13-5-2009 trading shows that market is just confusing the common trader/investor. Very wild swing. When we expected that the markets are to cross the resistance then finally with in no time markets collapsed and closed -46 points nifty at 3635.
Futures oi -19 lakhs means longs covered and heavy put writing at 3700-3600 and considerable call writing at 3700.(contradictory directions)
FII data is mixed. More selling in index futures but buying in cash market.
Global cues are - ve.
We can reach one conclusion if markets breaks nifty 3618-3585 before any rise, then RSI indicates continuous down trend from nifty 3720 first attempt and leads to break 3540 further fall to 3280. Else if nifty crosses 3720 then 3800-3940.
Today I learned about pivot cross overs and market trend. Based on this crossing one can expect a considerable swing 20-40 points.
Futures oi -19 lakhs means longs covered and heavy put writing at 3700-3600 and considerable call writing at 3700.(contradictory directions)
FII data is mixed. More selling in index futures but buying in cash market.
Global cues are - ve.
We can reach one conclusion if markets breaks nifty 3618-3585 before any rise, then RSI indicates continuous down trend from nifty 3720 first attempt and leads to break 3540 further fall to 3280. Else if nifty crosses 3720 then 3800-3940.
Today I learned about pivot cross overs and market trend. Based on this crossing one can expect a considerable swing 20-40 points.
Pivot for 14-5-2009 : s1 3552 s2 3593 p 3651 r1 3693 r2 3751
Another point is opening range break out. If range of first 30-45 minutes is broken in any direction then the swing will be a good range in that direction.
Another point is opening range break out. If range of first 30-45 minutes is broken in any direction then the swing will be a good range in that direction.
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