Though Nifty is in buy mode it is still trading below the intermediate resistance zone 5274 and 10329 and the cloud supports coming near 5196 and 10159. Further positional longs should be initiated only if the intermediate resistance zone breaks on the upper side until then its stay away from Longs.
Rajandran R Follow Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)
Nifty and Bank Nifty 90 min charts for 3rd May 2012 Trading
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