NIFTY Views - for 17th July 2012:

Nifty: Last Week, it didn't have too much action providing less Trading opportunities. After a big Gap Down, No Big Candle seen yet !! So this move seems a small correction.

 

In Monthly Time Frame:  Down Trend

In Weekly Time Frame:   Up Trend     with   GAP Remaining @  5150 ~ 5189

 

In Daily Time Frame:

RSI              -  Bearish Divergence (So we are in Bullish market)

Bollinger       -  Consolidation

In 60 min Time frame:

RSI              -  Down Trend

Bollinger       -  Down trend

 

So, we are in Intermediate Bullish market with a Correction Move. Hourly Chart will give us a beautiful opportunity to go Long !! I am strongly Bbullish & am waiting for 5150 level. I will trade long only at that level with proper Reversal Candles.

BUY:  The Dip near 5150 , TGT 5400 ~ 5425 , SL 5120.

SELL: 1) Short for Short term below 5185, TGT 5150. You should be ready to takee the opposite position at these levels!!