Thursday, February 4, 2010
I included one interesting Ema chart with it's various vertical shifts in post for 28th January views for Nifty. So today I am just updating and re-posting that chart first to examine the move guided or identified by the Ema. My students will surely able to relate the chart and the procedure of it's formations and applications.
The Ema lines have successfully provided support to this uptrend as of now. And right now hovering above the 144 with it's -2.5% vert. shift taking support successfully @ 4900.
Supports: 4890/4900 is most critical zone to hold for nifty for any further up move. A convincing break below 4880 can terminate the immediate bullishness again for downward targets of 4855-4810-4785.
Resistances: As 4939 has been breached, it can have some bullish significance. But a confirmed breakout above 4955 can certainly bring 4985/90-5025/30-5085/95.
Wednesday, February 3, 2010
Supports: Immediate and probably the main support for the last up move lies at 4795, A confirmed break below that can certainly bring 4760-4730 again, with a target of 4640 & 4400 positionally.
Resistances: Main resistance which can bring a potential intermediate reversal is lying @ 4940, above that it can certainly hit 4980/90-5040-5080/90. Intra day hurdles are placed @ 4870-4895.
Tuesday, February 2, 2010
4820 was given as the final breakdown level for the last session. 4822 was the place from where buying emerged and nifty continued move up right from there till the end. Though 4935 zone is not crossed, but demand at the support zone (first from 4760, then 4820) is indicating towards a very immediate term uptrend.
Supports: 4885 is critical for the day. Below that 4870-4845 is again possible. Further breakdown can bring 4820-4785. Below 4785 current up move is very likely to get negated.
Resistances: As the intra impulse is on, the target/resistances are relatively higher than the support levels. 4925/35 is very important. Above that another strong breakout is possible for 4975/80-5015/20 zone.
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Resistances: As the intra impulse is on, the target/resistances are relatively higher than the support levels. 4925/35 is very important. Above that another strong breakout is possible for 4975/80-5015/20 zone.
Monday, February 1, 2010
Nifty current low 4822, discussed 4820 as the breakdown level. But 4785 ha to be broken for the cancellation of this corrective up move.
Nifty reversed from the well discussed zone of 4760-4730 by hitting a low of 4757 on the last session. Nifty still in a downtrend, but a correction against a 550 points fall can also lead towards a healthy upmove.
Supports: Supports for the day lies @ 4865 & 4845, reversal from 4757 is having pivot on those place. Intra bulls will try to hold that. A confirmed break below 4820 will bring more weakness though and it may head towards 4760-4730 again.
Resistances: 4896/4900 is immediate. 4938 will be pivotal for the day for an immediate breakout towards 4975/80-5010/15.
Friday, January 29, 2010
A very volatile but a trading friendly day it was. the high probability of the bounce was clearly told and discussed on previous day's post. Market just bounced off twice exactly from levels discussed (support was given @ 4825, low made 4824). But every bounce will be considered as correction as long it can not manage to go above 5080/85 and even 5180.Though short term traders who has been holding their shorts since 5080 is broken, can trail ahead their stop ahead to 4950 level. As it is indicating a short term reversal above that place.
Supports: Very very immediate is 4835, sustaining below that can be an early threat of a breakdown below 4810 zone. 4760-4730 will be the next target for nifty after the violation of the above said levels, where it'll attempt for another bounce back. But further violation can very bring 4640 in a whisker.
Resistances: 4910 and 4940 is big time important. later one can also be the s/l for short term shorts initiated. Above that Nifty can certainly add some more fuel to it's yesterday' bounce for the targets 4970/75-5040-5065/70.
Can be a range bound session before giving any valid buy/sell signal. So waiting patiently can be a prudent decision as the follow up move can be a larger one.
Resistances: 4910 and 4940 is big time important. later one can also be the s/l for short term shorts initiated. Above that Nifty can certainly add some more fuel to it's yesterday' bounce for the targets 4970/75-5040-5065/70.
Can be a range bound session before giving any valid buy/sell signal. So waiting patiently can be a prudent decision as the follow up move can be a larger one.
Thursday, January 28, 2010
Yesterday I stated............. "a break bow 4975 can certainly make Nifty weak for the day and a immediate target will be 4940. Further breakdown can cause in more damage to Nifty which can lead fall up to 4860-4810/15-4730." We broke below those areas in very early morning and the downward slide was smooth enough. Impulse moves on every time frame is live and kicking.
Re-posting the first chart posted in the view for 20th January, and check for yourself. HERE is the chart posted earlier and below is the current update.
Perfect..... isn't it?
Supports: 4825/10 looks like very close. But I am personally expecting some bounce as correction on the upside.So holding 4810/25 can provide some reasonable upmove on intra day basis. Further Violation can cause 4725/30.
Resistances: 4855 is immediate. Above that 4905-4955 is possible. Bigger bounces will be targeted by the shorters to create further short positions. Will try to update intra day tomorrow.
Wednesday, January 27, 2010
Supports: All the supports are in tact as 4975 & 5080 is in tact on either side. a break bow 4975 can certainly make Nifty weak for the day and a immediate target will be 4940. Further breakdown can cause in more damage to Nifty which can lead fall upto 4860-4810/15-4730.
Resistances: Immediate strength for intra day can come above 5045 zone. Above that 5080 is possible. Further violation of 5080 on the higher side can bring 5000-5140-5180.
Monday, January 25, 2010
Discussed 5080 zone is really playing critical. We talked about that place in the post for 21st and low and high for 21st a& 22nd were 5072 & 5074 respectively. There lies the pivot for recovery on the upside. All in all the immediate trend is down and impulse moves are on the same side.
Supports: 4975 is immediate. Sustaining below that will be threat to break the 4940. Violation of 4940 can certainly bring 4860-4820/15 before any moderate bounce.
Resistance: 5080 is absolutely crucial. Sustaining above that Nifty can gain some upward momentum for the upside towards 5110/20-5165/80 and decide further movement.
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