Trading Nifty on 24-4-2012

9.25 AM
Breaking yesterday's low was an indication of weakness continuing. One should avoid playing for bounce-up

10.20 AM
One round below 5185 and I shall close my shorts.

10.27 AM

And that means that Y.a(iii) was not extended.
A tick below 5180 would invalidate this assumption and make me go short again. with SL at day's high.

10.48AM
Above 5190,agressive traders can go long with stop-loss at 5180.Target above 5220

11.00AM
Thus we have Y.a  from 5342 downwards ,which has so far done:
(i)=5342-5246=96
(ii)=5246-5310=64
(iii)=5310-5180=130
(iv)=5180  upwards in progress---

But how much above?
-cannot be said at this point in time----

TSL for longs at 5195
11.40 AM

11.45 AM

so squared off my longs---
Though not started shorts as yet.

12.02 PM

1.22 PM

Otherwise no confirmation of (iv) being over as yet.
1.44 PM

Shorts with SL at 5227 may be created.

2.20 PM

2.46 PM

2.53 PM
Seemingly a Double Zig-zag;

target 5245

3.20 PM

Now 5240 is very difficult
My advice is to create Short positions EOD and then tomorrow (v) would give us 150 Points---

EOD

Thus(iv) as DZZ has done its minimum.
And (v)=extended=96*1.62=156 to start tomorrow---