Apr30 Update

Nifty opened above 5950 with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.4% with 0.9 breadth.
2. 611th day since the highs of 6338, 334th day since the lows of 4531.

Nifty traded with +ve bias today and ended the month with a range of 485 points and gain of 4.5%.Nifty attempted 5950 levels but closed below it.Nifty has +ve momentum currently but would require strong momentum to cross 6000-6100 zone. Contrarily if Nifty is topping out here, there could be swift reversal also. Quarterly range is 485 points.

Apr29 Update

Nifty hovered around 5900 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.6% with 1.3 breadth.
2. 610th day since the highs of 6338, 333rd day since the lows of 4531.

Nifty moved in 50 point range and closed above 5900 levels. Nifty is currently trading around weekly/monthly high 5ema.So probability of a breakout is more. Any breakout from here has good chance of taking Nifty to new highs if it is coupled with strong momentum.Monthly range remains at 447 points with 1 day to go. May is a month of high volatilty and Mar/Apr have 350/400 +  point range so volatility is increasing since last couple of months. 

Apr26 Update

Nifty moved in 47 point range with -ve bias. Important points for today.

1. Nifty down by 0.8% with 0.63 breadth.
2. 609th day since the highs of 6338, 332nd day since the lows of 4531.

Nifty paused in its upmove today.Weekly closing was up 1.55%.Nifty ended this week with a range of 135 points. Next few days should indicate whether Nifty is going back to the lows of 5500- or just pausing in its upmove. If Nifty sustains 5800 level next week, there is a good chance of Nifty make a strong upmove in weeks ahead. Quarterly range is 447 points till today.

Apr25 Update

Nifty broke past 5900 levels with higher volumes and neutral breadth. Important points for today.

1. Nifty up by 1.4% with 1.15 breadth.
2. 608th day since the highs of 6338, 331st day since the lows of 4531.

Nifty closed above 5900 today. Nifty has retraced 70% of the 11 week fall.And momentum still looks good indicating Nifty has room to move further up. Close above 6000 will open up the gates for new highs above 6300. Monthly range stands at 447 points and weekly range is 135 points. yearly range is 634 points. Range indicator points to yearly range expansion in the month of may ie above 6111 or below 5477.

Apr23 Update

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

1. Nifty flat with 1.0 breadth.
2. 607th day since the highs of 6338, 330th day since the lows of 4531.

Nifty closed flat today and moved in 53 point range. Nifty is taking a pause here. If Nifty resumes its uptrend after halt, strong surge could be seen in short duration. Weekly range is 55 points till today.

Apr22 Update

Nifty continues its upmove with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.9% with 1.7 breadth.
2. 606th day since the highs of 6338, 329th day since the lows of 4531.

Nifty has retraced about 60% of the fall from 6100-5500 levels. If this is dead cat bounce Nifty may go down after facing resistance at 5850+ levels. But if Nifty has momentum , then there could be a pause and a again upsurge to 6000+ levels. Next few days of this week should give clue about the nature of this upmove of Nifty. April is 367 points in range till today and yearly range is 634 points till today. 

Apr17 Update

Nifty attempted 5700+ levels but could not sustain so closed below 5700 with higher volumes and neutral breadth. Important points for today.

1. Nifty flat with 1.0 breadth.
2. 604th day since the highs of 6338, 327th day since the lows of 4531.

Nifty continued its forward run at open but could not sustain 5700+ levels. Whether Nifty's dead cat bounce has ended or it may continue will be known in next few days. Better to remain nimble with light positions at this point. Weekly range is 233 points while quarterly range is 256 points and yearly range at 634 points.

Apr16 Update

Nifty. Bounced up strongly with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 2.2% with 1.4 breadth.
2. 602nd day since the highs of 6338, 326th day since the lows of 4531.

Nifty powered its way to a close above 5650.This bounce could be dead cat bounce or upside reversal. 5800-5850 is the first critical resistance zone and 6000+ should clear the way for 6300+. Nifty has been in downtrend for last 11 weeks, so even retracement rally could last for few weeks.

Apr15 Update

Nifty tested lower 5500 levels with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.75% with 1.15 breadth.
2. 601st day since the highs of 6338, 325th day since the lows of 4531.

Nifty closed above 5550 today. Nifty is likely to take support in this zone of 5400-5450 but retest of those levels may happen again.5200-5400 zone is the key support zone of Nifty ,so if weakness persists Nifty may test lower levels of this range over next 1 month or so. But if Nifty sustains above 5750-5800 levels , then Nifty has a chance of upside reversal.

Apr11 Update

Nifty continued its upsurge with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.65% with 1.1 breadth.
2. 599th day since the highs of 6338, 323rd day since the lows of 4531.

Nifty went past 5600+ levels and closed marginally below it. Nifty has bounced about 2% from the lows. Nifty remained in 10 weeks of downtrend, so this bounce marks Nifty marking a short term bottom here. Only on a sustained strength ,could indicate that Nifty may in an impulsive upmove. This week's range now stands at 133 points.

Apr10 Update

Nifty bounced moderately with low volumes and neutral breadth. Important points for today.

1. Nifty up by 1.1% with 1.0 breadth.
2. 598th day since the highs of 6338, 322nd day since the lows of 4531.

Nifty closed above 5550 levels.If today's bounce sustains for next 2-3 days, then Nifty has made a short term low around 5470+ levels. Retest of this low may be there by next month or so. Monthly range is 277 points and weekly range is 126 points till today.

Apr9 Update

Nifty closed below 5500 though with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 0.85% with 0.43 breadth.
2. 597th day since the highs of 6338, 321st day since the lows of 4531.

Nifty closed below the previous swing lows of 5548.Though Nifty is showing weakening momentum towards downside, but it is going down gradually over last few days. Monthly range now stands at 264 points and yearly range is 624 points. My outlook remains the same since Nifty is traversing the strong support zone of 5400-5500 and momentum is weak , so bounce is very much due.

Apr8 Update

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

1. Nifty down by 0.2% with 0.74 breadth.
2. 596th day since the highs of 6338,320th day since the lows of 4531.

Nifty moved in 32 point range with very low volumes.Nifty is bumping into the gap support zone of 5450-5525.Bounce is very much expected from this area.What is not yet clear is whether Nifty has done medium term reversal from 6111 or Nifty was consolidating in 5500-6100 zone before starting a new impulsive upmove.This should be known soon in next few days. Monthly range stands at 217 points as of today.

Apr5 Update

Nifty traded with -ve bias with low volumes and neutral breadth. Important points for today.

1. Nifty down by 0.4% with 1.0 breadth.
2. 595th day since the highs of 6338, 319th day since the lows of 4531.

Nifty broke the lows of 5548 and closed the week with a loss of 2.3%. This was 10th week since the reversal from 6111. Nifty has retraced the 10 week ascent from 5548 to 6111 in 10 weeks.I am not clear on the further direction of Nifty as Nifty's descent is slowing and it could be end of long consolidation or 1st leg of downturn. This week's range was 217 points

Apr4 Update

Nifty Sold off with low volumes and -ve breadth. Important points for today.

1. Nifty down by 1.6% with 0.31 breadth.
2. 594th day since the highs of 6338, 318th day since the lows of 4531.

Nifty closed below 5600 levels today.Nifty is making lower lows in each attempt. Previous medium term swing lows of 5548 is being tested here by Nifty.This is 10th week since the reversal from 6100+. Nifty is exhausted at this point of time for further deeper downsides. For bear scenario, Nifty should consolidate/pause here for few days/weeks before resuming its descent.For bull scenario, Nifty may be ending its sideways consolidation since Oct5 and start a new impulsive upmove for 6100+.Monthly range is 189 points and yearly range is 546 points.

Apr3 Update

Nifty Sold off from 5750+ levels to close below 5700 with moderate volumes and neutral breadth. Important points for today.

1. Nifty down by 1.35% with 0.75 breadth.
2. 593rd day since the highs of 6338, 317th day since the lows of 4531.

Nifty again closed below 5700 levels after closing in the green for 4 days. Nifty is in 10th week since the reversal from 6100+ levels. Nifty's medium term direction is still not clear as it is either in consolidation mode between 5600-6100 since last 24 weeks or It made a medium term Top at 6100+ and has reversed.Next couple of weeks should make the picture clear for Nifty. Last Quarter range was 507 points and last month's range was 367 points.