Nifty tested 4750 and recovered to close above 4800 with high volumes and -ve breadth. Important points for today.
1.Nifty up by 0.6% with 0.63 breadth.
2.262nd day since the highs of 6338, 21st day since the swing highs of 5399.
Nifty is in about 100 point range in this week.This week is turning to be small range week.Nifty is in short term uptrend and could test 4700-4750 again by next week and if that is not breached then Nifty could likely head towards 5000+ level after.November has ended with a range of 687 points and range in this quarter is 760 points till today.
Wednesday, November 30, 2011
Tuesday, November 29, 2011
Nov29 Update
Nifty traded sideways after yesterday's big move with low volumes and -ve breadth. Important points for today.
1. Nifty down by 1.0% with 0.65 breadth.
2. 261st day since the highs of 6338, 20th day since the swing highs of 5399.
Nifty dropped down today.Nifty may have some steam left in its short term upmove.This week's close is likely to clear the view of next 4-6 weeks timeframe.Nifty is diverging on weekly scale , so any retest/breach of 4639 lows is going to be a buying opportunity.But this may or may not happen in december expiry also.
1. Nifty down by 1.0% with 0.65 breadth.
2. 261st day since the highs of 6338, 20th day since the swing highs of 5399.
Nifty dropped down today.Nifty may have some steam left in its short term upmove.This week's close is likely to clear the view of next 4-6 weeks timeframe.Nifty is diverging on weekly scale , so any retest/breach of 4639 lows is going to be a buying opportunity.But this may or may not happen in december expiry also.
Monday, November 28, 2011
Nov28 Update
Nifty bounced strongly to close above 4850 with low volumes and +ve breadth. Important points for today.
1.Nifty up by 3.0% with 3.0 breadth.
2.260th day since the highs of 6338.
Nifty's bounce indicates that Nifty is forming a base round 4600 levels.The severity of bounce indicates that Nifty may remain in upward bias for atleast 3-5 days.Retest of 4639 is likely to happen either by next week, but if that does not happen then December is likely to trade with upward bias upto 5100 levels.November's range till today is 687 points.
1.Nifty up by 3.0% with 3.0 breadth.
2.260th day since the highs of 6338.
Nifty's bounce indicates that Nifty is forming a base round 4600 levels.The severity of bounce indicates that Nifty may remain in upward bias for atleast 3-5 days.Retest of 4639 is likely to happen either by next week, but if that does not happen then December is likely to trade with upward bias upto 5100 levels.November's range till today is 687 points.
Friday, November 25, 2011
Nov25 Update
Nifty was sideways today with lower volumes and neutral breadth. Important points for today.
1.Nifty down by 0.9% with 1.3 breadth.
2.259th day since the highs of 6338.
Nifty moved in 74 point range and closed just above 4700 weekly.This was 4th consecutive down week.Nifty is pausing here and may have some more steam left on downside for next week, though I expect it to be not below 4500 levels.But if Nifty bounces and closes above 4900 in next few days, then 4639 is likely a medium term bottom.This week's range was 234 points after 391 points previous week.
1.Nifty down by 0.9% with 1.3 breadth.
2.259th day since the highs of 6338.
Nifty moved in 74 point range and closed just above 4700 weekly.This was 4th consecutive down week.Nifty is pausing here and may have some more steam left on downside for next week, though I expect it to be not below 4500 levels.But if Nifty bounces and closes above 4900 in next few days, then 4639 is likely a medium term bottom.This week's range was 234 points after 391 points previous week.
Thursday, November 24, 2011
Nov24 Update
Nifty retested yesterday's low and bounced with moderate volumes and neutral breadth. Important points for today.
1.Nifty up by 1.0% with 1.4 breadth.
2. 258th day since the highs of 6338.
Nifty closed above 4750 today though it again breached 4700 levels.Today was 17th day since the swing highs of 5399.Nifty may bounce/go sideways here for few days.If Nifty bounces from here to 4900-5000, then short term bottom for Nifty is in and Nifty may build a base around 4600 levels by retesting this level again over next 4-6 weeks before bouncing strongly.November range till today is 687 points.
1.Nifty up by 1.0% with 1.4 breadth.
2. 258th day since the highs of 6338.
Nifty closed above 4750 today though it again breached 4700 levels.Today was 17th day since the swing highs of 5399.Nifty may bounce/go sideways here for few days.If Nifty bounces from here to 4900-5000, then short term bottom for Nifty is in and Nifty may build a base around 4600 levels by retesting this level again over next 4-6 weeks before bouncing strongly.November range till today is 687 points.
Wednesday, November 23, 2011
Nov23 Update
Nifty slid sharply below 4700 with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 2.2% with 0.3 breadth.
2. 257th day since the highs of 6338, 57th day since the lows of 4720.
Nifty breached the lows of 4720 today and also made a new yearly low breaking 2010 low of 4675.today was 16th day since the highs of 5399.With todays fall, Nov range is 686 points.Nifty is in clear downtrend but is entering into strong support zone of 4500-4700.So if Nifty bounces from here , then reattempt at today's low shud be limited to around 4500-4600.
1. Nifty down by 2.2% with 0.3 breadth.
2. 257th day since the highs of 6338, 57th day since the lows of 4720.
Nifty breached the lows of 4720 today and also made a new yearly low breaking 2010 low of 4675.today was 16th day since the highs of 5399.With todays fall, Nov range is 686 points.Nifty is in clear downtrend but is entering into strong support zone of 4500-4700.So if Nifty bounces from here , then reattempt at today's low shud be limited to around 4500-4600.
Nov22 Update
Nifty moved around 4800-4850 with moderate volumes and neutral breadth. Important points for today.
1. Nifty up by 0.8% with 1.1 breadth.
2. 256th day since the highs of 6338, 56th day since the lows of 4720.
Nifty paused today after 8 consecutive days of decline.Reattempt at 4700 shud come soon in next few days.Nifty has taken 15 days to retrace the fall from 5399-4764.Nifty may take another 1-2 weeks to complete this fall.I expect weakness to remain in Nifty till around early to mid anuary.
1. Nifty up by 0.8% with 1.1 breadth.
2. 256th day since the highs of 6338, 56th day since the lows of 4720.
Nifty paused today after 8 consecutive days of decline.Reattempt at 4700 shud come soon in next few days.Nifty has taken 15 days to retrace the fall from 5399-4764.Nifty may take another 1-2 weeks to complete this fall.I expect weakness to remain in Nifty till around early to mid anuary.
Monday, November 21, 2011
Nov21 Update
Nifty slid sharply and closed below 4800 levels with low volumes and -ve breadth. Important points for today.
1. Nifty down by 2.5% with 0.32 breadth.
2. 255th day since the highs of 6338, 55th day since the lows of 4720.
Nifty closed below 4800 today. today was 14th day since the swing highs of 5399 and 8th consecutive down day. Nifty is weak but hovering around support levels of 4700.Conditions are ripe for a Nifty crash to 4000 levels.Without crash, I think Nifty should only breach 4700 marginally by 100-200 points over next few weeks.November's range till today is 562 points after 671 points in October.If Nifty closes this month with around 550-600 point range then december should likely be narrower in range than November.
1. Nifty down by 2.5% with 0.32 breadth.
2. 255th day since the highs of 6338, 55th day since the lows of 4720.
Nifty closed below 4800 today. today was 14th day since the swing highs of 5399 and 8th consecutive down day. Nifty is weak but hovering around support levels of 4700.Conditions are ripe for a Nifty crash to 4000 levels.Without crash, I think Nifty should only breach 4700 marginally by 100-200 points over next few weeks.November's range till today is 562 points after 671 points in October.If Nifty closes this month with around 550-600 point range then december should likely be narrower in range than November.
Friday, November 18, 2011
Nov18 Update
Nifty went below 4850 levels before recovering amid moderate volumes and -ve breadth. Important points for today.
1.Nifty down by 0.6% with 0.44 breadth.
2.254th day since the highs of 6338,54th day since the lows of 4720.
Nifty came around strong support zone of 4800 and recovered some ground.today was 13th day since the swing highs of 5399.Also today was 7th consecutive down day.Nifty is showing divergence since last 2-3 days,so pause/bounce in Nifty shud come anytime now.Nifty is down for 3 weeks now and this downmove shud last for another 2-3 weeks. Nifty's range for november is 489 points till today.This week's range was 391 points.
1.Nifty down by 0.6% with 0.44 breadth.
2.254th day since the highs of 6338,54th day since the lows of 4720.
Nifty came around strong support zone of 4800 and recovered some ground.today was 13th day since the swing highs of 5399.Also today was 7th consecutive down day.Nifty is showing divergence since last 2-3 days,so pause/bounce in Nifty shud come anytime now.Nifty is down for 3 weeks now and this downmove shud last for another 2-3 weeks. Nifty's range for november is 489 points till today.This week's range was 391 points.
Thursday, November 17, 2011
Nov17 Update
Nifty slide further down with low volumes and -ve breadth. Important points for
today.
1.Nifty down by 1.9% with 0.4 breadth.
2.253rd day since the highs of 6338,53rd day since the lows of 4720.
Nifty was down for 6th consecutive day.Nifty has nearly reversed gains of 3 weeks in the last 3 weeks.The downmove that I expected came early.Nifty shud take support now at 4800+ before pausing for few days in next week.After expiry Nifty is likely to make a new low below 4700.Given the slide Nifty has experienced in last 12 days, I think breach of 4700 shud be marginal only.Nov range stands at 407 points till today.
today.
1.Nifty down by 1.9% with 0.4 breadth.
2.253rd day since the highs of 6338,53rd day since the lows of 4720.
Nifty was down for 6th consecutive day.Nifty has nearly reversed gains of 3 weeks in the last 3 weeks.The downmove that I expected came early.Nifty shud take support now at 4800+ before pausing for few days in next week.After expiry Nifty is likely to make a new low below 4700.Given the slide Nifty has experienced in last 12 days, I think breach of 4700 shud be marginal only.Nov range stands at 407 points till today.
Wednesday, November 16, 2011
Nov16 Update
Nifty continued its slide with moderate volumes and -ve breadth. Important points for today.
1. Nifty down by 0.75% with 0.5 breadth.
2. 252nd day since the highs of 6338, 52nd day since the lows of 4720.
Nifty was down for 5th consecutive day.The support of 5100-5150 has been broken decisively now.Since Nifty has been in downslide for 11 days,so a bounce is very much due.Today Nifty has closed below 5033 levels, ie the previous swing low, so the bounce that happens now should form a lower high below 5400.
1. Nifty down by 0.75% with 0.5 breadth.
2. 252nd day since the highs of 6338, 52nd day since the lows of 4720.
Nifty was down for 5th consecutive day.The support of 5100-5150 has been broken decisively now.Since Nifty has been in downslide for 11 days,so a bounce is very much due.Today Nifty has closed below 5033 levels, ie the previous swing low, so the bounce that happens now should form a lower high below 5400.
Tuesday, November 15, 2011
Nov15 Update
Nifty came down below 5100 levels with low volumes and -ve breadth. Important points for today.
1.Nifty down by 1.6% with 0.17 breadth.
2.251st day since the highs of 6338, 51st day since the lows of 4720.
Nifty closed below 5100 today.Earlier swing low was 5033/5049 after which Nifty jumped 350 points during Diwali week.I expect this zone could again provide support to Nifty for a decent bounce.I don't think Nifty has capitulated in its upmove from 4700 levels, so upmove is expected which may or maynot form a high above 5400 though.Nifty's monthly range till today stands at 274 points.
1.Nifty down by 1.6% with 0.17 breadth.
2.251st day since the highs of 6338, 51st day since the lows of 4720.
Nifty closed below 5100 today.Earlier swing low was 5033/5049 after which Nifty jumped 350 points during Diwali week.I expect this zone could again provide support to Nifty for a decent bounce.I don't think Nifty has capitulated in its upmove from 4700 levels, so upmove is expected which may or maynot form a high above 5400 though.Nifty's monthly range till today stands at 274 points.
Monday, November 14, 2011
Nov14 Update
Nifty was struggling around 5200 levels with low volumes and -ve breadth. Important points for today.
1.Nifty down by 0.4% with 0.3 breadth.
2.250th day since the highs of 6338, 50th day since the lows of 4720.
Nifty moved in a range of 78 points.Today was 2ns consecutive closing below 5200 levels.Nifty is trading with -ve bias for last 2 weeks but the price action is showing slow descent.This indicates Nifty's lack of downside momentum and thus it is likely that Nifty may show a good bounce in the next few days.But since Nifty has taken 9 days of downside/sideways movement after 4 days move (5030-5399),so that upmove has good chance to be the last move.
1.Nifty down by 0.4% with 0.3 breadth.
2.250th day since the highs of 6338, 50th day since the lows of 4720.
Nifty moved in a range of 78 points.Today was 2ns consecutive closing below 5200 levels.Nifty is trading with -ve bias for last 2 weeks but the price action is showing slow descent.This indicates Nifty's lack of downside momentum and thus it is likely that Nifty may show a good bounce in the next few days.But since Nifty has taken 9 days of downside/sideways movement after 4 days move (5030-5399),so that upmove has good chance to be the last move.
Saturday, November 12, 2011
Nov11 Update
Nifty cracked below 5200 with moderately high volumes and -ve breadth. Important points for today.
1.Nifty down by 1.0% with 0.3 breadth.
2.249th day since the highs of 6338, 49th day since the lows of 4720.
Nifty closed below 5200 on weekly basis with 2nd consecutive down week.Nifty after making a breakout high of 5399 has not reattempted that level yet.Nifty is hovering around support here and there is a decent chance of a good bounce from here, possibly upto 5400+.Nifty's move at/above 5400 shud tell whether revisit to 4700 will come or not.So next 1-2 weeks ie upto expiry shud be +ve bias.This months range till now is 184 points.
1.Nifty down by 1.0% with 0.3 breadth.
2.249th day since the highs of 6338, 49th day since the lows of 4720.
Nifty closed below 5200 on weekly basis with 2nd consecutive down week.Nifty after making a breakout high of 5399 has not reattempted that level yet.Nifty is hovering around support here and there is a decent chance of a good bounce from here, possibly upto 5400+.Nifty's move at/above 5400 shud tell whether revisit to 4700 will come or not.So next 1-2 weeks ie upto expiry shud be +ve bias.This months range till now is 184 points.
Thursday, November 10, 2011
Nov9 Update
Nifty moved down today with moderately high volumes and -ve breadth. Important points for today.
1. Nifty down by 1.3% with 0.33 breadth.
2. 248th day since the highs of 6338, 48th day since the lows of 4720.
Nifty closed closer to 5200 levels.Nifty is following 3 week pattern since the lows of 4720.This is the 11th week since lows of Aug26.If Nifty bounced above 5300-5400 next week, then I would expect that to be capitulation of upmove.Nifty's range in Nov till now is very low of about 125 points only.This is expected to expand in next week timeframe.
1. Nifty down by 1.3% with 0.33 breadth.
2. 248th day since the highs of 6338, 48th day since the lows of 4720.
Nifty closed closer to 5200 levels.Nifty is following 3 week pattern since the lows of 4720.This is the 11th week since lows of Aug26.If Nifty bounced above 5300-5400 next week, then I would expect that to be capitulation of upmove.Nifty's range in Nov till now is very low of about 125 points only.This is expected to expand in next week timeframe.
Monday, November 7, 2011
Nov4 Update
Nifty was sideways again with moderate volumes and neutral breadth. Important points for today.
1.Nifty up by 0.4% with 1.4 breadth.
2.246th day since the highs of 6338, 46th day since the lows of 4720.
Nifty spent all this week in 160 point range without challenging the previous week breakout high of 5399 even once.Nifty has taken support at 5200 multiple times but it can go below that before going past 5400 levels OR Nifty could go straight above 5400 levels and then start receeding.November monthly range till now is 125 points.November is turning out to be a low range month.
1.Nifty up by 0.4% with 1.4 breadth.
2.246th day since the highs of 6338, 46th day since the lows of 4720.
Nifty spent all this week in 160 point range without challenging the previous week breakout high of 5399 even once.Nifty has taken support at 5200 multiple times but it can go below that before going past 5400 levels OR Nifty could go straight above 5400 levels and then start receeding.November monthly range till now is 125 points.November is turning out to be a low range month.
Thursday, November 3, 2011
Nov3 Update
Nifty again got support at 5200 and bounced with low volumes and neutral breadth. Important points for today.
1.Nifty up by 0.15% with 1.0 breadth.
2.245th day since the highs of 6338,45th day since the lows of 4720.
Nifty moved in a range of 80 points and closed flat.Nifty can test 5100 levels by next week before going above 5400 around expiry time.So broadly I expect 5350 as the decider level for Nifty having completed its correction and headed above 5400.OR Nifty could test lower 5100 levels if it does not cross 5350 in next few days.
1.Nifty up by 0.15% with 1.0 breadth.
2.245th day since the highs of 6338,45th day since the lows of 4720.
Nifty moved in a range of 80 points and closed flat.Nifty can test 5100 levels by next week before going above 5400 around expiry time.So broadly I expect 5350 as the decider level for Nifty having completed its correction and headed above 5400.OR Nifty could test lower 5100 levels if it does not cross 5350 in next few days.
Nov2 Update
Nifty opened gap down but recovered later to close flat with low volumes and neutral breadth. Important points for today.
1.Nifty flat with 0.9 breadth.
2.244th day since the highs of 6338, 44th day since the lows of 4720.
Nifty touched 5200 today and bounced from there.Nifty may have completed the correction , in that case Nifty shud close above 5400 levels now.But Nifty could move in 5250-5350 range also for few days.Range in this week till now is 156 points.
1.Nifty flat with 0.9 breadth.
2.244th day since the highs of 6338, 44th day since the lows of 4720.
Nifty touched 5200 today and bounced from there.Nifty may have completed the correction , in that case Nifty shud close above 5400 levels now.But Nifty could move in 5250-5350 range also for few days.Range in this week till now is 156 points.
Tuesday, November 1, 2011
Nov1 Update
Nifty came down below 5300 with low volumes and -ve breadth. Important points for today.
1.Nifty down by 1.3% with 0.55 breadth.
2.243rd day since the highs of 6338, 43rd day since the lows of 4720.
Nifty was in red for second consecutive day.Nifty is approaching 5150-5200 zone which shud provide support to Nifty.Even if Nifty breaches the 5150+ zone, I expect Nifty to go above 5400 in next few days.
1.Nifty down by 1.3% with 0.55 breadth.
2.243rd day since the highs of 6338, 43rd day since the lows of 4720.
Nifty was in red for second consecutive day.Nifty is approaching 5150-5200 zone which shud provide support to Nifty.Even if Nifty breaches the 5150+ zone, I expect Nifty to go above 5400 in next few days.
Oct31 Update
Nifty moved sideways in a narrow range with moderate volumes and neutral breadth. Important points for today.
1.Nifty down by 0.6% with 1.1 breadth.
2.242nd day since the highs of 6338, 42nd day since the lows of 4720.
Nifty moved in a range of 46 points today.Nifty has paused after 1 day of big breakout.This indicates to me that there is limited price appreciation from here.Nifty remains in short term uptrend, so there could be some volatility in 5200-5500 range for next few days.Nifty ended this month with 671 point range.So november shud be less volatile in range.
1.Nifty down by 0.6% with 1.1 breadth.
2.242nd day since the highs of 6338, 42nd day since the lows of 4720.
Nifty moved in a range of 46 points today.Nifty has paused after 1 day of big breakout.This indicates to me that there is limited price appreciation from here.Nifty remains in short term uptrend, so there could be some volatility in 5200-5500 range for next few days.Nifty ended this month with 671 point range.So november shud be less volatile in range.
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