Nifty (Futures) Intraday Analysis for 21st April 2009

Nifty opened gap down and moved up to close tha gap and then moved down. After retesting the wedge support line, gave a BO of the wedge at 12:15 PM. But after that, price started moving up with low volumes and then came down to retest the upper line of the wedge.

Below is the nifty futures chart showing Falling wedge:

• While moving up, a Symmetric Triangle was formed, but the target was not reached.
  
• We can also see Double top at the top of the price chart. Target is achieved for it.
  

Below is the Nifty Futures intraday chart on 5 min time frame:

My Trades:

• Went long at 3367 after pivot break
  
• Reversed to short at 3400 when pivot low is broken. After making double top.
• Covered at 3356 at 3:20 PM
• Total 33(In long trade)+ 44(In Short trade) = 77 Points profit