NIFTY INTRADAY:- 13TH JUNE.2013
S&P CNX NIFTY continues it move downside. 200 DMA at 5800 acted as a resistance in 12th June’2013 trade. FIIs are net seller and the amount of selling has increased. The role seems to have reversed, DIIs are net buyers with increased buying. How many times we see in the Indian stock market bears turning into bulls and vice-verse!!!
The momentum oscillators are in oversold zones and none has shown signs of up turn. Nifty on Ichimoku kinko hyo chart is now below the cloud, another sight the Bears love.
Tomorrow short Nifty below 5750 and add to short positions below 5730 for a first target of 5700 and second target of 5685-90 intraday.
On the long side, take positions only when Nifty is above 5810 with first target 5840-50.
Nifty between 5735 and 5795 will be hard to trade but there is always a scalping opportunities in this range.