NIFTY INTRADAY: 19TH JULY,2012
Nifty touched the low of 5170 today. But that is it. It did not move to 5150 but bounced back to an intraday high of 5223. It has not breached 5235. It seems the Nifty futures would open around 5250 levels on 19th, July morning( A flat opening would not surprise me). But it does not mean much. The long starts only once Nifty crosses 5256 tomorrow.
Though the day may begin in green it seems that the second half would be more decisive. For the traders the levels to watch are 5235 and 5256 for the day. Below 5235 it is short and above 5256 it is long.
To be honest the charts have confused me, the signals are not clear, the 5170 level has played its sacrosanct role once again. How many times!!! Deep inside I am too fed off of this 5170 and 5350 range now. Yes, the scalpers are the only ones enjoying or the swing traders are happy in this swing of 180 points. This month the day trading has gone for toss.
RANGE, RANGE GO AWAY,
LET THE LITTLE JOHNNY PLAY……