Hi All,
Update @ 3.30 PM -
After taking support near 10330 mark twice, Nifty managed to bounce back a bit, but as suggested, it could not sustain 10370 levels, hence did not see any upmove...
Any upmove tomorrow, only possible above 10370-10380 levels with next resistances as probable targets...
Meanwhile, On the lower side 10330-10270 are crucial supports
Cheers
Update @ 12.16 PM -
Nifty took support near the first level of 10337 and hourly chart shows a hammer pattern which is bullish. If Nifty surpasses and sustains above 10370, it can go up further till 10430-450 levels.....
Cheers
Technical Analysis works every time... except when it doesn't..
Price discounts everything....Adhering to this basic tenant of Technical Analysis, it is clear that the last upmove in markets from 10300 to 10630, was a discounting for the positive news of BJP's North East win. And the moment news is out, next trading day (today) Nifty trading down by almost 100 points now. Bang on..... Buy the Rumour... (trade when the news yet to be out) and Sell the Fact (do the opposite after the news is announced)
Having said that, coming back to our levels, Nifty now trading at the lower end of the basing (consolidation area) near 10250-300 and intraday supports can be near 10330-10300-10270-10250
On the higher side, resistances can be near 10430-10470-10540-10580-10640
The bias still remains sideways in the confined range of 10250-10750 odd levels and Being a Chameleon is the only way for traders.
It is advisable to trade on both sides with strict stoploss and proper money management...
Chees
Update @ 3.30 PM -
After taking support near 10330 mark twice, Nifty managed to bounce back a bit, but as suggested, it could not sustain 10370 levels, hence did not see any upmove...
Any upmove tomorrow, only possible above 10370-10380 levels with next resistances as probable targets...
Meanwhile, On the lower side 10330-10270 are crucial supports
Cheers
Update @ 12.16 PM -
Nifty took support near the first level of 10337 and hourly chart shows a hammer pattern which is bullish. If Nifty surpasses and sustains above 10370, it can go up further till 10430-450 levels.....
Cheers
Technical Analysis works every time... except when it doesn't..
Price discounts everything....Adhering to this basic tenant of Technical Analysis, it is clear that the last upmove in markets from 10300 to 10630, was a discounting for the positive news of BJP's North East win. And the moment news is out, next trading day (today) Nifty trading down by almost 100 points now. Bang on..... Buy the Rumour... (trade when the news yet to be out) and Sell the Fact (do the opposite after the news is announced)
Having said that, coming back to our levels, Nifty now trading at the lower end of the basing (consolidation area) near 10250-300 and intraday supports can be near 10330-10300-10270-10250
On the higher side, resistances can be near 10430-10470-10540-10580-10640
The bias still remains sideways in the confined range of 10250-10750 odd levels and Being a Chameleon is the only way for traders.
It is advisable to trade on both sides with strict stoploss and proper money management...
Chees
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