Friday, October 4, 2013

Nifty - Technical Update

  1. GAPS in prices are like windows of opportunities.
  2. Last time we were supported by the gap between 5738.50-5673.60, this demand zone propelled us upwards.
  3. Now we are approaching another gap at 6024.55-5989.00, this should act as a resistance zone for the prices.
  4. Price behavior near this zone will tell us whether we have placed a medium to long term bottom in place, or this rise is just a corrective rally.
  5. One cannot miss the falling TL which is now being approached by the prices, even if we BO from this TL, we have a gap resistance right above it.
  6. So a host of supply zones are immediately above us, will the markets break through them or we are going to get badgered down again, remains to be see.
  7. I think one should think about protecting what they have rather than thinking of what one could gain, at such junctures in price.
  8. I would tighten my SL, and look for reentry if all these supply zones are taken out.

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