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Thursday, December 31, 2009
We sold off from a bearish ABC pattern and right now moving sideways. Yesterday's given range are yet to be broken out. Nifty is witnessing intra basis correction due to it's inability to cross 5230.
Supports: 5165 zone is important. Sustaining below that nifty can show 5150-5125 for the day before some sort of recovery. 5085/80 is most crucial as of now for trend reversal.
Resistances: Above 5185 it can show some strength to go towards 5205-5220/30...
Wednesday, December 30, 2009
First sorry for the discontinuation. Went out for a trip and supposed to get back early morning, well before market starts. But a lengthy arrival delay of the train messed it up.
Now as market just bounced exactly from 4940 as discussed number of times before it did really happen (low made 4938), showed some real bull power to take out menacing 5180. And as discussed on previous post, 5230 was the immediate target after breaking 5180 on the...
Thursday, December 24, 2009
Wish you all a Marry Christmas! :)
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4940 was like rock. Bears were blown away by the force displayed by the bulls. It was like there was no barrier. I personally shorted around 5050 as discussed, for intra gains, while the importance of 4940 was discussed numerous times from positional perspective. These are the times when we overlook underlying longer term sentiments and outcome for quick gain. In all aspect of life :)... here is how nifty right now.
Supports: Immediate support...
Wednesday, December 23, 2009
Finally we witnessed some bounce from 4940, well discussed support level. But the way intra day range is getting squeezed, the current state of market is strictly for advanced and experienced traders.
Supports: 4965 is immediate where longs can be built on some weakness but strictly for intra trades with s/l below 4940. A sustained break below 4940 can certainly bring 4910-4890-4850-4820. As we are in the mid of down trend on shorter time...
Tuesday, December 22, 2009
Nifty just showed no strength for the day and eventually did hit our support level @ 4960-4940(4938 low) and ended the day at day's low. Technically it's weak but from a trader perspective it's getting tougher to trade intra day as range is getting narrower with smaller bounce or dips as contra trend to initiate trade.
Supports: Bears are comfortably moving price downwards. Though 4940 is still holding but simply on the wire. I did recommend intra...
Monday, December 21, 2009
Got back from a trip @ 2o'clock in the morning and got a severe cold. Really Sorry for the late post.
Supports: It is not looking that good bulls perspective after violation 5002 as discussed on earlier post. Now 4960-4940 is very crucial as per the charts shown above. Intra day longs can be built around that zone. But violation of that zone can confirm reversal for mid term on the downside with immediate targets 4910-4850-4820/100 in hand.
Resistances:...
Friday, December 18, 2009
Nifty initially took support @ 5018 (support discussed 5016) and bounced upto 5047. Supply from the level made nifty drift down again but unable to breach 5000 (low made 5008), bouncd back towards 5073 (high made 5068), but again failed to break the resistance above. From current scenario Nifty is still in range with downside pressure as 5073 is still not broken on the upside.
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Supports:5000/4996 still holds...
Thursday, December 17, 2009
As discussed on the previous post 5002 indeed proved to be the most crucial place. Nifty did hit 5004 (resistance given @ 5002) and bounced handsomely in afternoon. Before hitting the days high @ 5073 it made 5042 as it'pivot, by making days high, which was eventually yesterday's given support. Currently we are witnessing corrective upmove against the downfall with number of strong upperhead hurdle to face.
Supports: The corrective pattern formed...
Wednesday, December 16, 2009
Nifty never did manage to go above 5135 as discussed on last post and finally slipped below 5080. 5042 zone did not hold and it did sharply come down to 5017.
Supports: As shown on above charts, 5002/4997 can really be very strong support. Short initiated today after the failure to cross 5135 or violation of 5080 need to be booked here once. Though below this down move can acquire more pace to reach 4960/50 zone. Violation of these two levels should...
Tuesday, December 15, 2009
Still very much inside the range. Looks like no valid BO possible unless 5180 is crossed convincingly.
Supports: 5080 holds the key. But continuous hit for last few days can tamper the strength of the level. Below that 5047/42-5004/02 is very important support zone and a positional long build up place (partially @ 5040-5000 range). Further breakdown can cause Nifty to come down towards 4960/45.
Resistances: 5110 is initial hurdle above that it can...
Monday, December 14, 2009
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Supports: Completely range bound as of now. With 5080/75 as the immediate support. Below that 5047/42 Will be the next halt on the down side. Which I personally feel will be very important place for short term longs. and a intra day profit booking zone for shorts. further break below that can show up 5115/05-4960/50 and decide further moves for intermediate time frame.
Resistances: 5155 first hurdle for the day. above...
Thursday, December 10, 2009
Again a very tradable and level wise very perfect day we did spend. After mentioning 5080 as a long build up zone we got a perfect low @ 5084 to initiate and it was quite a smooth sailing on the upside till the resistance discussed yesterday did appear @ 5145/52 (high made 5153), and retraced again. I am posting chart for coming session where it remains in the congestion band before any BO.
Supports: Immediate support is 5123/10. Very aggressive...
For some unknown reason chart pics are not getting uploaded. So today's post is being done without that.
The day was quite perfect to trade, level did work good. 5110 made low on opening and immediate up move of 50 points without violating 5164, hence giving opportunity of short to take benefit of ABC pattern discussed yesterday and gave 5090, where support discussed @ 5085 and gifted another move to 60 points up to 5145.
Right now 5145/52...
Wednesday, December 9, 2009
Supports: 5110-5085 is key again. As of now it's a buying zone. And I feel it will act as pivotal for the day. Below 5080 (closing basis level), there can be weakness which can bring it down towards 5040/45-5020/05 again. Further break can bring 4980-4940 positionally.
Resistances: 5164/70 remains heavy zone as long it's not getting crossed though we have closed at day's high. Trend is still up but as long as upside break out is concerned 5170 has...
Tuesday, December 8, 2009
Supports: 5045 and 5005/4990 is big time crucial zone for Nifty. In my opinion, those are places where positional longs are placed. Violation of which can very well be the end of this up move for short term. Below that 4925/15-4850 can come in no time. But Shorts should be cut at least once around these levels.
Resistances: We may have fallen very less, but there are hurdles to cross for newer highs. 5085/90-5115 is a shorting zone unless those...
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