Feb28 Update

Nifty had a selloff today with very high volumes and -ve breadth. Important points for today.

1. Nifty down by 1.8% with 0.33 breadth.
2. 572nd day since the highs of 6338, 296th day since the lows of 4531,28th day since the swing highs of 6082/6111.

Nifty closed below 5700 today.Nifty is trading decisively below 5800 now.Unless Nifty sees a bounce to 5800+ , 5500 level should be seen soon.Weekly range is 207 points,Monthly range at 281 points and quarterly range at 440 points.Nifty is in downward momentum but the downtrend looks mature being 5th consecutive week.By next week I expect to see short term bottoming of Nifty.

Feb26 Update

Nifty slipped below 5800 today with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.6% with 0.20 breadth.
2. 570th day since the highs of 6338, 294th day since the lows of 4531,26th day since the swing high closing of 6082.

Nifty dropped down below support level of 5800 today. Nifty has opened the gates upto 5500-5600 levels now.Downtrend is 26 days old till today.Weekly range is 130 points and monthly range is 304 points till today.Deeper downsides look less likely from here.

Feb25 Update

Nifty closed flat with lower volumes and -ve breadth. Important points for today.

1. Nifty flat with 0.39 breadth.
2. 569th day since the highs of 6338, 293rd day since the lows of 4531,24 days since the swing closing highs of 6082.

Nifty closed the last week with loss of 0.6%. That was the 4th consecutive down week. Move of last 4 weeks does not exhibit any impulsive character as yet, that makes this move more probably a sideways correction.Range for this month till today is 227 points and for quarter is 286 points. Nifty is approaching support levels of 5800 in slowdown mode.This makes the chances of bounce from here more likely.

Feb20 Update

Nifty moved in narrow range around 5950 with moderate volumes and neutral breadth. Important points for today.

1. Nifty flat with 1.1 breadth.
2. 566th day since the highs of 6338, 290th day since the lows of 4531.

Nifty was up for 3rd consecutive day. Range for this week is 93 points till now. Monthly range remains at 199 points and quarterly range is 258 points.From Range perspective Nifty is due for Quarterly/half yearly range expansion of few 100 points.On upside this comes to new highs above 6300, while on downside it should be around 5500.

Feb19 Update

Nifty traded with +ve bias amid low volumes and +ve breadth. Important points for today.

1. Nifty up by 0.7% with 2.15 breadth.
2. 565th day since the highs of 6338, 289th day since the lows of 4531.

Nifty after hovering around 5900 levels till afternoon bounced to close near 5950.Nifty is trading with +ve bias since last 2 days but volumes are very low not quite confirming that Nifty may be heading to higher levels.Nifty is bouncing off the support levels of 5850 which is trendline support from 4770 levels.If Nifty stays +ve for next 3 days, there is a good chance that Nifty may see highs above 6100 level in coming days.

Feb18 Update

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

1. Nifty up by 0.2% with 1.6 breadth.
2. 564th day since the highs of 6338, 288th day since the lows of 4531, 20th day since the swing highs of 6111.

Nifty closed in the green amid very low volumes. Close above 6000 will indicate Nifty has reversed in short term. Today's range was only 33 points. This week should likely clear the short term direction of Nifty.

Feb15 Update

Nifty tested 5850 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.15% with 0.7 breadth.
2. 563rd day since the highs of 6338, 287th day since the lows of 4531, 19th day since the swing highs of 6111.

Nifty closed the week with a loss of 0.25%.This was 3rd consecutive down week of Nifty.For any bullish possibility in short term, Nifty should start advancing from next week. Else if Nifty continues to slide down, then it opens itself up for deeper cuts.This week's range was 116 points and monthly range now stands at 199 points, Quarterly range at 258 points.

Feb14 Update

Nifty gave up the gains of last 2 days with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.6% with 0.28 breadth.
2. 562nd day since the highs of 6338, 286th day since the lows of 4531,18th day since the highs of 6082/6111.

Nifty closed below 5900 again. Nifty has closed below 5935(january lows) for 5 consecutive days now.Unless Nifty bounces to 5950+ levels tomorrow, chances of breakdown to 5700- level will remain in Nifty over coming days.Range remains same, weekly@90 and monthly@173 points with 10 days to go in this month.

Feb13 Update

Nifty stayed above 5900 today with moderate volumes and  -ve breadth. Important points for today.

1. Nifty up by 0.2% with 0.63 breadth.
2. 561st day since the highs of 6338, 285th day since the lows of 4531.

Nifty moved above 5950 levels but closed below it.Today's range was 47 points and Nifty was up for 2nd consecutive day.Weekly range is 90 points till today. Nifty remains in bearish mode in short term unless it goes above 6000 for 2-3 days. Monthly range stands at 173 point till today.

Feb12 Update

Nifty moved in yesterday's range with moderate volumes and -ve breadth. Important points for today.

1. Nifty up by 0.4% with 0.6 breadth.
2. 560th day since the highs of 6338, 284th day since the lows of 4531.

Nifty after breaking down from 6000 to 5900- is hovering around 5900 levels.Short term chances of rebound are good. Nifty's bounce may take it to upper 6000 levels. If Nifty retraces back to 5900 from 6000+ then chances of Nifty testing lows of 5700- will increase, else if Nifty stays between 5900-6100 levels, then it is likely to test new highs above 6350.Monthly range remains same after today at 172 points.

Feb11 Update

Nifty moved aimlessly with low volumes and neutral breadth. Important points for today.

1. Nifty down by 0.1% with 0.7 breadth.
2. 559th day since the highs of 6338, 283rd day since the lows of 4531.

Nifty closed below 5900 levels but didnot go down much from friday's level.Nifty is currently sitting at support line and today was 15th day since swing highs of 6082/6111.Timewise Nifty is approaching a reversing point and volumes too are declining and Nifty is at/near support zone.Nifty may bounce from here in short term. Monthly range stands at 159 points.

Feb8 Update

Nifty dipped below 5900 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.6% with 0.42 breadth.
2. 558th day since the highs of 6338, 282nd day since the lows of 4531.

Nifty slid further and closed the week with a loss of 1.6%. Nifty has dropped 2.9% in 2weeks. Short term Nifty may be close to bottoming but medium term correction looks like has begun. Nifty's weekly range was 155 points and monthly/Quarterly range stands at 169/228 points. Nifty has done the weekly close below the lows of January.This is a bearish signal.

Feb7 Update

Nifty slid further down with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.35% with 0.42 breadth.
2. 557th day since the highs of 6338, 281st day since the lows of 4531.

Nifty retraced further on the downside. Short term bottom should be there in next 2-3 days, since the retracement from 6082/6111 is 13 days now. 5700-5800 zone should be looked at for covering the shorts.Nifty broke the January month lows today.Nifty expanded the monthly range today to 125 points and weekly range is 111 points with 1 day to go. Nifty has broken the range on downside, so it is likely to continue in this direction further.

Feb6 Update

Nifty moved in 37 point range with moderate volumes and neutral breadth. Important points for today.

1. Nifty flat with 1.0 breadth.
2. 556th day since the highs of 6338, 280th day since the lows of 4531.

Nifty stayed at where it was yesterday. Expect Nifty to bottom out in short term by next week.Nifty's weekly/monthly range is at 94/106 points.If Nifty remains below 6000 levels for another2-3 days, then Nifty may see deeper correction over next few weeks/months.

Feb5 Update

Nifty moved in 24 point range with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.5% with 0.4 breadth.
2. 555th day since the highs of 6338, 279th day since the lows of 4531.

Nifty was in a very narrow range today and ended in the red.Nifty has closed below the lows of previous week. If Nifty not able to bounce above 6000, expect a swift cut in coming days in Nifty.Range for this month stands at 106 points while Quarterly range is at 177 points.Next week will be middle of this Quarter, so  Nifty may reach 70-80% if its Range by then.By this assumption , I see a probable downside movement in Nifty in next 6-7 days.

Feb4 Update

Nifty moved with -ve bias with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.2% with 0.55 breadth.
2. 554th day since the highs of 6338, 278th day since the lows of 4531.

Nifty ended the day in the red.Nifty closed last week below the lows of the week before.This is a bearish signal. 5935 is the low of this quarter so far. Breach of this level on intraday basis will indicate further fall should be likely soon.

Feb1 Update

Nifty dropped down below 6000 levels with moderate volumes and neutral breadth. Important points for today.

1. Nifty down by 0.6% with 0.73 breadth.
2. 553rd day since the highs of 6338, 277th day since the lows of 4531.

Nifty ended the week in red with loss of 1.25%.If Nifty has entered into short/medium term correction, follow up action in next week should confirm the downside with further lower levels.But if this move is part of consolidation, then Nifty may either continue the same sideways move or move up if the consolidation is complete.