March 3, 2014

Intraday analysis

NIFTY opened in previous day's range (6265 - 6295 F). A short opportunity developed in the boxed region as nifty traded in a small range for a very long time and also formed candlesticks with upper tails. It was also very clear that short positions were getting built up at any intraday bounce at these levels.

After this, there were 3 more short opportunities as indicated by the arrows.

The first arrow was around 6265F where buying near support failed to elicit new buyers. The second and third were simply formation of new intraday lows.

The 4th arrow is also a good short were it not the fact that market close was nearby.

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