Jul31 Update

Nifty broke below 5700 levels with high volumes and -ve breadth. Important points for today.

1. Nifty down by 0.25% with 0.5 breadth.
2. 677th day since the highs of 6338, 395th day since the lows of 4531.

Nifty after breaking 5700 decisively closed above it.Today was 6th consecutive down day of Nifty. Nifty's rebound later in the day indicates that Nifty has started a bounce from 5675. 5800-5850 is the minimum Nifty should try to regain. Further attempt at 5700- looks likely in coming days. If Nifty survives 5600 levels, then that would have bullish implications going ahead. Monthly range ended at 418 points.

Jul30 Update

Nifty went further down below 5750 with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.35% with 0.3 breadth.

2. 676th day since the highs of 6338,394th day since the lows of 4531.

Nifty closed in the red for the 5th consecutive day. Nifty has entered into a downtrend now. 5700-5750 is the gap region during the rally from 5566 ,so it is likely to provide support to Nifty for some bounce. Nifty's downside momentum looks like it has more way to go, so shorting on any bounce can be initiated. Monthly range now stands at 346 points.

Jul29 Update

Nifty slid below 5850 below amid lower volumes and -ve breadth. Important points for today.

1. Nifty down by 1.0% with 0.42 breadth.
2.  675th day since the highs of 6338, 393rd day since the lows of 4531.

Nifty closed in the red for the 4th consecutive day.Nifty has broken the support zone of 5850-5900 levels now. Unless Nifty takes support over here and makes a bounce, Nifty has entered into short term bear phase. Let's see how next 2 days shape out.Monthly range is 333 points till today. Range expansion on Yearly/Half Yearly time should happen soon , it being 752/333 till now.

Jul26 Update

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

1. Nifty for 0.4% with 0.25 breadth.

2. 674th day since the highs of 6338, 392nd day since the lows of 4531.82 weeks since the lows of 4531.

Nifty had weekly close below 5900 levels ie on weekly basis by 2.4%. Weekly range for this week was 224 points.Nifty has broken the support of 5900 levels and closed below it. If no bounce is seen in next 2 days then Nifty may head to 5600-5700 next week.On the other side , if Nifty starts moving up from here then sharp upmove may be possible in next 2 days.

Jul25 Update

Nifty went further down below 5900 level with higher volumes and -ve breadth. Important points for today.

1. Nifty down by 1.4% with 0.48 breadth.
2. 673rd day since the highs of 6338, 391st day since the lows of 4531.

Nifty closed below the lows of previous week.This indicates that Nifty has likely hit a top at 6093 3 days back.This throws open new bearish scenarios for Nifty going ahead.The possibility that Nifty's rally from Dec2011 has completed in Jan2013 at 6111 has emerged. Move after 5477 could be an abc correction of downside impulse from 6111-5477. Next 1-2 seeks will make it clear regarding this possibilty. Bullish possibilities open up if Nifty manages to close above 6100 levels. Weekly range for this week stands at 197 points till today.

Jul24 Update

Nifty tanked today below 6000 levels amid moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.5% with 0.3 breadth.
2. 672nd day since the highs of 6338, 390th day since the lows of 4531.

Nifty closed below 6000 levels today. Today's fall could be a reversal to downside or it may just be part of sideways movement of Nifty between 5900-6100.Breach of 5900/6100 on daily closing basis will decide the further trend. Weekly range stands at 131 points till today while monthly range remains at 333 points.

Jul23 Update

Nifty bounced towards 6100 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty up by 0.8% with 1.0 breadth.
2. 671st day since the highs of 6338, 389th day since the lows of 4531.

Nifty had a mini breakout above 6060 levels amid lower volumes. Range was only 32 points today and upside was led by Bank Nifty. Nifty may either pause again at 6100-6150 OR it may keep drifting high towards 6200+ levels. Weekly/Monthly range stand at 89/333 points. This is the 5th week of upmove from 5566 levels.

Jul22 Update

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

1. Nifty flat with 0.8 breadth.
2. 670h day since the highs of 6338, 388th day since the lows of 4531.

Nifty closed flat and could not regain the forward momentum of late last week.Nifty surviving above 6000 levels keep it in an upward bias.Staying above 6000, upside doors remain open, but if goes below then bearish possibilities will be looked upon.If Nifty breaksout on upside , current high of 6229 should be broken and 6400-6500 can be seen.

Jul18 Update

Nifty bounced above 6000 levels with moderate volumes and neutral breadth. Important points for today.

1.Nifty up by 1.1% with 1.2 breadth.
2. 669th day since the highs of 6338, 387th day since the lows of 4531.

Nifty closed above 6000 levels today.Nifty crossed the earlier highs of 6038. Range for this week now stands at 141 points. Nifty may head higher to 6150 level in next 1-3 days now.Lot depends on Bank Nifty and if Bank Nifty has bottomed out then Nifty can continue today's late momentum for another few days.

Jul17 Update

Nifty slipped to sub 5950 levels but closed above it with higher volumes and -ve breadth. Important points for today.

1. Nifty up by 0.3% with 0.63 breadth.
2. 668th day since the highs of 6338, 386th day since the lows of 4531.

Nifty managed to close in the green today. Nifty remains in dicey state regarding its current move. Though bias is +ve but any breach of lower levels may turn the outlook to -ve. If Nifty manages to cross 6050 then expected to go to new highs in next 1 month. Range for this week stands at 128 points till today and monthly range is 268 points.

Jul15 Update

Nifty closed in green with lower volumes and +ve breadth. Important points for today.

1. Nifty up by 0.3% with 1.5 breadth.
2. 666th day since the highs of 6338, 384th day since the lows of 4531.

Nifty closed above 6000 for 2nd consecutive day. Volumes were low but breadth was +ve . This indicates less conviction in market about the upmove. This is +ve for further upside in Nifty. Nifty looks like it has more steam in the immediate short term. 5950(closing) is the trailing SL for the longs. Monthly range now stands at 278 points.

Jul11 Update

Nifty powered up above 5900 with low volumes and +ve breadth. Important points for today.

1. Nifty up 2.0% with 1.8 breadth.
2. 664th day since the highs of 6338, 382nd day since the lows of 4531.

Nifty closed above 5900 levels. Weekly range now stands at 173 points.Nifty has broken its sideways range today on upside.If Nifty sustains 5900+ levels for next few days, it may head further high.

Jul10 Update

Nifty again got resisted near 5900 levels with lower volumes and neutral breadth. Important points for today.

1. Nifty down by 0.8% with 0.8 breadth.
2. 663rd day since the highs of 6338, 381st day since the lows of 4531.

Nifty closed below 5850 levels. Weekly range for this week is 104 points till today. Nifty is hovering around 5800 levels. Nifty looks to be not going low despite -ve breadth. So chances of Nifty moving up are possible from here.

Jul9 Update

Nifty regained the lost ground amid lower volumes and +ve breadth. Important points for today.

1. Nifty up by 0.8% with 1.7 breadth.
2. 662nd day since the highs of 6338,380th day since the lows of 4531.

Nifty closed above 5850 today.Range for today was only 30 points. Nifty remains in sideways move in narrow range of 5750-5900 points.Weekly range is 42 points in 2 days.

Jul8 Update

Nifty tested 5800 levels with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 0.95% with 0.66 breadth.
2. 661st day since the highs of 6338,379th day since the lows of 4531.

Nifty moved in 58 point range. Nifty is trading sideways with +ve bias as of now after 2 weeks of +ve closing. This week should clear the clouds about Nifty's medium term move, if Nifty closes in +ve , new Highs may come soon, but if Nifty retraces below 5800 levels on weekly basis, further slide in Nifty may be possible. This month's range till now is 144 points.

Jul5 Update

Nifty moved around 5850 with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.5%.
2. 660th day since the highs of 6338, 378th day since the lows of 4531.

Nifty closed the week with a gain of 0.4%. This was second consecutive up week of Nifty. If Nifty survives next week on a +ve note, then there is a good chance of Nifty heading to 6300+ over next few weeks. 5900-5950 remain resistance point for Nifty while 5750 will be support point on downside, breach of which may take Nifty to 5500 levels. Bias remains +ve at the this point.With July Nifty has started a New Quarter/half year. This week's range was 144 points.

Jul4 Update

Nifty bounced back above 5800 levels with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 1.1% with 1.2 breadth.
2. 659th day since the highs of 6338, 377th day since the lows of 4531.

Nifty regained some of the lost ground of previous two days. Range for this week is 144 points till today. If Nifty has bottomed out at sub 5600 levels , higher levels should be coming ahead Or Nifty may take a dip to 5500/5500- levels to bottom out in next few days. I see one of these two moves coming in next few weeks.

Jul3 Update

Nifty slid down below 5800 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.5% with 0.32 breadth.
2. 656th day since the highs of 6338,378th day since the lows of 4531.

Nifty closed below 5800 levels today.Slide was sharp but the range for today was only 55 points.This week's Nifty range is 143 points till today.Nifty is likely to trade around 5800 levels till this week.

Jul1 Update

Nifty moved further up towards 5900+ levels with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 1% with 3.2 breadth.
2. 654th day since the highs of 6338, 376th day since the lows of 4531.

Nifty inched closer to 5900 levels. Today's range was 82 points. Nifty has bounced strongly from 5566 levels and momentum seems intact as of now.Nifty may either be in sideways consolidation range that started from 6111(late jan'13) OR this may be an impulsive move.