Monday, March 10, 2014

Buying climax spotted at Nifty on Friday rally

Buying climax spotted at Nifty  on Friday rally


Definition of ‘Climax’


 


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


Investopedia explains ‘Climax’


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.

NIFTY_Daily_09-03-2014

The market breadth, indicating the overall health of the market turned negative from positive in early afternoon trade. On BSE, 1,323 shares dropped and 1,141 shares rose. A total of 130 shares were unchanged.


Negative to gap down opening is expected for nifty  today  as buying climax was spotted on chart so possibility of trend reversal is there if climax was trues in that case either nifty may trade in range  below 20  30 points of previous close or try to retest last high to make double top and retest its latest high level seeing all these possibilities plan your trades accordingly

Trade in NF as per these levels

Buy at / above: 6540   Targets: 6557 – 6577 – 6598 – 6618
Stoploss : 6520
Sell at / below: 6520   Targets: 6503 – 6483 – 6463 – 6443
Stoploss : 6540


The Indian rupee, which rallied to a three-month high last week, is unlikely to maintain the momentum this week due to higher demand for dollars from importers and rise in the greenback after strong non-farm payrolls data in the US last week, say bankers and experts.


“The rupee is at the 61 level, and at this level we will see lot of buying coming in from importers,” said KN Reghunathan, treasurer at the state-run Union Bank of India.


http://www.omantribune.com/index.php?page=news&id=163298&heading=Business


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Buying climax spotted at Nifty on Friday rally

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