Trade Setup for 16 August 2013
30 Min chart
From 30 min chart. S/R lines are as follows -
On upside S/R lines are at 5760, 5800-5815, 5840, 5900
On downsie S/R lines are at 5700, 5660, 5600
3 Min Chart
In 3 min chart, NF was in sideways range of 5700-5740 for most of the day where strength was equal in bulls and bears. However during last 15 min acceleration was seen in upward direction and price crossed the range of 5740. Day's low was at 5699. Technically NF has bounced 38% of its recent fall.
Global Index Update
Overnight US and UK market has given deep red closing. Asian markets are down. SGX Nifty is trading at 5692. Down by -0.7%. NF will open with a gap down.
If bulls will panic and will run to cover their long then they will open the gate for more downside.
Trade Area
1. BPB/BOF at 5760
2. BPB/BOF/TST at 5700 (yesterday's low + major support)
3. BPB/BOF at 5660
Regards
Taiki