Nifty Hourly 05-05-15

Hi,

So after the impulse move yesterday today was a consolidation and a doji was formed. The high of today broke yesterday’s high but could not close above however it closed above the 200 dma. For a confirmation we would like the prices to close above the 20dma which stands at 8501 and could be the next potential resistance if the price continue to move forward.

Support – 8300, 8257

Resistance – 8355, 8400, 8501

Pivot – 8324

nifty-05.05.15

Nifty Daily 04-05-15

Today was the first trading session for May and although we saw many negative news and sentiments for a lower low formation to be underway today turned out to be a White Marabuzo. Generally a White Marabuzo occurs on the start of a new trend and if the low of 8220.45 is not broken we may be at the start of a new trend which could take Nifty to all time highs. This however does not rule out the possibility of 8220 being broken and a new low being formed as the market is always correct and we are merely followers.

The possibility of the price continuing upwards is to the greater side as we closed above the 200 dma which stands at 8248.61 which should now act as support where people will try to defend a closing below this level. The two main resistances Nifty will face are 8400 and 8500 mark above which there should be smooth sailing with the technical indicators also giving a buy signal around those levels.

Here is the attaching daily price action of today’s move, please check it out. For tomorrow if the prices cross today’s high and sustains I would be bullish on the coming days.

nifty04

Nifty Daily Review 22-04-15

Hi,

Today was a volatile day and to profit from it you had to act very fast. The fifth wave ended with an extension of 38.2% which can be classified as a truncated fifth. The outcome of such waves is that the next move is usually swift and thus we should be looking for forming long positions unless the low of 8284.85 is broken. Also volume is one such factor based on which I can say that a climax was reached today

Nifty22

Bank Nifty Daily Review 17-04-15

Well as posted earlier, Bank Nifty just crashed after testing the trendline on very high volumes. Today was a continuation of the negative bias and all small rally were a shorting point for traders. Going forward things look more negative for Bank Nifty now that it is below all moving averages and supports are small. The resistance will be at 18530 where the 20 dma is present. Till that level is crossed all small rallies can be shorted into for fruitful gains. Although we closed at the 50% retracement of the earlier rise, I believe it was corrective in nature and a fall below 18120 will confirm the fact.

banknifty11

Targets – 18120,17965

Resistances – 18530,18700

Support – 18224,18160

Bank Nifty – Head & Shoulder Alert

Hi,

The Nifty and Bank Nifty are back to their trending ways and the uptrend seems to stay intact however the Bank Nifty Future charts have a different picture which is showing a clear trendline test of the more than obvious Head & Shoulders pattern. I have seen when the pattern looks to obvious it is bound to fail however this should be on the back of our minds.

Generally if the test fails there should be a greater rally.

BankNifty5

I am bullish on Nifty till it remains above 8472 that would the major test of the overall trend of Nifty where re-evaluations would be needed to determine the medium term trend. What I believe is that Nifty has just finished a running flat if prices go lower than 8612.15 then I would look out for a possibility of an expanded flat. If we consider time wise the current 4th wave has exceeded the time of wave 1 of the entire bull cycle which started in 2013.

Today things were slow and the index was rangebound. Within 2 days we should see the next major move in Nifty.

Nifty

Intraday Levels for 19th March

Buy Above – 8735 SL- 8695

Targets – 8760,8801,8834

Sell Below – 8626 SL – 8665

Targets – 8614,8600,8560