Wednesday, August 24, 2011

Trade Plan - August 25, 2011


Nifty fails to trade above the 5-EMA level of 4950 and drops below 4930 and closes below 4890.  VWAP @ close is 4918. Nifty closes at 4889.

1) The bias continues to be negative below 4930 now and intra day support of 4890 is broken too. Targets on downside will be 4830-4770.
2) Reversal level will remain above 4930 now and wild swings in a volatile expiry trading day can be expected tomorrow in the August series.
3) The global cues do not give any hope for upside above 5000-5050 levels now in immediate short term.   Happy trading :) 

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