CAUTION @ HIGHER LEVELS
Nifty 8491 - 1
Moon transits in MAkha and Pubba in LEo.
Tithi : Trayodasi ; Weekday:: Wednesday.
Individuals born in Virgo and Capricorn signs and in Rohini, Hastha and Sravana constellations may remain cautious in their transactions.
Senstive time:: 11.35am
Market Outlook for Wednesday
Nifty faced selling at higher levels and closed flat for the day. Nifty could not clear the 10 DMA on close basis. In view of the long weekend, cautionsness is to be exercised. . Nifty spot is expected to encounter resistance at 8530, 8565 and find support at 8455, 8420 for Wednesday. While Global cues and Funds flow are expected to broadly guide the market movement, based on the present market position, market can be expected to face selling pressure at higher levels in view of long weekend .
Trading strategy ::
Nifty could not close above 8525. Hence, Nifty could be considered neutral between 8350 and 8550. It needs to break eitherside to take further direction. In view of long weekend cautiosness is suggested at higher levels.
Breakout / Break Down Levels::
Breakout level is 8575 and Breakdown level 8429 for Nifty spot for Wednesday ., It is unlikely that both levels would be breached (under normal circumstances)., If Breakout level is breached., It is a Buy on Decline with Low as Stop loss and if Breakdown level is breached, It is a sell on rise with high as stop loss. Alternatively, if Nifty is unable to cross the Breakout level, short positions, can be considered with Breakout as stop loss and unable to breach the breakdown level, long positions can be considered with Breakdown level as stop loss.
Disclaimer :: Above analysis is based on planetary movements and is intended for guidance / educative purpose and traders are advised to be highly cautious with proper risk management mechanism as Trading is highly risky and not trade only based on the analysis given above.
Live Programme on 6TV by Dr B Amaranatha Sastry can be viewed between 8.30am to 9.00am during weekdays or can be watched on Internet http://in.yupptv.com/949/6tv (between 8.30am to 9.00am)