Nifty Future with Methodology on May 24, 2012

DEVELOP A METHODOLOGY AND STICK WITH IT.DON’T CHANGE

METHODOLOGIES FROM DAY TO DAY.

I require my “students” to actually write down the specific market prerequisites (setups) that must take place in order for them to make a trade. I don’t necessarily care what the methodology is, but I do want them to make sure that they have a set of rules, market setups or price action that must appear in order for them to take the trade. You must have a game plan. If you have a proven methodology but it doesn’t seem to be working . in a given trading session, don’t go home that night and try to devise another one. If your methodology works more than one-half of the trading sessions, then stick with it.

Nifty Future
(Updated on 22-05-2012 Time 08.50 AM)

In our earlier post we indicated the 4765 was one of level that might reverse the trend.

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Market dipped to and bounced off that level.

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We also told that markets were in extreme oversold levels

and shorting is not advisable at that much lower levels.

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Now for Today………….

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NF seems to open with positive note.

Trading above 4827-4834 for 15 minutes or more will take it to 4865-4892.
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In lower direction 4800-4777 are intraday support zone.
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In panic selloff 4765-4752 may not be ruled out.