February 5, 2014

Intraday analysis

Today for reference purposes, I will analyse using 1 min charts... I use both 1 and 5 min charts and sometimes 15 minutes to get a better feel of the market.

On 1 min charts, initial bias was down/ tending towards short trades. The lines show the SL or trend reversal levels. Note that at this time nifty was weak but advance decline for entire market was positive.

Buy signal was generated around 11.45 am and exit was triggered around 1.15pm giving 35 points profit. The next short trade took away 12 points. At this point, it does not make sense to take another trade specially when a sell gets stoplossed and leads to a buy (chances are high that markets may become rangebound).

On 5 min charts, we had a buy above 6000 levels and no exit till the end of market. Last SL was 6030F.

Comments welcome

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