Traders are requested to book Profit for once as the chart is shown above. Have a gr8 day.
Thursday, September 10, 2009
Traders are requested to book Profit for once as the chart is shown above. Have a gr8 day.
4830 really worked good for intra, made two highs for the day, respectively @ 4825 first and next 4831.
4842/50 as discussed earlier is still crucial for intraday. Above that Nifty can show little more power to move towards 4910/19 zone, which can be a real test for it.
Supports: Nifty of course in a clear cut uptrend, but price is indicating towards cluster of long term resistances which can be real test for Nifty, So a prudent strategy would be buy on dips by showing enough respect to the uptrend, but booking intra day gains or booking near each resistance levels. Best support for longs stays around 4767 and then 4728 zone. Below 4728/20 zone market can extend its loss for few sessions to come.
Resistances: In stead of the uptrend, Nifty is experiencing a band of resistance zone lying near 4830-4850. It remains hurdle for the day. and crossing that nifty can head near discussed level of 4910/19.
Wednesday, September 9, 2009
Supports: Nifty clearly maintaining it's upward momentum with mild correction on intra day basis. Supports are at 4765/60-4728/25, below 4785. Supports are to initiate/reenter longs as of now.
Resistances: Expecting a little range bound before another directional move, and day's resistances are at 4830 and 4842/50 as discussed. Above that nifty can target 4888-4910/19-5010-5220.
Tuesday, September 8, 2009
4726 acted big.
We again discussed about the the impulse forming on hourly chart from recent lows of 4340 on yesterday post, where we projected 4920-5010 above 4565/77.
Supports: Bullish view maintained as usual, 4755-60 is the biggest support for the day. It's a place to go long as of now with 4720 as s/l. Below that 4725-4676 is possible, where this 4680 odd will play critical role for the further down move.
Resistances: 4842/50 is the place to watch out for. Above that nifty can very well show up 4910/19 place and halt a bit, But aggressive target of this move remains at 5010.
Monday, September 7, 2009
Supports: We are still comfortably in uptrend, as we were, without breaking the 4555 zone. Though it reversed from 4570, without touching 4555. Now in any case 4555 has to be broken to change the mode of the current trend. For the day 4685 can be pivotal. Below that 4642-4615 is possible and decide the further move.
Resistances: As I have been repeating for ages, that it's prudent to look for support rather than resistances (though this applies to positional trades), to get the most out of the move. Though day's resistances will around 4720/25 zone. Above that 4765/77 is achievable again. And as shown on the pic above, violation of those levels can create more good rooms for bulls by heading towards 4920-5010 positionally.
Friday, September 4, 2009
Supports: 4555/47 is really big. Holding that nifty again can give some upthrust. Below that 4515/05-4445-4330-4275/50 is possible positionally.
Resistances: 4597-4607 will be immediate hurdle in the morning, above that nifty can head towards 4620-4645. Main hurdles lies at 4665-4685 above that.
Thursday, September 3, 2009
I am presenting a chart which I found quite interesting (on long term support). Actually the chart was suggested by Doji from chartreader from intraday perspective, I just dug a bit deeper upto EoD. Thanks to you Doji. Presenting Tisco chart.
As we can see 405 zone is a big big support for TISCO, and EoD close above 420-21 can do big for this stock.
Nifty still holding up the most crucial 4550/47 and 4505. So technically we are still in a bullish trend in a larger time frame. but on the other hand short term looking bearish after breaching important support 4680-4665, so the conjunction of two different mode of a same price movement resulting in a pathetic sideways movement. I posting only one chart today as my data showing error on every second bar.
Supports: Initially 4600/04 will provide support, Below that further intra weakness can bring 4570-4550/47 again.
Resistances: 4465-4685 are the 2 main hurdle for the day for nifty , above that 4705-4730 is again possible.
Wednesday, September 2, 2009
Supports: We really got a big bad fall with handsome volume, but technically the uptrend is still intact, so 4550/47-4509/05 will be place for booking shorts, and wait for the the next movement. Below 4505 Nifty can very well target 4250 positionally through 4480-4440-4330.
Resistances: 4639 will be immediate hurdle for Nifty, and above that 4658-4681-4696/07 is possible for the day and again decide the next move.
Tuesday, September 1, 2009
Supports: Nifty is still in uptrend in hourly chart and this fall seems like a correction rather than a trend reversal as long 4560/55-4505 is holding. 4620/10 will be crucial in the first session. Holding that nifty can bounce decent. Below 4610, intra weakness can bring 4585-4560/55-4505. But these are all buying zone on different time frame.
Resistances:4685/90 zone is important on opening bell. Crossing that nifty may well target 4710-4725/35 and decide the further course of the day. Above 4730 zone it can be real bullish again.
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