NIFTY INTRADAY: 7TH AUGUST,2012
The above Nifty charts are clearly depicting an Inverted head and shoulders formation. The neckline is broken with a Gap. And if we calculate the target price it is 5350-5360. From the neckline to the head it is about 110 points. This looks straight and simple today. The question arises how would Nifty traverse to reach the 5350 levels and how long will it take. I wish it happens tomorrow!! I know I am asking for too much. Why? just see below that how we fare around the point we are in Nifty futures today;
Therefore, it could be the whole week that we may take to reach the target. Secondly the way we reach 5350 is important to decide the future course after we reach there. If we struggle as we had earlier than a sell off at that point is not ruled out. But if we go straight out of 5350 with high volumes, all of us may cherish that we have broken the immediate range.
For tomorrow Intraday , I really do not know… except that I will be buying on dips and if it is a gap up opening I may even short for 30 points.