NIFTY FIFTY

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AMITBE

Well-Known Member
#11
Re: NSE 50 Nifty Support & Resistance Levels

The volumes are quite low except in selected counters, thanks to the rains in Mumbai perhaps.
Current NIFTY level down 10, now 6 should not be a concern at this point.
As the volumes build, so should the index.
Still, 2314 is an important level to cross. 2311 is what it has done yet.
 

AMITBE

Well-Known Member
#12
Re: NSE 50 Nifty Support & Resistance Levels

For July 29

AMITBE said:
For July 27.
Tomorrow, before mid session it should cross and stay above 2314 for the strength to continue through the day, or can again get choppy.
A close of 2320 or there abouts would be a confirmation of strength.
The last two sessions, NIFTY gets a last minute rush to, but recedes from the point where the outlook could be clearly firm.
Yesterday it closed at 2303, a little short of the desired level, and the market this morning began the day looking rather lost, and soon dipped into the negative territory.
From there, after moving between 2304-2306 till quite late in the day, NIFTY just about brushed the important 2314 level mentioned yesterday and fell back to 2309 again. In the last half hour the rush came to cross the most important level of 2320 by a whisker, but then again fell back to close at 2319.
Just as I said yesterday, not bad, but 2323 would have been better.
On the up-side, with the results coming out strong for a lot of the important counters, the near term outlook for the market to make good progress from here seems extremely bright. And this is regardless of the intermittent corrections that are bound to occur.
The concern with the flat midcaps continues as most of the money is following to the largecaps. A lot of the midcaps seem to have been abandoned for now and may remain like this in the sessions ahead.

For tomorrow: If the strong trend is to continue, NIFTY has to cross the 2330 levels clearly, after the opening. If not, it could bounce back after dipping to the 2306-2311 levels back towards 2330.
For a really grand close, 2344 would be the level to die for.
Despite the Index heavy weights running up already, there is a fair chance for this to happen, or close to this, as tomorrow is the closing of the July Derivatives, and there is going to be more than a few short coverings.
 
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AMITBE

Well-Known Member
#14
Re: NSE 50 Nifty Support & Resistance Levels

AMITBE said:
For July 29
For tomorrow: If the strong trend is to continue, NIFTY has to cross the 2330 levels clearly, after the opening. If not, it could bounce back after dipping to the 2306-2311 levels back towards 2330.
For a really grand close, 2344 would be the level to die for.
Despite the Index heavy weights running up already, there is a fair chance for this to happen, or close to this, as tomorrow is the closing of the July Derivatives, and there is going to be more than a few short coverings.
Had sunk to its lowest support 2280 very early and bounced back, which is a sign of strength. Looking steady above 2311 level, and may move on to nearer 2330 levels.
Should not again fall past 2304-2306 to keep strength.
 

AMITBE

Well-Known Member
#15
Something cooking strange...NIFTY has dropped from 2332 almost 25 points within 15 minutes. At 2309 now, and hope 2306 is not broken.
Could be a free fall back to 2280 if it does.
Holding up above 2311 now which is good.
 

AMITBE

Well-Known Member
#16
AMITBE said:
Something cooking strange...NIFTY has dropped from 2332 almost 25 points within 15 minutes. At 2309 now, and hope 2306 is not broken.
Could be a free fall back to 2280 if it does.
Holding up above 2311 now which is good.
Quite a cliff-hanger of a close after a smooth sailing all day.
Despite a violent tug in the last 20 minutes of the session by the bears, NIFTY managed to keep just above 2311 to close at 2312.30, and what is very important is that the trigger at 2306 didn't get pulled despite intense pressure.
Most importantly, though it closed down 7 points, the trend strength didn't get neutralised.
 

AMITBE

Well-Known Member
#17
For August 1.

I expect a volatile session looking at the close on Friday where a lot of gains were given up in the concluding part, and NIFTY ended in a negative advance/decline ratio.
Good support is expected to continue from the scrips mentioned on Friday, like HindLever, Bharti, SBI, Infosys, Reliance, HCLTech, L&T, BHEL, M&M, ICICI, Wipro, ITC etc. Even ONGC and GAIL may seek higher levels.

On the downside first, 2300 is an important support and on a break here, NIFTY could test lower levels in the 2280-2285 levels. Should these supports be tested, a bounce back at 2308-2312 would be stable levels for sidewards movement.
On the upside, for strength to return, a clear attainment of the 2320-2325 mark is vital. A close around 2330 would be splendid, and this level may well be tested if the sentiment turns positive.
 

AMITBE

Well-Known Member
#18
AMITBE said:
For August 1.

I expect a volatile session looking at the close on Friday where a lot of gains were given up in the concluding part, and NIFTY ended in a negative advance/decline ratio.
Good support is expected to continue from the scrips mentioned on Friday, like HindLever, Bharti, SBI, Infosys, Reliance, HCLTech, L&T, BHEL, M&M, ICICI, Wipro, ITC etc. Even ONGC and GAIL may seek higher levels.

On the downside first, 2300 is an important support and on a break here, NIFTY could test lower levels in the 2280-2285 levels. Should these supports be tested, a bounce back at 2308-2312 would be stable levels for sidewards movement.
On the upside, for strength to return, a clear attainment of the 2320-2325 mark is vital. A close around 2330 would be splendid, and this level may well be tested if the sentiment turns positive.
NIFTY was broken once at 2300 and slipped to 2294. Holding above just 2300, and if moves sideways, things should be safe. Later can go to 2308-2312 levels.
Not badly threatened, but yet rather soft.
 
#19
Frankly,NIFTY looking like a H&S pattern on the hourly and looks like forming the rt shoulder right now.......can go either way,but looks like a short term short if 2280 is broken on NIFTY futs.
 

AMITBE

Well-Known Member
#20
Some money seems to have left the big-cap index stocks and gone to midcaps.
Things are looking sideways and tentative at this point, but some buying may emerge in some good index stocks that had lost ground earlier, in the next little while.
hovering below at 2320 now, and if manages to remain above, things should still turn out good.
 
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