NIFTY UPDATE
1.Last two hour played very crucial pattern on nifty
2. There was hammering sentiment on lower time frame
3.RSI is trying to give some early signal of bounce , but haven't confirmed yet
4.Risky trader can trade at this stage ,buy using strict stop loss .
5.As we have small body day , nifty is give trading opportunity , so one can buy nifty above 6010 sl 5985 tgt 6030 -6057 and close above 6057 will give us an idea to create positional long at least for 4-5 days.
6. On the other hand if it breaks 5960 sell nifty with sl of 6006 tgt 5960-5920-5880
7. If we open gap down at or near 5920-5880 then buy nifty with sl of 5875 and hold it with sl through out the day and lock at least 30 rs as trailing stop loss .
8. on 18-11-2013 it was lower low close on 5989 so medium term trend is down.
note : the above mentioned level are cash basis.