Where is nifty going?

I will review this thread every week to see where nifty will be going.

As of end of this week, below is chart and nifty's predicted move. I will use S/R and Price action analysis to predict nifty's movement.

Note this will be for educational purpose only.

TD, the rise from 45xx to 56xx is due for some retracement. The upmove was very fast, and the retracement has been sluggish. 50% retracement comes to about 5060. I think that's where I would look for a breakdown or consolidation for further upmove.

Nifty Weekly.



Unless the global economy does not show signs of improvement, we cannot expect nifty to go up. We are still primarily in a downtrend since Nov 2010. If global economies show signs of stability we are at best going to range. It will a take a long time before we have a boom time..

Yeah, that 5150 could act as resistance, unless nifty sustains above it. My reason for saying this ??? Generally the markets do move about 200-300 points upwards of where FII buying comes in. Look below :

Hi TD.... won't you consider 4850 marked as Orange Horizontal Line to be a more prominent support... Yes, I know, that price has at all the times been successful to test 4800.... but still, since we have a lot in common.... And yes, obviously, we wouldn't be hell bent for our target of 4800/4850, if it turns up before that, we would obviously oblige the markets and get out....

PS: What are you using for Charting purposes, is it eSignal's software...

Next friday - may 11 IIP Data will be released , lets see how market reacts..

but whatever it is ,you can expect some good move next friday..

Yes, aditya you are correct in your statements. What i mark at not exact lines but more of zones. like i said S/R levels are more of zones rather than exact levels.

And yes , i finally got the esignal charting package. Got feed up with other alternatives. There is not one decent charting package available for indian markets..

One more common factor between us.... I have always considered S/R levels to be zones rather than buy above X and sell below X type of levels... I wrote something like this earlier today in another thread...

Before IIP (11th) more importatnt factor is clarification of GAAR which due on 8th. It will play a major role for any upside..... if GAAR postponed then the upmove will be more sharp than this down move...

That is again news. In trading we do not see good or bad news..just news.

good news does not mean market will move up and bad news does not mean market will move down.

news just makes the market go in overdrive mode for sometime , it could be any direction.

But yes, when we know there is major disaster like the 2008 financial crisis , we can be certain where the market is going..

but lets see next week,hang on to your stop losses, we are going for a wild ride...