Nifty and bank nifty turned to buy mode at the start of early morning trade and currently nifty is approaching the intermediate resistance zone 5022(200MA) on the 90 min charts and bank nifty is trading above the intermediate resistance. Need to be cautious on long positions if the intermediate resistance zone breaks on the downside(eod basis) which requires a position exit from long positions. Current cloud supports comes around 4840 and 9310 respectively.
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 7th June 2012 Trading
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