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May 11, 2010 by | No Comments
Nifty reversed from the upper downtrend line retracing exactly 61.8% of the fall from 5342 to 4984. Now, 5206 is a crucial resistance on the upside, whereas, 5046 is a crucial support on the lower end. Hence, Nifty is now stuck in a range of 5206-5046, finding resistance at the mean of the Bollinger band [...]
May 8, 2010 by | No Comments
The close which the bears were eyeing has come i.e. Nifty has posted a negative weekly close that too below its 20 weekly exponential moving average (WEMA), which I crucial level. The market catches cold with an overdose of VIX, which is a sign of trend reversal. The level to watch out now is the [...]
May 6, 2010 by | 1 Comment
Today, Nifty has broken the yesterday’s low of the hammer candlestick pattern formed on the daily charts. The break of 5056 and a new low 5037 in this fall continue to be impulsive. On the upside 5137, 5170 and 5202 are the crucial resistances and till all these levels are not taken off, the trend [...]
May 4, 2010 by | No Comments
Finally, Nifty has broken the head and shoulders pattern, which is a trend reversal pattern, at the peak. The NSE bellwether has not only breached the 40 daily exponential moving average (DEMA) but has also closed below it, which again confirms that the short-term trend remains down. The daily momentum indicator clearly gave a hint [...]
May 2, 2010 by | No Comments
Nifty has given a negative weekly close, which means that the trend remains down till 5342 is not taken off. The daily momentum says it all, as it remains down after making a hinge for the second time in a row, which is a sign of a bull trap. On the lower end, Nifty has [...]
April 30, 2010 by | No Comments
On the day of expiry of April F&O contracts, Nifty stated off positive and consolidated in the first half but moved higher in the second half to close positive. For the last couple of days, Nifty has been trading in a very narrow range of 5200-5300 with support around its 40 daily moving average (DMA) [...]
April 28, 2010 by | No Comments
Nifty ended the day in red in line with other global indices. It has formed a head and shoulders pattern, which a bearish trend reversal pattern. It has closed below its daily averages—again a bearish sign in the short term. The equality target of the fall from 5400 to 5160 comes at 5127 currently. The [...]
April 27, 2010 by | 2 Comments
Nifty has been trading in a very narrow range of 5200-5300 for the last couple of days. On the hourly chart, Nifty is trading in a channel holding on to 20 daily moving average (DMA) and 40DMA pegged at 5289 and 5206 respectively, which is a bullish sign for the market in the short run. [...]
April 16, 2010 by | No Comments
The key benchmark indices edged lower in volatile trade as an imminent hike in key short-term interest rates by the Reserve Bank of India (RBI) at a policy review next week weighed on investor sentiment. Stocks fell for the fourth straight trading session. In global cues, European stocks turned positive from negative and US index [...]
April 14, 2010 by | No Comments
For yet another day Nifty traded in a very tight band. 5290 is acting as a crucial support, which is keeping hopes alive for the bulls, going forward. The upward parallel channel in which Nifty is trading remains intact. Till 5290 is held, there exists a probability that the index is forming a triangle at [...]
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