WHERE IS NIFTY HEADING NOW

Technical Views - Equities 7th June 2011

NIFTY
TREND : No major profits in yesterdays trades. The bias is bearish, but pull backs are size-able which makes us think again and again WHERE  IS NIFTY HEADING NOW. After a careful  analysis some interesting views are coming to our mind.
1) At current levels avoid trading. Nifty is in a state of confusion, no point fighting any battle here
2) Nifty is in the period of bottoming out. Wait for a close above 5610. Then only go long
3) Nifty is bearish : Too many major supports at lower levels 5450, 5400, 5350. So for all sell signals we take we should get out faster and book our profits. 
SIGNAL : Use buy and sell signals of TDI - BS. Above 5610 use only buy signals

 

BANKNIFTY
TREND : Against our expectation it opened lower and closed higher. We could not do a single trade in Bank Nifty yesterday. For today we would like to go short with a SL of  10865. 10700 will act as support for today.
SIGNAL : Use buy and sell signals of TDI - BS for the day

 

STOCK PICK ONGC
TREND : We have created a positional short on ONGC. The stoploss for today will be 281. Traders can add to their positions if ONGC trades below 276.5. Long side trades only above 281.
SIGNAL:Use sell signals only. Buy signals should be used to cover your shorts. Do not go long for today

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