Nifty (Futures) Intraday Analysis for 5th May 2009

Marked opened flat, and continued yesterdays expanding triangle, breaking highs and lows of the day. Generally expanding triangles form on market tops and they form when there is uncertainty in the market. We can expect some down move in nifty tomorrow. 

Below is the expanding triangle on nifty chart:



My Trades:

• Long triggered at 3666 when pivot high is broken.
  
• Closed long at 3659 when pivot low is broken down.
  
• Long triggered at 3666 when nifty broke above double top or channel.
  
• Closed long at 3672 when pivot low is broken down.
  
• Total 1 point(-7 + 6 = -1) Loss on today's two trades.
  

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