Charts for the Day

[anil_s_trivedi]

The metal sector as of now holding off, it may be the next one to crack. As a matter of momentum weakness setup it looks nice short candidate.
A upside resistance zone of 111.2, a close above it is positive for bulls. The momentum setup pointing to a weakness and lower levels mentioned on chart for support levels.

 

[anil_s_trivedi]

Hi Friends,

Taken a long break. After seeing charts, nifty taken a beat when failed to hold 6100 levels.Anyways, right now we near to crucial support zone of 5680. A testing and holding is better, else more selling till 5600 can be seen. No fresh shorts as of now.

on daily if today it got closed above 5765 it will arrest downtrend. and can go sideways.
Till then every rally will be susceptible to fall. On 5min, a first sign of strength will be seen if hold 5710.

A divergence is appearing on hourly, but as we know it failed until price confirms it. So wait till price show its hands by holding crucial levels testing and holding.

 

[a1b1trader]

Anil Bhai

We are awaiting for your Nifty Update.

Further Reliance has made a very good PINBAR today.
So, a few words on Reliance as well

Thanks

 

[anil_s_trivedi]

Dear a1b1trader,

sorry friend was busy in some other work.

The nifty update i am posting it here for coming week.

Nifty Daily:

Short term - Down
Inter - down
Long term - Down

Nifty facing wrath of turning intermediate down on weekly, forcing daily to act on it lines.
As of now no sign of daily chart bottoming, clearing two days high and sustaining it will act as a relief.
On daily till it get closed above 5770 every rally will be sold into.

Nifty hourly:

Short term - Up
Inter - Down but flattening
Long - Down

There is a sign of trying to form a loosing momentum and +ve divergence creeping in, ubt till it formed it is difficult to judge.
On hourly, first sign of relief for bulls is a close above 5675. Momentum will shift to down with hourly closing below 5640 this time.

So in gist strategy is no fresh short zone here, a closer to 5730/5770 is safer to short with stoploss. Again we will see momentum there before committing our self to the act.
On downside, 5600 is a crucial zone, and sustaining below it will lead to a more fall and it may be a severe one, with price action showing supports closer to 5100 levels only.

So trend is down, and stick to it, until it shows sign of price strength.

 

[a1b1trader]

Many thanks to you Anil Bhai for this NIFTY update.
We always wait for your directions

 

[anil_s_trivedi]

Nifty having a bounce on account of loosing downside momentum. As 5min showing loss in momentum and hourly too showing the same.

A closing today above 5650 will arrest downtrend immediately. Also expiry due after two days will bring some respite, and action stored for D-day.
A resistance placed at 5680-85 levels, and if crossed and hold up, will place upside targets above 5700 levels.
on hourly, noticeable thing is short term up, inter too up, and long term flattening down on momentum side. So it can be a case for bull if hold up.
Any retracement till 5600 will be bought into with SL 5590.

Need to see higher timeframe hands, when we trade near to 5670-80 levels.

 

[anil_s_trivedi]

Nifty update:

Hourly momentum shifting up. Shorters careful if holds 5619 level.
Above 5635-37 levels momentum may increase.

Price yesterday reacted at 5670 levels, and failed to hold of 5640 corrected till 5600 levels. But expiry woes keeping it in guessing mode, where it will land up.

Trade in small quantities, and with levels as support/Resistance specified in your plan.

sustaining below 5600 not good for bulls.

 

[anil_s_trivedi]

Daily:

Short term - Up
Intermediate -UP
Long term - Down

Positive divergence on daily prompted for a sharp pullback, and in turn it triggered intermediate up. But point of concerning is long term still down. But more price sustains above 5600 levels, it will have a upside bias in short term.

On daily crucial levels for the week 5935 / 6035 on upside, while 5832/57 in middle and 5690 / 40 on downside, A likely playband for the coming week.
A close above 5935 band on weekly will mark a bullish bias and play for test of 6050 levels.On the same lines sustaining below 5830 will make it to test lower for 5700 levels.

Hourly:

Short term - Down
Intermediate - UP
Long term - UP

Hourly shifting to short term down with loss in momentum, but need to be careful as it may prove to be a time consolidation, implying underlying strength in price for bulls case.
Again Hourly closing below 5820 not good for bulls.
Till intermediate dont peak out it will be futile to short here. I will see pass it on if that happens. Till then play with trend.

 

[anil_s_trivedi]

Nifty update:

CMP: 5879 spot

Momentum weakening sign coming in, a close below 5873 on 5min is a sign of weakness.
Lower levels to be tested at 5845/25/20

 

[anil_s_trivedi]

Nifty on hourly loosing momentum, and giving a peaking sign. So a top is set here, or it may try to break above 5900, and resisting at 5930-35 will confirm it, a downside correction for this recent rise.

Nifty trading in a tight pattern of 5870-5895 zone, a break on wither side will have 25-30 points shoot out. As far as hourly momentum is concerned, a cooling is neccessary before moving up. So thing to watch is whether its a price wise or time wise. As of now its keeping it in a tight band.