#MarketUpdate - A Lazy Day ! ! !

Hi All,

Further to yesterday's post, due to various conflicting signals, muted global markets and FNO Expiry, markets behaved in a very lackluster manner, which shows a lot of indecision.

For past 3 days, Nifty is moving in a tight range of less than 100 points, and a breakout above the resistances or supports mentioned in the previous update (Read here) will decide the trend going forward....

On the lower side 10270-10340 are crucial supports where as on higher side 10435-10550-10650-10750 are important hurdles for bulls.

Cheers ! ! !

#MarketUpdate - Be a Chameleon ! ! !

Hi All,

Nifty is struggling to cross the resistances marked yesterday near 10435-10530. And failing to do that convincingly, it is cont expected to drift down to 10300-10250 levels and then continue the southward journey till 10100-10030-10000 levels.

However, weekly charts, show a bit of mercy to bulls,

1. Nifty has taken a support near the Supertrend near 10337, which means if Nifty manages to close above this level there can be a pull back which can be expected in near term.

2. Also, along with Supertrend, Nifty showed a hidden divergence on weekly charts, which again reiterates the positive outlook, only and only if Nifty crosses the important resistance of 10750, which was also the trailing reversal (stop loss) given for my ongoing bearish view. However this is contradicted on daily charts with bearish hidden divergence where prices not going higher in spite of RSI creating higher highs

3. The recent weekly fall from 11200, till 10300 is with relatively lesser volumes

However, I personally feel even this rise, if happens above 10750, can still be looked at as a selling opportunity with an ultimate stop loss above the life high of 10200, as we can see a strong, bearish engulfing pattern right on top.

So in a nutshell, there are lot of contradicting signals, hence #traders are expected to trade with strict stop loss and money management.

Also, Being a Chameleon, is a must in such a market scenario which is going to expect a lot of volatility for at least next one year. you can not marry your view, and have to adjust your strategy according to market swings...

To sum up the view - 

Intraday / Near term - 10340 key support, and below which 10300-10260 will be last chance for bulls,

Short term - 10260-10300 key supports, below that 10100-10030-10000 looks imminent.

Positive view near to short term is Nifty surpasses 10435-10530 levels with a target near 10750, and if 10750 is surpassed the all time highs can be touched upon, but with a bearish bias with a stop loss above 11200...

Below is the chart to summarize the weekly chart signals discussed above...

Cheers ! ! !

#MarketUpdate - #Nifty behaved .... as expected

Hi All,

As expected in the morning, Bulls tried to keep markets in positive territory for most of the day, however, could not make it sustain above the resistances mentioned earlier (10435-10530). Nifty could not even touch 10435 mark.

Today was more of an indecisive day where the total movement in Nifty was not even 100 points ( around 80 points), however it is red candle with selling pressure.

The supports and resistances are in tact and the bias remains the same...

Cheers

Hrishi

#MarketUpdate - #Bulls dying to show off strength.... Looks difficult though...

Hi All,

Those who are short at higher levels near 10600 can book profits currently as advised earlier (or can at least trail stoploss).

Nifty has fallen till 10300 and taken support near  the recent bottom of 10270 and bounced back around 100 points.

On hourly charts it is showing a bullish candle and a small pull back on the upside can not be ruled out.... If the markets are to continue the downtrend going forward, bears have to restrict bears below 10435 to 10530 levels. Above 10500 Bulls might take full control hence short positions are advised with a partial profit booking or trailing stop losses..

Risky traders can still sell on rise with stop losses above the aforesaid resistances.

Cheers

Hrishi