Posted by: Babu Suresh | February 21, 2012

Nifty Market Analysis – 21-02-2012

As foreseen on my 20th instant analysis, Nifty Futures did not gap open on the higher side but, opened low. If you take a look at the charts, we can see that there was hardly any scope for a short since 3 of our key entry rules were not met –  1. Price closes below HMA; 2. Price closes below Bollinger Bands; 3. RSI below 50. Just a reminder, it is always advisable to take cue from the chart with higher time frame.

The first trade for long bulls on Nifty gave a neat chance to score 20 to 25 points and subsequently in the second half,  JSW Steel gave a fantastic chance for short bulls to clinch 10 points.

JSW Steel –  21–02–2012

JSW Steel_210212

Nifty Futures –  21–02–2012

Nifty F_210212

I would advise caution on over night positions.

Healthy And Wealthy Trading



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