Posted by: Babu Suresh | February 23, 2012

Nifty Market Analysis – 23-02-2012

Well, today’s first half was very much similar to usually what happens after a big storm, a complete lull in the atmosphere and the later part was the effect of the follow up or secondary attack.

At the beginning itself there was one respectable long entry in State Bank Of India (SBIN) and after that I shifted my total attention to JSW Steel which gave 2 clean trades –  one short and one long.

There are times when a day trader has, to some extent relent on following all the trading rules and use his/her common sense and certain aspects of the price action, understanding not only the market sentiment but also one’s risk levels and above all a crystal clear exit plan else,….I don’t think I need to complete the sentence… . The example for this is the today’s first morning trade.

State Bank Of India (SBIN) –  23–02–2012:

SBIN1_230212

JSW Steel continued to, after some hesitation, fall but without much strength, which can be seen in the charts attached below. The strength and weakness in the price whether the price is rising or falling, can be ascertained from not only RSI and MACD but also from HMA, which closely follows the movement of the price.

JSW Steel –  23–02–2012:

JSW Steel1_230212

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