Nifty(5335) – Resistance 5415 and Support 5300 and 5240 USDINR has found support at previous 4th wave of 48.5 INR should weaken to 50.2-50.6 but we need further evidence from the movement here to signal that a bigger move is beginning for INR. There is a small possibility of one more leg of strength for […]
Nifty(5361): Price is ignoring the stretch and the warning signs from momentum indicators and we are seeing Nifty movin up relentlessly. More than anything we need to look at the longer term now. Let me outline 3 possible scenario Case1: A new bull market is underway: In that case Nifty is headed north of 7000 […]
Nifty(5269): Nifty formed a ‘Doji’ pattern after overshooting the important resistance at 5275. We have momentum disagreeing with price rise above 5217 on hourly and daily time frame. This is normally a precursor to a drop. On the weekly time frame, Nifty is above the weekly trendline from the Nov 2011 highs. A close above […]
Nifty(5087.3): Markets had a follow through to the hanging man pattern – throwing in a short term sell signal. However the internals of the move still remains a bit ambivalent giving an outside chance of one more rise before turning lower. If Nifty heads higher it may either stop at 5217 or below or head […]
Nifty(5204): Nifty formed a hanging man pattern on Friday, just under the 200DMA. Hanging man pattern needs a follow through sell off else the signal would be rendered void. The first sign that this market starting to correct would be when Nifty dips below 5162. The Euro has come to perfect level for it to […]
Nifty(5127): The negative price action of Monday did not get the follow through and markets continued to rally higher. As can be seen from the chart of India VIX above, the bullish sentiment is swinging towards the highest level since October 2011 and if we include the spike, it has already hit highest level since […]
Nifty(5046): The market is pausing around the resistance of 5065-70 ahead of economic policy. An important signal is coming from the Banknifty – a “gravestone doji” on this index right at the ideal zone of 9500-9800. Gravestone Doji are important signals but they need an immediate follow through. We need to see a sell off […]
Nifty (5048): Nifty’s high on Friday was exactly one point below the resistance of 5065. The pattern on the daily chart is a stalling pattern. Without getting in to the short term technical labeling of the market, there are two possibilities: a) The corrective rally has already peaked b) Or after a mild dip, the sucker rally […]
Nifty(5018): Nifty continued to rally and closed above 5000. Round numbers are not resistances but they help in pushing sentiment to the extremes. Let’s quickly do a check on the positives and negatives. Whats favouring the bearish case? 1) Our proprietary which has a stellar record since 1997 says the bear market is not over. 2) […]
Nifty(4967): Nifty had another up day and pierced through resistance at 4920-50 zone. As labelled on Monday, there was some doubts over the end of the C wave , which is why we had an OR c label and this exactly why we called for some additional patience yesterday. As the market goes higher, it […]