Nifty(5322): Nifty’s struggle and inability to cross 5385-5400 resistance is the first sign of trouble. If Nifty closes below 5260 that will be sign of more trouble brewing. Going forward, the most important data points for us are going to come from currency charts. If INR prints 52.2, it will be the ultimate confirmation for […]
Nifty(5178): Nifty on expected lines went below the low of 5165. The bullish interpretation at this point is that the move from 5630 is a corrective decline and the correction got over at 5135. What is in favour of this? The intraday momentum has not been able to clock new lows when price has done […]
Nifty(5380): Nifty caved in sharply yesterday and shed 1.53%, off the lows of the day. From now on the speed of the move is going to be important be it higher or lower. If we see gaps or wide ranged bars for more than just a day, it will signal to us that the market […]
Nifty (5333.55): Ok, let the chart speak. Look for resistance to kick in at 5403 or 5460. A very remote chance of 5520. To get here Nifty could take today’s entire session and possibly a little of tomorrow’s session too. But once resistance is in, a fast decline should start, be it a C wave or wave 3 […]
Nifty(5222.40): An erratic day that finally settled lower by little over 1%. If the top at 5630 is a significant top, the counter-trend top, i.e. B wave correction to the 2010-2011 decline, there are two ways this can play out. 1) Nifty blows through 5090-5077 area – if this scenario happens, we have a powerful […]
Nifty(5375.50): Nifty saw a bounce back after 4 sessions of decline. We have a “Inside Day” pattern on the daily charts and considering the wide ranged bar on Monday this was expected. Nifty is correcting the decline from 5630 to 5268. This is basically phase of 2 of the move that started from 5630 and […]
Nifty(5429): A dark cloud cover on weekly charts on Nifty – this a reliable pattern but we need to see a follow through to this pattern. Momentum agrees with price so far. So we must look for a corrective decline to 5200 or 5077. IF we see a bounce to 5490-5510 in the first 2days […]
Nifty(5505): Indian benchmark indices saw a key reversal day on the indices (see chart above). A new swing high followed by a strong rejection of the new high. This is usually very bearish but momentum points to an unfinished move. So, we will prefer a corrective decline followed by a another leg up. BUT, if […]
Nifty(5607): The above chart is the ‘case 2’ we had outlined several days back in this month’s morning note. Beyond 5975 Nifty it would be ‘case 3’. We are very close to getting some very important clues as to what the Indian Nifty is going to do. USDINR – cross above 49.8 will be the […]
Nifty(5416): Markets despite being overbought, continues go up on receding momentum. The move from early February is like an automobile coasting on residual inertia of motion even though the vehicle has run out of gas. While this is very unhealthy and the markets will sooner or later drop vertically once the residual inertia is over, […]