based on TDI BS. We should take a long position in the scrip/future/commodity we have mentioned.

Why am i giving this reason today after a couple of months. I received lot of calls/chat messages mentioning that my GTL call went wrong. That's the time i realized that i have given views but haven't made an effort to educate people on the trading style which i follow. Infact i got a negative remark on my yesterday's heading GO LONG ON BUY SIGNALS ONLY. 

Thus i will be covering this portion in all my blogs so that new readers are not mistaken and make losses in a scrip while at the same time we never entered a trade in the same.

Happy Trading, please email me on info@topdataindia.com incase u have the slightest doubts. Your feedback will and can make this blog really useful. And also if you like it please ask your friends to join too.

NIFTY
TREND : We are at a crucial juncture today. Some positives, Some negatives but trading today is not going to be easy. On such days either we will make lot of money or loose lot of money. The common thing is A LOT. Lets discuss the situation before we decide the trading plan.
Positives :
SGX Futures are up, means we will break 5610-20.
Momentum is up and roaring
Negatives :

RSI is showing a divergence and also would like to correct in time or price

Thrice Nifty resisted and fell from these levels.

Today being an expiry day, some wild movements can be expected

TRADING PLAN : If markets open above 5610, wait for 15 mins and take a long trade only above the intraday high and short trades below intraday low.
If markets open around 5600-10 then use the sell signals to enter short trades and long trades can be entered when 5620 breaches
SIGNAL : Use Buy and Sell signals of TDI BS

BANKNIFTY
TREND : Trading plan should be similar to Nifty. Important levels for the day are 11100 - 11200. Make or Break level for BankNifty is 11205
SIGNAL : Use Buy and Sell signals of TDI BS

UNITECH
TREND : With a stoploss of 30.25 we can go long at current levels of 31 for a target of 33.
SIGNAL : avoid signals.

 

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