Nifty not only tested its recent high , it has closed above 28 months high . Buying climax spotted at nifty and bank Nifty eod charts .
A market condition that is characterized by very high trading volume and a dramatic downward or upward movement in price. High volume and downward price movement indicate a selling climax, while high volume and upward price movement indicate a buying climax. Either type of climax signals the end of a trend.
Past experience shows that whenever trend reverses volatility increases …so it is another confirmation signal we are getting here ..
Selling into a climax run can be a good exit strategy, because by selling during a period of euphoria, investors can lock in dramatic gains. A buying climax can bid a stock’s price up to levels it will never reach again, or that it will not reach again for at least a decade. At the end of a buying climax, prices can fall sharply as investors realize the stock has been overbought.
FIIs were net sellers in stocks futures yesterday either they booked profit at highs or created new shorts but as per table they were net sellers .
flat to negative opening is expected .6150 60 level is best selling opportunity…technical indicators are not supporting upmove of nifty and a healthy correction mandatory at this level so that a new kick will take it to 6400 or above around deewali.
so get ready to sell nifty at 6160 and below keeping stop at 6182 closing basis .
trade in nifty futures as per these levels
Buy at / above: 6182 Targets: 6198 – 6218 – 6237 – 6257
Stoploss : 6162
Sell at / below: 6162 Targets: 6145 – 6126 – 6106 – 6087-6052
Stoploss : 6181
Nifty closed below top of upslanting channel If it will break it and trade well above 6180 it will move towards new all time high but if failed to move above 6160 it will trade near bottom of channel which is near 6000.
Trade according to trend , trade with stop loss , do not accumulate losses , cut them as early as u can.
admin: BUY silver mic at 43420 sl 43280 tgt 43585 small sl 43411 now BUY it
15 May 13, 09:57 PM
15 May 13, 09:57 PM
admin: 43406 keep sl and also place tgt
15 May 13, 10:09 PM
admin: 43425 1 more up swing expecting soon stay in trade with sl and tgt punched
15 May 13, 10:16 PM
admin: close silver mic 43356
15 May 13, 10:17 PM
admin: 43368 now close trade
loss 52 Rs
NIFTY OUTLOOK AND TRADING LEVELS FOR 16 MAY 2013