Nifty gapped down below 5450 but recovered later and moved in about 100 point range with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.1% with 0.58 breadth.
2.19th day since 6181,58th day since the highs of 6338.
Nifty gapped down and moved closer to 5400 levels but managed to close above 5500 levels.Today was 4th consecutive down day for Nifty.5400-5450 is providing support to Nifty,So I don't expect this level to be breached decisively now after 2 days of trying to break through.Nifty should possible try again to breach 5400 levels and if the momentum slows down on breach of 5400 then Nifty may likely form an Intermediate bottom between 5300-5450 levels.
Monday, January 31, 2011
Sunday, January 30, 2011
Jan28 Update
Nifty had a selloff with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.65% with 0.15 breadth.
2.18th day since 6181,57th day since the highs of 6338.
Nifty was down for 3rd consecutive day and breached 5500 levels.Downside momentum looks strong.Nearest support comes in at 5350 and then at 5200 levels.I would expect Nifty to test these support levels before the downtrend ends.But any bounce that may come will likely indicate the potential downside of Nifty in this slide.This week should likely see Nifty making an intermediate bottom given the number of days(18) that Nifty has taken in its slide from 6181.
1.Nifty down by 1.65% with 0.15 breadth.
2.18th day since 6181,57th day since the highs of 6338.
Nifty was down for 3rd consecutive day and breached 5500 levels.Downside momentum looks strong.Nearest support comes in at 5350 and then at 5200 levels.I would expect Nifty to test these support levels before the downtrend ends.But any bounce that may come will likely indicate the potential downside of Nifty in this slide.This week should likely see Nifty making an intermediate bottom given the number of days(18) that Nifty has taken in its slide from 6181.
Thursday, January 27, 2011
Jan27 Update
Nifty opened above 5700 but could not sustain those levels and kept sliding all day and closed just above 5600 levels.Important points for today.
1.Nifty down by 1.5% with 0.36 breadth.
2.17th day since 6181,56th day since the highs of 6338.
Nifty slid below 5600 levels and closed just above it.Today was 2nd consecutive down day for Nifty.5200-5550 is support zone for Nifty with many supports in this range.If Nifty goes into the support zone and bounces then I would expect that Downturn in Nifty would be nearing end.Downside momentum is moderate till now in Nifty and I dont expect that this momentum could take Nifty to 5100-5200 levels unless it increases significantly from here which I doubt since Nifty is in downmove for 17 days now.
1.Nifty down by 1.5% with 0.36 breadth.
2.17th day since 6181,56th day since the highs of 6338.
Nifty slid below 5600 levels and closed just above it.Today was 2nd consecutive down day for Nifty.5200-5550 is support zone for Nifty with many supports in this range.If Nifty goes into the support zone and bounces then I would expect that Downturn in Nifty would be nearing end.Downside momentum is moderate till now in Nifty and I dont expect that this momentum could take Nifty to 5100-5200 levels unless it increases significantly from here which I doubt since Nifty is in downmove for 17 days now.
Tuesday, January 25, 2011
Jan 25 Update
Nifty moved in a wide range and closed below 5700 levels again with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.0% with 0.6 breadth.
2.16th day since 6181,55th day since the highs of 6338.
Nifty moved above 5800 till noon but later went down below 5700 levels and closed below it.Since Nifty is still in the sideways range of 5620-5870, so any upmove or downmove will only be confirmed when this range is broken.But today's reversal looks interesting and may lead to Nifty breaching 5600 on Thursday/Friday.Since the move from 6181 is 16 days already, so this should not last for more than 4-6 days if the impulsive move is to downside.And if the upmove happens from here then move from 6181 has ended at 5654 ie in 10 days.Today's volatility is pointing to big swings on Thursday/Friday as last week was very narrow range(123 points) and accordingly this week is turning to be wide range(121 in 2 days).
1.Nifty down by 1.0% with 0.6 breadth.
2.16th day since 6181,55th day since the highs of 6338.
Nifty moved above 5800 till noon but later went down below 5700 levels and closed below it.Since Nifty is still in the sideways range of 5620-5870, so any upmove or downmove will only be confirmed when this range is broken.But today's reversal looks interesting and may lead to Nifty breaching 5600 on Thursday/Friday.Since the move from 6181 is 16 days already, so this should not last for more than 4-6 days if the impulsive move is to downside.And if the upmove happens from here then move from 6181 has ended at 5654 ie in 10 days.Today's volatility is pointing to big swings on Thursday/Friday as last week was very narrow range(123 points) and accordingly this week is turning to be wide range(121 in 2 days).
Monday, January 24, 2011
Jan24 Update
Nifty moved up and edged above 5750 with low volumes and +ve breadth.Important points for today.
1.Nifty up by 0.8% with 1.35 breadth.
2.15th day since 6181,54th day since the highs of 6338.
Nifty was in range of 5700-5760 but closed below 5750 levels.The 2 day move from 5863-5654 looks corrective to me but if that is impulsive then Nifty may have bottomed out in 5620-5650 zone.So if the move from 6181 has ended in 10 days, then Nifty may be in an upmove for about the same number of days possibly upto 6000 levels.
On medium term,I still don't see that correction from 6338 is done, so the upmove will be the 5th leg of the corrective structure and if last one,there should be a follow up impulsive move down for lower targets.
1.Nifty up by 0.8% with 1.35 breadth.
2.15th day since 6181,54th day since the highs of 6338.
Nifty was in range of 5700-5760 but closed below 5750 levels.The 2 day move from 5863-5654 looks corrective to me but if that is impulsive then Nifty may have bottomed out in 5620-5650 zone.So if the move from 6181 has ended in 10 days, then Nifty may be in an upmove for about the same number of days possibly upto 6000 levels.
On medium term,I still don't see that correction from 6338 is done, so the upmove will be the 5th leg of the corrective structure and if last one,there should be a follow up impulsive move down for lower targets.
Saturday, January 22, 2011
Jan21 Update
Nifty was sideways in a narrow range with low volumes and neutral breadth.Important points for today.
1.Nifty down by 0.25% with 1.1 breadth.
2.14th day since 6181,53rd day since the highs of 6338.
Nifty moved in a narrow range of 43 points.This week,Nifty's range was very small of 123 points as compared to 300/268 in previous 2 weeks.So /i expect range expansion in next weeks as this weeks compression was more than 50%.Nifty is undergoing sideways movement after 6 days slide from 6181 -5700 levels.I would expect another slide down before the move from 6181 gets over.But Nifty could stay in this range of 5600-5900 for some more time also before starting the slide.On medium term,I see the correction that started from 6338 is still not over.I expect 5350/5200 as the minimum levels for the medium term correction to capitulate or be over.
1.Nifty down by 0.25% with 1.1 breadth.
2.14th day since 6181,53rd day since the highs of 6338.
Nifty moved in a narrow range of 43 points.This week,Nifty's range was very small of 123 points as compared to 300/268 in previous 2 weeks.So /i expect range expansion in next weeks as this weeks compression was more than 50%.Nifty is undergoing sideways movement after 6 days slide from 6181 -5700 levels.I would expect another slide down before the move from 6181 gets over.But Nifty could stay in this range of 5600-5900 for some more time also before starting the slide.On medium term,I see the correction that started from 6338 is still not over.I expect 5350/5200 as the minimum levels for the medium term correction to capitulate or be over.
Thursday, January 20, 2011
Jan20 Update
Nifty was again rangebound within 100 points with moderate volumes and neutral breadth.Important points for today.
1.Nifty up by 0.4% with 1.0 breadth.
2.13th days since 6181,52nd day since the highs of 6338.
Nifty is in 130 point range of 5620-5750 for last 6 days.I expect Nifty to either breach 5620 and fall to around 5100 levels OR Nifty may go towards 5900-6000 levels and then fall towards 5100 levels.Tomorrow's Weekly closing will be important.
1.Nifty up by 0.4% with 1.0 breadth.
2.13th days since 6181,52nd day since the highs of 6338.
Nifty is in 130 point range of 5620-5750 for last 6 days.I expect Nifty to either breach 5620 and fall to around 5100 levels OR Nifty may go towards 5900-6000 levels and then fall towards 5100 levels.Tomorrow's Weekly closing will be important.
Wednesday, January 19, 2011
Jan 19 Update
Nifty was sideways with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.6% with 1.0 breadth.
2.12th day since 6181,51 days since the highs of 6338.
Nifty was sideways and closed below 5700 levels.Nifty got resisted at 5750 and slid below 5700 levels in late afternoon.Either Nifty is in sideways consolidation between 5650-5850 since last 5 days or Nifty may have bottomed at lower 5600 levels.IF Nifty breaks below 5624 levels in next few days in an impulsive manner, then Nifty may be heading for a deeper correction upto about 5200 levels.
1.Nifty down by 0.6% with 1.0 breadth.
2.12th day since 6181,51 days since the highs of 6338.
Nifty was sideways and closed below 5700 levels.Nifty got resisted at 5750 and slid below 5700 levels in late afternoon.Either Nifty is in sideways consolidation between 5650-5850 since last 5 days or Nifty may have bottomed at lower 5600 levels.IF Nifty breaks below 5624 levels in next few days in an impulsive manner, then Nifty may be heading for a deeper correction upto about 5200 levels.
Monday, January 17, 2011
Jan17 Update
Nifty was sideways today with low volumes and -ve breadth.Important points for today.
1.Nifty up by 0.15% with 0.31 breadth.
2.10th day since 6181,49th day since the highs of 6338.
Nifty moved in a narrow range of 70 points in sideways manner and closed flat.It looks as pause to me after 2 days of high volatility.I expect Nifty to make a downmove between 5400-5600 in this week.If Nifty does not exhibit increased momentum while going down , then Nifty would likely bottom out this week on intermediate term.First possible upside target to me will be 5900-5950 levels.
1.Nifty up by 0.15% with 0.31 breadth.
2.10th day since 6181,49th day since the highs of 6338.
Nifty moved in a narrow range of 70 points in sideways manner and closed flat.It looks as pause to me after 2 days of high volatility.I expect Nifty to make a downmove between 5400-5600 in this week.If Nifty does not exhibit increased momentum while going down , then Nifty would likely bottom out this week on intermediate term.First possible upside target to me will be 5900-5950 levels.
Friday, January 14, 2011
Jan14 Update
Nifty after bouncing again from 5700 to 5800 levels slipped below 5700 levels and closed below it.Important points for today.
1.Nifty down by 1.7% with 0.34 breadth.
2.9th day since 6181,34th since lows of 5690,48th since the highs of 6338.
Nifty after more than 2 months broke below the previous lows of 5690 thus forming lower low, lower high pattern.If this is an impulsive move of the new downleg then Nifty should keep going down twoards 5400 levels.But if Nifty hovers around 5600 levels and bounces then Nifty may enter sideways corrective upmove for few days between 5600-6000 levels.
1.Nifty down by 1.7% with 0.34 breadth.
2.9th day since 6181,34th since lows of 5690,48th since the highs of 6338.
Nifty after more than 2 months broke below the previous lows of 5690 thus forming lower low, lower high pattern.If this is an impulsive move of the new downleg then Nifty should keep going down twoards 5400 levels.But if Nifty hovers around 5600 levels and bounces then Nifty may enter sideways corrective upmove for few days between 5600-6000 levels.
Thursday, January 13, 2011
Jan13 Update
Nifty reversed the gains of yesterday with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.9% with 0.54 breadth.
2.8th day since 6181,37th since lows of 5690,47th since highs of 6338.
Nifty reversed yesterdays gain and was inside yesterdays range.This indicates that the short term consolidation of Nifty will continue.Nifty would likely move towards 5900 levels in coming days before starting a new leg down.My downside targets are ~5600 levels,though the character of new leg down could indicate more downside also.
1.Nifty down by 1.9% with 0.54 breadth.
2.8th day since 6181,37th since lows of 5690,47th since highs of 6338.
Nifty reversed yesterdays gain and was inside yesterdays range.This indicates that the short term consolidation of Nifty will continue.Nifty would likely move towards 5900 levels in coming days before starting a new leg down.My downside targets are ~5600 levels,though the character of new leg down could indicate more downside also.
Wednesday, January 12, 2011
Jan12 Update
Nifty bounced back strongly today from 5700 to above 5850 level with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.8% with 2.5 breadth.
2.7th day since 6181,36th since lows of 5690,46th since the highs of 6338.
Nifty closed well above 5850 level.This upmove is likely a consolidation move before the next leg down.But the bounce from 5700 indicates to me that the downside below 5700 is likely limited to 50-100 points.On this upmove I could think of max target of 6000 level.
1.Nifty up by 1.8% with 2.5 breadth.
2.7th day since 6181,36th since lows of 5690,46th since the highs of 6338.
Nifty closed well above 5850 level.This upmove is likely a consolidation move before the next leg down.But the bounce from 5700 indicates to me that the downside below 5700 is likely limited to 50-100 points.On this upmove I could think of max target of 6000 level.
Tuesday, January 11, 2011
Jan11 Update
Nifty consolidated in first half but broke down below 5700 towards the end with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.15% with 0.73 breadth.
2.6th day since 6181,31st since lows of 5690,45th since the highs of 6338.
3.6th consecutive down day of Nifty.
Nifty bounced back strongly about 100 points in last few minutes from 5700 levels.If the bounce is shallow and Nifty stays around 5700-5800 zone then breach of 5700 would be critical.This is likely a medium term correction of Nifty.Though to me 5350 is the first(minimum) capitulating point for medium term correction, but Nifty may either go below 5350 after breaching 5700 or it may bounce from around 5600-5700 and go to 6200-6400 before coming down to 5350 levels.
1.Nifty down by 0.15% with 0.73 breadth.
2.6th day since 6181,31st since lows of 5690,45th since the highs of 6338.
3.6th consecutive down day of Nifty.
Nifty bounced back strongly about 100 points in last few minutes from 5700 levels.If the bounce is shallow and Nifty stays around 5700-5800 zone then breach of 5700 would be critical.This is likely a medium term correction of Nifty.Though to me 5350 is the first(minimum) capitulating point for medium term correction, but Nifty may either go below 5350 after breaching 5700 or it may bounce from around 5600-5700 and go to 6200-6400 before coming down to 5350 levels.
Monday, January 10, 2011
Jan10 Update
Nifty continued with its selloff and went below 5750 with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 2.4% with 0.15 breadth.
2.30th day since the lows of 5690,44th since the highs of 6338.
Nifty closed below 5800 around the previous lows.Downside Momentum is very strong in Nifty.My expectation is that Nifty could pause here and then continue its slide OR it may continue till the level it gets a bounce.After todays move I favour Nifty would likely slide down to below 5690 level before pausing/bouncing.The bounce would tell whether the low made is a bottom or it would be revisited!My expected levels are 5600-5700.
1.Nifty down by 2.4% with 0.15 breadth.
2.30th day since the lows of 5690,44th since the highs of 6338.
Nifty closed below 5800 around the previous lows.Downside Momentum is very strong in Nifty.My expectation is that Nifty could pause here and then continue its slide OR it may continue till the level it gets a bounce.After todays move I favour Nifty would likely slide down to below 5690 level before pausing/bouncing.The bounce would tell whether the low made is a bottom or it would be revisited!My expected levels are 5600-5700.
Friday, January 7, 2011
Jan7 Update
Nifty had a selloff today with moderate volumes and very -ve breadth.Important points for today.
1.Nifty down by 2.4% with 0.12 breadth.
2.29th day since the lows of 5690,43rd day since the highs of 6338.
3.Nifty retraced last 2 weeks of gain this week,down by 3.8% on weekly closing.
Nifty broke down below 5900 today.Breadth was very -ve and indicates strong momentum to the downside.The slide of Nifty should continue for few days.I expect Nifty to continue with downside momentum move early next week.If Nifty loses momentum around 5700 levels, then 5700 may not be taken out decisively and Nifty may Jump again from this level.I dont expect Major fall in Nifty (~5200) next week or in this downmove ,so my possible downside scenarios right now are around 5600-5700 levels.
1.Nifty down by 2.4% with 0.12 breadth.
2.29th day since the lows of 5690,43rd day since the highs of 6338.
3.Nifty retraced last 2 weeks of gain this week,down by 3.8% on weekly closing.
Nifty broke down below 5900 today.Breadth was very -ve and indicates strong momentum to the downside.The slide of Nifty should continue for few days.I expect Nifty to continue with downside momentum move early next week.If Nifty loses momentum around 5700 levels, then 5700 may not be taken out decisively and Nifty may Jump again from this level.I dont expect Major fall in Nifty (~5200) next week or in this downmove ,so my possible downside scenarios right now are around 5600-5700 levels.
Thursday, January 6, 2011
Jan6 Update
Nifty dropped down further below 6050 with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 0.5% with 0.35 breadth.
2.28th day since the lows of 5690,42nd day since the highs of 6338.
Nifty closed below 6050 for 3rd consecutive day.Nifty's slide could continue till about next week.I have no definite clue till now whether this correction would be deep or not but I expect that the next leg of upside will go above the current highs of 6181.
1.Nifty down by 0.5% with 0.35 breadth.
2.28th day since the lows of 5690,42nd day since the highs of 6338.
Nifty closed below 6050 for 3rd consecutive day.Nifty's slide could continue till about next week.I have no definite clue till now whether this correction would be deep or not but I expect that the next leg of upside will go above the current highs of 6181.
Wednesday, January 5, 2011
Jan5 Update
Nifty dropped down below 6100 today with moderate volumes and -ve breadth.Important points for today.
1.Nifty down by 1.1% with 0.33 breadth.
2.27th day since the lows of 5690,41st since highs of 6338.
Nifty seems to have entered correction mode as today was 2nd down day.I expect this to be a short/intermediate term correction.As mentioned yesterday my possible targets will be 5850-5900 OR 5600-5700.But Incase Nifty bounces above 6150 in next 2 days then short term correction will be over(I dont expect this to be the case though). Next upside move could be the last move before Nifty undergoes medium term correction may be around next month.
1.Nifty down by 1.1% with 0.33 breadth.
2.27th day since the lows of 5690,41st since highs of 6338.
Nifty seems to have entered correction mode as today was 2nd down day.I expect this to be a short/intermediate term correction.As mentioned yesterday my possible targets will be 5850-5900 OR 5600-5700.But Incase Nifty bounces above 6150 in next 2 days then short term correction will be over(I dont expect this to be the case though). Next upside move could be the last move before Nifty undergoes medium term correction may be around next month.
Tuesday, January 4, 2011
Jan4 Update
Nifty slipped today below 6150 with moderate volumes and neutral breadth.Important points for today.
1.Nifty down by 0.2% with 0.8 breadth.
2.26th day since the lows of 5690,40th day since the highs of 6338.
Nifty gapped up at open and moved in about 60 point range after yesterdays narrow range of 30 points.The momentum could not be sustained and Nifty dropped down below 6150.If Nifty follows up in next 1-2 days with a close below 6100, then Nifty should be heading down towards 5850-5900 OR deeper down to 5600-5700.But If Nifty moved up and closes above 6200 tomorrow and after that then the current downside scenario will be invalidated.
1.Nifty down by 0.2% with 0.8 breadth.
2.26th day since the lows of 5690,40th day since the highs of 6338.
Nifty gapped up at open and moved in about 60 point range after yesterdays narrow range of 30 points.The momentum could not be sustained and Nifty dropped down below 6150.If Nifty follows up in next 1-2 days with a close below 6100, then Nifty should be heading down towards 5850-5900 OR deeper down to 5600-5700.But If Nifty moved up and closes above 6200 tomorrow and after that then the current downside scenario will be invalidated.
Monday, January 3, 2011
Jan3 Update
Nifty moved up and stayed in a very narrow range with low volumes and +ve breadth. Important points for today.
1.Nifty up by 0.4% with 3.0 breadth.
2.25th day since the lows of 5690,39th day since the highs of 6338.
Nifty closed above 6150 but moved in a very narrow range.Though on short term Nifty may be topping out around here but medium term Nifty may have one more leg on the upside left to unfold after a mild correction.I would look for signs of pullback here in Nifty.If pullback is mild then Nifty may undergo one more upside probably above 6350.January is the month of High Volatility in Q1,so I expect range in January to be more than that in December.
1.Nifty up by 0.4% with 3.0 breadth.
2.25th day since the lows of 5690,39th day since the highs of 6338.
Nifty closed above 6150 but moved in a very narrow range.Though on short term Nifty may be topping out around here but medium term Nifty may have one more leg on the upside left to unfold after a mild correction.I would look for signs of pullback here in Nifty.If pullback is mild then Nifty may undergo one more upside probably above 6350.January is the month of High Volatility in Q1,so I expect range in January to be more than that in December.
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