The D-Day...

Hi All,

Though Nifty crossed the 7900 mark, it was not comfortable above the levels and saw a selling pressure near it.

It has closed marginally above it, however the closing of today will be very crucial for markets as it is also going be a weekly close.

On weekly charts there will be a Supertrend resistance 7908 and a close above that will negative the current pessimism and Nifty can move up to the next pit stop near 8000....

Also, in the recent run up the volumes are on the weaker side which suggest lack of momentum.

It would be advisable for traders to wait and watch before taking any overnight trade this weekend.

Supports – 7840-7800-7750-7710-7670

Resistances –7925-7950-8000

Cheers - - -

Confusion hi confusion hai.....

Hi All,

A sharp bounce after a huge gap down opening showed lot of hopes for bulls in the first half of the session, however, yet another time, Nifty could not surpass the key level of 7900 and witnesses one more selling pressure near the levels.

As mentioned quite a  few times earlier, the bias for Nifty will be positive only after sustaining above 7900 levels that too with some bullish confirmation, till then bears will have an upper hand with supports near 7800-7770-7730.

One encouraging thing for bulls is that the level of 7900 has provided selling for bears for too many times now and hence has become weaker, which means chances of the same getting broken are higher. However on hourly charts, Nifty has created a Lower Top Lower Bottom formation which will not augur well for bulls as it’s a bearish sign.

It is advisable for traders to trade after an authentic confirmation on charts with strict stop losses.

Supports – 7830-7800-7750-7710-7670

Resistances –7890-7950-8000

Cheers - - -

Bear hai ke Maanata Nahi... ! ! !

Hi All,

After a sharp run on Monday and a smart pull back yesterday, Nifty did not cross the levels of 7900.

As posted earlier, the bias would have changed to positive only and only above 7900 levels, which didn’t happen.

Now, SGX Nifty is down by more than 125 points, suggesting a weak opening for Dalal Street.

Which means Nifty is likely to open near the Rising Window zone near 7738-7753 which will act as a crucial support for it going forward, the bias for short / midterm will change negative below 7670 (the possibility of which looks skimpy) levels.

Read more on Rising window Pattern

 

The opening fall in markets can be used as buying opportunity provided we have some bullish confirmations on charts..... I will update you the same.

Levels to watch out for –

Supports – 7830-7800-7750-7710-7670

Resistances –7890-7950-8000

Cheers - - -

As expected, Bears Hammered ! ! !

Hi All,

After creating a Hammer and surpassing it (7840), Nifty rallied sharply by rigorously defeating bears.

On Daily charts, Nifty still has lower top lower bottom formation and the same will be nullified when Nifty surpasses 7890-7900 levels.

So, 7890-7900 becomes a crucial level now to watch out for, though the level has become weak, it will still act as a resistance.

Any short positions should be with a strict stop loss above 7900 levels on spot.

Levels to watch out for –

Supports – 7850-7810-7750-7710-7670

Resistances –7890-7950-8000

Cheers - - -

Super Hammer comes to rescue Bulls ! ! !

Hi All,

After sliding down to 7670 levels from the high of close to 8000, Nifty on daily charts has given a Supper Hammer Pattern (Green Hammer) which is a bullish indicator.

Read more about Hammer

However the same is confirmed only when markets surpass the high of Friday, i.e. 7738-40, also it will gain further momentum above 7780 levels which is an area of resistance.

Moreover, the Hammer is formed on a Daily Supertrend Line (Trend Following Indicator), which increases its significance.

In a nutshell, if Nifty manages to stay above the key levels of 7740-80, we can expect a sustainable pull back in Nifty with targets near 7890-7930-7990

Levels to watch out for –

Supports – 7710-7660-7580-7500

Resistances – 7750-7780-7860-7890-7950-8000

Cheers - - -