Index Analysis - Nifty & Bank Nifty

Hello Friends,

This thread is dedicated to analysis for Indexes Nifty and Bank Nifty including sectoral ones.

Hi Anil,

Good initiative. I will be happy to chew your brains here

pl come in the queue.

sorry for the late update...

Nifty update:

Hourly short term -ve divergence propelling a correction here. Now we need to observe nature of correction. Whether its timewise or pricewise, and we know timewise correction will be in bulls favour.

Intermediate on hourly is turned down. And i am expecting weakness below sustaining mornings low. Until 8115 taken up, its weak for the day.

Crucial levels to watch for downside are 8075 / 8040/ 8000
A strong market will turn up from 8040., and will try to close above that today.

A newer study which i am tracking since past two years is how market changes after expiry and tracking the strength above/weak below number for it.
So for this move below 8060 will put pressure on downside.

BankNifty update:

Negative divergence on short term and turning down by intermediate is sign of weakness on intraday charts. Infact it turned down before nifty.

Until 16140 taken out its a weak case for the day.

crucial levels to watch for downside are 15970 / 15880 Infact a strong market should hold 15970 zone and trying to close above it.

NF broken a falling wedge, some while ago
Will move up if does not fall below 8090

Kindly can you post some image as what makes you feel 8060 will put pressure on downside?

Nifty:

Strength above 8100 only for the day. Better an hourly closing above it.

Bank nifty:

Strength above 16100 only.

Although +ve div seen in 5min charts, but its effectiveness will need to be sustained.
Remember till yesterday markets are in uptrend, this is first of pullback going on for this series, so it need to be analysed in that way.

And closing figures will matter for that and refer earlier post for the levels for the same.

Its a more linked to hawala number. what is hawala.??
The closing price of spot on expiry day. It carries significance for the next series as well. But if we move far away from it, then what is the measure, to be come up with.

So for that i see HH-HL patterns and peaks and troughs, and then i just add/substract the high/lows of these peaks/troughs to come up with final number. Which track current series well.

If current series get closing above this number, then it means lots of buying happened in this series.

Nifty:

Closing seems to be in comfortable zone for bulls. Although momentum on hourly is deteriorated.

Bank Nifty:

A closing seems to be in a trading range mode. Here also hourly momentum is deteriorated a lot.

So point is, despite hammering lot of midcaps + smallcaps, indexes back to in upside to sideways mode on back of lifting large caps.

So on daily charts we remain in bull mode as of now.

Yeah.. the market breadth was quite negative today.