May30 Update

Nifty moved in a narrow range with -ve bias with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 0.8% with 0.45 breadth.
2. 385th day since the highs of 6338, 111th day since the lows of 4531, 68th day since the swing highs of 5629.

Nifty moved down to close at 4950 level. If Nifty moves further down towards 4900 or below in next 2 days, then Nifty is likely headed to lower support levels of 4500-4600 levels. Nifty's monthly and quarterly range stands at 490 & 590 points.Nifty is likely to expand its quarterly range in the month of may by 200-300 points , so that implies 4500-4600 should be tested in June.

May29 Update

Nifty hovered around 5000 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.1% with 1.0 breadth.
2. 384th day since the highs of 6338, 110th day since the lows of 4531, 67th day since the swing highs of 5629.

Nifty moved past 5000 levels but closed below it.Today was 4th day of upmove of Nifty.Nifty is moving up but in a slow momentum .Nifty has crossed 4950 resistance levels, so if Nifty now closes below 4950 then it may point to reversal in Nifty's short term move to down.Nifty's monthly range remains at 490  and quarterly range at 590 points.

May28 Update

Nifty moved up with very low volumes and +ve breadth to close just below 5000 levels. Important points for today.

1. Nifty up by 1.3% with 1.9 breadth.
2. 383rd day since the highs of 6338, 109th day since the lows of 4531, 66th day since the swing highs of 5629.

Nifty rose for the 3rd consecutive day.Nifty has risen past 4950 that acted as resistance level since last few days.This may be capitulation of the sideways move or if Nifty moves further up for another 1-2 days then  Nifty may have entered a short term consolidation move between 4800-5200. I would look for signs of topping out over next 2 days,if That happens then Nifty may attempt lows of 4500-4600 by next week .

May25 Update

Nifty moved in 46 point range with low volumes and neutral breadth. Important points for today.

1. Nifty flat with 1.35 breadth.
2. 382nd day since the highs of 6338, 108th day since the lows of 4531, 65th day since the swing highs of 5629.

Nifty ended above 4900 on weekly close.Since last 2 weeks Nifty has closed flat around 4900 after falling steeply for 3 weeks before.Today was 14th week since the medium term highs of 5629 in Mid Feb.Nifty is likely undergoing medium term weekly correction and it does not like it has ended as yet. Fast fall to new lows should be a capitulation point of this weekly downmove.

May23 Update

Nifty moved in 50 point range with low volumes and -ve breadth. Important points for today.

1. Nifty down 0.5% with 0.55 breadth.
2. 380th day since the highs of 6338, 106th day since the lows of 4531, 63rd day since the swing highs of 5629.

Nifty closed below 4850 after touching around 4800 early in the day.Today was 16th day since Nifty's reversal from 5279.If Nifty breaks 4700 level on closing basis , lower levels are expected to follow then.Above 4700, Nifty may remain in sideways range between 4700-5000.Nifty's weekly range till today stands at 153 points and monthly range at 491 points.

May22 Update

Nifty opened above 4950 but closed near 4850 with low volumes and moderate breadth. Important points for today.

1. Nifty down by 0.95% .
2. 379th day since the highs of 6338, 105th day since the lows of 4531, 62nd day since the swing highs of 5629.

Nifty after opening gap up gave away all its gain to close near day's low. Nifty seems to be pausing here as it is encountering good resistance at 4950 levels.Today was 15th day since the reversal from 5279.If this is a pause within the downturn, then Nifty could start its downmove in 1-2 weeks but if Nifty crosses above 5000 levels then the upmove may last longer.

May21 Update

Nifty was sideways with +ve bias with very low volumes and +ve breadth. Important points for today.

1. Nifty up by 0.3% with 1.8 breadth.
2. 378th day since the highs of 6338, 104th day since the lows of 4531, 61st day since the swing highs of 5629.

Nifty moved in 49 point range and closed above 4900. Today was 3rd consecutive up day of Nifty. In 3 days Nifty has moved up by 1%. Nifty may revisit last week's low by end of this week.The upmove looks to be only a short term move and Nifty is likely to move down again.If Nifty takes support at ~4700 again and moves up then Nifty has good chance of going 5000+ in weeks ahead.

May18 Update

Nifty gapped down below 4800 but recovered later on with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.4% with 0.83 breadth.
2. 377th day since the highs of 6338, 103rd day since the lows of 4531, 60th day since the swing highs of 5629.

Nifty dropped below 4800 today bt found support to bounce above 4900. Nifty is finding support at lower levels, so near term drop below 4700 looks less likely and on upside 4950-5000 should pose resistance to Nifty.With today's move Nifty ended the week with range of 169 points and monthly range at 491 points.On Weekly basis , Nifty is down for 4th consecutive week but this week was down by 0.75%. Nifty may hover in 200-250 point range for few days and may then drift to lower support zone of 4600-4700 around expiry.

May17 Update

Nifty moved in 72 point range with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.25% with 1.0 breadth.
2. 376th day since the highs of 6338, 102nd day since the lows of 4531, 59th day since the swing highs of 5629.

Nifty closed marginally in the green today after yesterday's sharp fall. Today was 12th day since the reversal from 5279.Nifty's short term movement is not very clear as it is hovering near support and going down but in slow momentum.This week's range remains at 120 points till today. Nifty has a range of 200+ points since last 2 weeks, so range compression this week would increase the probability of a wider move next week.

May16 Update

Nifty was sideways with -ve bias amid moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.7% with 0.7 breadth.
2. 375th day since the highs of 6338, 101st day since the lows of 4531, 58th day since the swing highs of 5629.

Today was 11th day since Nifty reversal from 5279.Nifty is trending down but downside momentum is moderate.Nifty may be close to forming a short term bottom around 4700-4800 in next 1-2 days.Nifty may remain weak though in short term it may not go down much further but medium term Nifty remians in downtrend and further new lows could be there in coming weeks.Weekly range after today is 120 points and monthly range is 442 points.

May15 Update

Nifty opened gap down and recovered after that to close above 4900 with low volumes and neutral breadth. Important points for today.

1. Nifty up by 0.7% with 1.2 breadth.
2. 374th day since the highs of 6338, 100th day since the lows of 4531, 57th day since the swing highs of 5629.

Nifty likely made a short term low today and could remain in sideways +ve movement for few days. The downtrend does not look like it has ended. Only close above 5100-5150 zone would indicate bullish reversal has happened in Nifty.Today was 10th day since Nifty started its descent from 5279.Weekly range till today stands at 89 points and monthly range at 411 points.

May14 Update

Nifty breached 4900 levels today but closed above it with low volumes and -ve breadth. Important points for today.

1. Nifty down by 0.4% with 0.2 breadth.
2. 373rd day since the highs of 6338, 99th day since the lows of 4531, 56th day since the swing highs of 5629.

Nifty breached 4900 levels and moved in a range of 80 points today. Nifty is drifting down slowly. Today was 9th day since the reversal from 5279 and 5th consecutive down day.Nifty support levels are still 3-4% down from here , so Nifty should likely come down to support levels in coming days.

May11 Update

Nifty slipped towards 4900 levels with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 0.7% with 0.43 breadth.
2. 372nd day since the highs of 6338, 98th day since the lows of 4531, 55th day since the swing highs of 5629.

Nifty edged downwards towards 4900 levels and closed below 4950 level. Today was 4th consecutive down day and 3rd consecutive down week.Nifty is down by 7% in last 3 weeks.Nifty is weak and timeline is indicating that Nifty should be close to forming a medium term bottom here in next few days.So next3-4 weeks could see some volatile swings in Nifty.Range for this week ended at 218 points and for the month is 372 points till today.

May10 Update

Nifty was in a ranged move in 90 point range with lower volumes and neutral breadth. Important points for  today.

1. Nifty down by 0.2% with 0.8 breadth.
2. 371st day since the highs of 6338, 97th day since the lows of 4531, 54th day since the swing highs of 5629.

Nifty closed below 5000 for 3rd consecutive day.Nifty is pausing here with slowing decline. This indicates weakness in Nifty and should be followed by strong decline.First part of the move was about 300 points in 4-5 days. This week's range till today is 174 points. Though Nifty is in strong decline but the weekly range is not confirming that. This could result in volatile week ahead in next few weeks.

May9 Update

Nifty moved around 5000 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.5% with 0.4 breadth.
2. 370th day since the highs of 6338, 96th day since the lows of 4531, 53rd day since the swing highs of 5629.

Nifty continued its downslide though it moved in a moderate range of 60 points only.Nifty is showing increased signs of weakness and this could culminate in a big drop in next few days.Today was 6th day of downslide from 5280. Nifty does not look like it has completed its downmove. This week's range till today stands at 168 points.

May8 Update

Nifty fell back again below 5000 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 2.3% with 0.45 breadth.
2. 369th day since the highs of 6338, 95th day since the lows of 4531, 52nd day since the swing highs of 5629.

Nifty retraced yesterday's late day pullback to close near day's low.Today was 5th consecutive down day of Nifty.The downmove that started from 5280 halted yesterday at 4980 and after that there was pullback till 5120 and then drop again to below 5000 levels today. Nifty may hover in 4900-5100 zone for another 1-2 days and then fall down  or it may continue with the current momentum and keep going down. Nifty halting here at around 5000 levels should be a good shorting opportunity. Weekly range stands at 141 points and monthly range is 296 points till today.

May7 Update

Niftydipped below 5000 levels but recovered sharply to close above 5100 levels with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by by 0.55% with 1.15 breadth.
2. 368th day since the highs of 6338, 94th day since the lows of 4531, 51st day since the swing highs of 5629.

Nifty has made a short term bottom below 4900 today. But this does not look like a durable bottom , so Nifty is likely to attempt sub 5000 levels again. Nifty may not go much below today's low in 2nd attempt since the momentum in last 2-3 days was very strong and Nifty may take few days to breach 4950+ levels in a decisive way. Nifty's range for this month stands at 291 points and quarterly range at 390 points.

May4 Update

Nifty cracked down below 5100 with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 2.0% with 0.24 breadth.
2. 367th day since the highs of 6338, 93rd day since the lows of 4531, 50th day since the swing highs of 5629.

Nifty has broken down from its rangebound move 5200-5400 points.This was 2nd consecutive down week of Nifty and is down by 2.4% for this week.Nifty should gather momentum on the downside now and first major support now comes @4700. Range for this week was 209 points after many weeks of low range movement around 100-150 points.In Next 2 weeks Nifty may hit an important low.

May3 Update

Nifty moved in a 37 point range amid low volumes and -ve breadth. Important points for today.

1. Nifty down by 1.0% with 0.45 breadth.
2. 366th day since the highs of 6338, 92nd day since the lows of 4531, 49th day since the swing highs of 5629.

Nifty closed below 5200 today.Nifty should confirm the downside by closing below 5135 again to signal that Nifty has turned down.Tomorrow is weekly close, so closing level would be important to indicate the future direction over coming days.Quarterly range till today remains at 218 points.Quarterly range should see expandios (up/down) soon. 

May1 Update

Nifty inched upwards but gave away the gains with low volumes and neutral breadth. Important points for today.

1. Nifty down by 0.2% with 0.83 breadth.
2. 365th day since the highs of 6338, 91st day since the lows of 4531, 48th day since the swing highs of 5629.

Nifty's directionless narrow range move continues.Nifty is not showing any momentum on daily scale though it is exhibiting some volatility on weekly front since last 3 weeks. Breaking points remain as 5400/5135 and any close beyond these points only shud show some significant move in Nifty.