Jun25 Update

Nifty scaled new highs above 5190 but gave up the gains to close in red with lower volumes and neutral breadth. Important points for today.

1. Nifty down by 0.6% with 1.1 breadth.
2. 403rd day since the highs of 6338, 129th day since the lows of 4531, 86th day since the swing highs of 5629.

Nifty made an attempt at 5200 again but could not sustain higher levels and closed just above 5100. 5050 is a critical point and Nifty closing below it, will open the doors for earlier support levels of 4800-4900.This week may turn volatile towards the end.Breakout or Breakdown could happen in next few days.I see chances of breakdown happening more since medium term  bottom does not look to have been formed at 4770 levels.

Jun22 Update

Nifty opened gap down but recovered later on to close just below 5150 with moderate volumes and neutral breadth. Important points for today.

1. Nifty down by 0.35% with 0.9 breadth.
2. 402nd day since the highs of 6338, 128th day since the lows of 4531, 85th day since the swing highs of 5629.

Nifty has spent last 4 days within Monday's trading range of 149 points.This pattern indicates that Nifty may be exhausting here at 5150-5200 levels. Any further attempt at 5200+ could happen as a capitulating move and Nifty could swirl down to lower support levels of 4600-4800 in next 1-3 weeks if Nifty makes failed attempt at 5200 and closes in the red next week.Quarterly range stands at 608 points and there looks to be a good opportunity emerging in next 2 months for Nifty to undergo wild swing.

Jun21 Update

Nifty moved up with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.9% with 1.8 breadth.
2. 401st day since the highs of 6338, 127th day since the lows of 4531, 84th day since the swing highs of 5629.

Nifty is again approaching resistance line of 5200.Last 3 days upmove has been less than 1% move each day, implying that +ve momentum is missing and Nifty is just crawling upwards.On Timeline , Nifty is approaching important Fib no's on medium and intermediate terms(144/89).Short term trend remains up and last 2 week's low of 5015 should be the downside indicator incase Nifty breaches this level.Monthly and quarterly range remain at 420/608 points.

Jun20 Update

Nifty moved in a narrow range of 41 points with moderately low volumes and +ve breadth. Important points for today.

1. Nifty up by 0.35% with 1.7 breadth.
2. 400th day since the highs of 6338, 126th day since the lows of 4531, 83rd day since the swing highs of 5629.

Nifty was sideways and moved just above 5100 levels.After Monday's big range , Nifty has stayed within Monday's trading range for the last 2 days.Nifty is trading in narrow range for 2nd week now after big range expansion in 1st week of June.Nifty is sideways moving in a range from 5000-5200 for few days now.Only momentum breakout above 5200 should open further upsides for Nifty.

Jun19 Update

Nifty crawled to 5100+ levels with lower volumes and moderate breadth. Important points for today.

1. Nifty up by 0.8% with 1.1 breadth.
2. 399th day since the highs of 6338, 125th day since the lows of 4531, 82nd day since the swing highs of 5629.

Nifty moved in 65 point range and moved upwards. Nifty may reattempt 5200 levels again.But if Nifty fails again at 5200, retest of 4800 is likely in a swift manner.Nifty must cross 5200 in next few days to open possibility of further highs and for this upmove to sustain further.But failure would indicate that Nifty may be headed down. Monthly and quarterly range remain at 420 and 608 points. Quarterly range is pointing to a volatile move in July/August.

Jun18 Update

Nifty attempted 5200 levels but sold off from there with moderately low volumes and -ve breadth. Important points for today.

1. Nifty down by 1.5% with 0.4 breadth.
2. 398th day since the highs of 6338, 124th day since the lows of 4531, 81st day since the swing highs of 5629.

Nifty had a selloff from below 5200 levels.Today was 11th day since 4770 levels. Nifty after going through a compression week had a huge day today with range of 149 points.Nifty should breach previous week lows of 5015 as first signs of reversal.Nifty is likely to attempt 5200 levels again in this week.Nifty's quartely range remains a very compressed 608 points.

Jun15 Update

Nifty marched upwards towards 5150 levels with moderately low volumes and neutral breadth. Important points for today.

1. Nifty up by 1.7% with 1.3 breadth.
2. 397th day since the highs of 6338,123rd day since the lows of 4531, 80th day since the swing highs of 5629.

Nifty is hovering in 5000-5150 range now for 7-8 days. Today was 10th day since Nifty turned up from sub 4800 levels.Nifty may attempt 5200 soon and if momentum is lacking then it could turn out to be area of reversal.Nifty's monthly range stands at 376 points and quarterly range at 608 points.Quarterly range is indicating extreme compression after many successive quarters of expansion.This is a reliable indicator and is pointing towards quarterly expansion in next quarter, which may indicate that an important level may be reached by Nifty in next 2-3 months.

Jun14 Update

Nifty moved in 83 point range with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 1.3% with 0.45 breadth.
2. 396th day since the highs of 6338, 122nd day since the lows of 4531, 79th day since the swing highs of 5629.

Nifty failed to cross 5150 levels since last 3 days and came down today.Nifty remains in short term upmove but further upsides above 5200 may be capitulative move.Nifty on medium term appears to be forming expanding wedge and right now is in its 4th leg down with possible targets of 4000 levels in about August timeframe.Monthly and quarterly range stands at 374 and 608 points.Expansion of quarterly range by more than 100 points looks less probable right now, as it may require a move to 4600/5500 in next 11 days.

Jun13 Update

Nifty was sideways with lower volumes and neutral breadth. Important points for today.

1. Nifty flat with 1.0 breadth.
2. 395th day since the highs of 6338, 121st day since the lows of 4531, 78th day since the swing highs of 5629.

Nifty moved in 49 point range and closed flat.Nifty is in short term upmove but is slowing down here in resistance zone.Till 5200 is not crossed decisively, correction upto 4900 could happen .Today was 8th day since Nifty reversed from 4770 levels. Monthly range stands at 374 points.

Jun12 Update

Nifty took support at lower 5000 levels and bounced up to close above 5100 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty closed up 1.2% with 1.15 breadth.
2. 394th day since the highs of 6338, 120th day since the lows of 4531, 77th day since the swing highs of 5629.

Nifty closed above 5100 levels.Today was 7th day of upturn. Nifty may spend some time around 5200 levels and then go down or if crosses 5200 with momentum and sustains it for couple of days then it may head higher.
Nifty 's monthly range stands at 358 points till today and quarterly range remains 608 points.

Jun11 Update

Nifty opened above 5100 levels but closed around 5050 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty down by 0.3% with 1.0 breadth.
2. 393rd day since the highs of 6338, 119th day since the lows of 4531, 76th day since the swing highs of 5629.

Nifty had a mild selloff from 5100+ levels.5100-5200 is a strong resistance zone, and Nifty in the absence of +ve trigger may find it difficult to breach it decisively.Bear scenario of sub 4500 also remains open as of now but bullcase of Nifty having turned up on medium term basis is also emerging.1st week of July should clear up quite a few things.Quarterly range till today is only 608 points and is lowest in last about 5 years.So if Nifty doesnot expand its quarterly range significantly in the remaining days of June, then probabilty of expansion in next quarter will be quite high.

Jun8 Update

Nifty trended down for most part of the day but bounced in last hour to close in green with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.4% with 1.0 breadth.
2. 392nd day since the highs of 6338, 118th day since the lows of 4531, 75th day since the swing highs of 5629.

Nifty was up for 5th consecutive day.Nifty is now approaching resistance zone of 5100-5200. This week ,Nifty jumped by 5% on weekly basis.5200 is a strong resistance , so Nifty could reverse all of this week's gain in next week!If that happens then Nifty may either take support at 4600 and bounce OR it may make new lows below 4500.Monthly range now stands at 314 points and quarterly range at 608 points.

Jun7 Update

Nifty extended the gains with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 1.0%  with 1.5 breadth.
2. 391st day since the highs of 6338, 117th day since the lows of 4531, 74th day since the swing highs of 5629.

Nifty closed above 5000 with 4th consecutive up day.Nifty has put in short term bottom around 4800 levels. But Nifty's bounce makes it at centre of quarterly range of 608 points. Nifty is expanding its quarterly range since last few quarters, so compression in this quarter indicates that Nifty is more likely to make volatile moves in next quarter.5378/4770 are the bounds of quarterly range till now. This is likely to expand on upside or downside by 100-200 points till end of this month.

Jun6 Update

Nifty turned up strongly with moderately high volumes and +ve breadth. Important points for today.

1. Nifty up by 3.3% with 3.3 breadth.
2. 390th day since the highs of 6338, 116th day since the lows of 4531, 73rd day since the swing highs of 5629.

Nifty turned up today closing above previous swing closing high of 4990.today was 26th day since Nifty turned down from 5279 levels.If Nifty has made medium term reversal from  here, then 4900 should remain as base and not be breached and Nifty should move up gradually or swiftly.With today's move , Nifty's range for this quarter(Apr-Jun) stands at 608 points and for this week at 240 points.If Nifty turns further up, then it is setting up for a high probability trade for a drop towards 4500-4600 levels in next few weeks.

Jun5 Update

Nifty moved in a narrow range of 41 points with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.3% with 1.2 breadth.
2. 389th day since the highs of 6338, 115th day since the lows of 4531, 72nd day since the swing highs of 5629.

Nifty moved in between 4847-4900. Nifty has been in pause mode for 2days after declining by 250 points from 5020-4770.Since Nifty is in weekly down mode, so Nifty may resume its downtrend in 1-2 days.Nifty is at critical juncture as it is 4-5% above the lows of 4531 after breaching 4700 support levels decisively in nov-dec.From the charts, I see Nifty has taken out 4700 support medium term decisively ,so another halt at 4500-4600, could setup Nifty for deeper fall to 3700-4000 levels in next few weeks.This week's range stands at 128 points.

Jun4 Update

Nifty opened gap down but recovered to closed mildly +ve with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.1% with 0.83 breadth.
2. 388th day since the highs of 6338, 114th day since the lows of 4531, 71st day since the swing highs of 5629.

Nifty ended flat after opening gap down. Today was 24th day since the swing highs of 5279. Nifty has taken 71days till now correcting 43days of upmove from 4531-5629.Clearly Nifty is lacking downside momentum now but it does not look like Nifty has capitulated on medium term basis.A sharp unexpected Low should happen for Nifty to capitulate.4500-4700 is a strong support zone and Nifty should find support here if it goes further down from here. Nifty's range for this month stands at 179 points in 2days till now.

Jun1 Update

Niftyhad a mild selloff with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 1.65% with -.4 breadth.
2. 387th day since the highs of 6338, 113th day since the lows of 4531, 70th day since the swing highs of 5629.

Nifty closed below 4850 levels today.After 2 weeks of sideways move, Nifty has closed down by 1.6% on weekly basis. This down move could continue for another few days and Nifty is likely to test 4600 levels now.Momentum will decide whether Nifty is headed for bid downmove or it may rest around the support zone of 4500-4600.Nifty is heading down at the start of the month, so Nifty is likely to expand its monthly and quarterly range on downside.