In my earlier blog post I had indicated that the Nifty is likely to become volatile. And the last 3 days movement has surely been so. {Also I am sure my blog readers could trade RCOM on break above Rs 170/- .... }
Today's movement towards the first retracement level has been with clear signals on the intraday charts (Those who have attended by advanced course should have traded extremely well in last 3 days especially)
Considering the short term RSI (parameter excluded from analysis), the immediate resistance to the Nifty is at 4785, above which a strong resistance should come near 4845 levels... This can be used as the profit booking level for intraday longs.
Watch the 4688 level. A close below this should now suggest the end of the corrective rise (and resumption of the down move).
Happy volatile trading !!
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
1 comment:
Rajiv, time and again your analysis has been spot on. As far as equities are concerned, Rcomm seems to be heading towards the first target of 190. But there is one stock that is not behaving as earlier predicted and that is Bank Nifty. Do you still think people holding shorts in Bank Nifty should continue doing so with a stop of 9000??
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