Technical Analysis on Nifty

[pokrate]

Important update :
Nifty is moving with very little volatility, and moving sideways. This pattern is very common at confluence areas, which we discussed in earlier posts. It looks certain now that 2770 will be held successfully. Buy any breakout above 2800. And sell on expiry.

 

[pokrate]

Nifty hold the 2750 level for first half with very little volatility, but then shockingly second time failed to break through. And once again volatility has decreased, but this time by 5%. Reliance and Punjlloyd are looking overly bearish.
Daily STOCH has given a crossover.

 

[rajpersonal]

Pokrate I also agree with ur suggestion that one shud go long when nifty closes above 2770 convincingly, some what @ 2800. Pls refer the intraday chart of nifty for ur reference.

 

[pokrate]

Speculation helps clearing the mist at tough times.
Nifty tried hard today by spending much time at 2770 which signals that markets are not at all ready for any upmove now. It looks certain to me now that Nifty will touch 2519 in next two days. There lies only one support of 2620, which is the mid point of white candle of 21November 2008 . Bearishness of entire reliance family is of very high concern, alongwith IT Index which has broken the symmetric triangle chart pattern.

 

[praveen taneja]

OMG wat is going on i read this post many time n it is still coming up again n again .any TJ problem????????????

 

[pokrate]

Which post ?

 

[pokrate]

Positive divergence seen in nifty daily charts. Also dollar at the crucial support at 48.5 . Nifty close above 2750 needed this time to rally.
See charts.

 

[rajpersonal]

SENSEX SHORT TERM VIEW

SENSEX MEDIUM TERM VIEW

SENSEX FIBONOCCI VIEW

SENSEX LONG TERM VIEW

 

[rajpersonal]

SENSEX OVERALL VIEW

 

[pokrate]

Nifty today brokethrough the 38.2% retracement level of 2748 and touched the 50% retracement level of 2837 in no time. But SBI and BHEL were not at all interested, and began the downfall, forcing others to shed their gains too. The intermarket connection forced nifty to breach 2748, as only nifty was lagging behind dow jones and ftse 100 in touching 50% level. DOW JONES and FTSE100 both have touched 61.8% levels. A rising wedge has formed at those crucial retracement levels, giving signs of further downfall. It looks certain to me that earlier lowest close of 2553 formed on 20 November 2008 would be tested, as SBI today has tested its lowest close of 1052formed on 27 October 2008 successfully.

Resistance : 2748
Support : 2553