Mar31 Update

Nifty moved around 6700 amid higher volumes and +ve breadth. Important points for today.

1. Nifty up by 0.1% with 2.35 breadth.
2. 145th day since the lows of 5118, 96th day since the highs of 6342, 73rd day since the highs of 6415.

Nifty closed above 6700 today after waving up/down of 6700. 6730-6750 is a strong trendline resistance of Nifty. March month ended with a range of 518 points and Quarterly range was 797 points. Today range was 68 points. 6750 resistance can be crossed thru strong momentum only and if Nifty not able to go past it, then retest of 6300 zone will happen. Tomorrow is RBI day and Nifty has chance to climb the resistance level.7000-7050 will be next resistance for Nifty if it crosses 6750 with volumes.

Mar27 Update

Nifty made good gains today with high volumes and +ve breadth. Important points for today.

1. Nifty up by 0.6% with 1.5 breadth.
2. 143rd day since the lows of 5118, 94th day since the highs of 6342, 71st day since the highs of 6415.

Nifty went past 6650 but closed below it. Todays range was 74 points and Weekly/Monthly/Quarterly range now stands at 163/461/740 points. Nifty is showing big divergence on hourly charts, but not on daily charts. Also it is touching the trendline resistance now at ~6640 joining 6342-6415. So daily correction may happen now for next few days before a new impulsive move begins. Total rally from 5933 is 740 points. So I expect around 0.75x740 ~555 pints over next few days. Nifty is yet to confirm whether correction has begun, so further upmove may happen but 6700-6730 should be good resistance. 

Mar25 Update

Nifty sustained yesterdays game without doing much with moderately high volumes and neutral breadth. Important points for today.

1. Nifty up by 0.1% with 0.8 breadth.
2. 142nd day since the lows of 5118, 93rd day since the highs of 6342, 70th day since the highs of 6415.

Nifty moved in 51 points range of 6544-6595 and closed mildly in the green. Nifty is forming a 142 point triangle wihout breakout points @6500 and 6600, so breakout on either side is expected to see 150 point move to either 6750 Or 6350 soon. Weekly/Monthly range now stand at 85/383 points. 4 days to go in this month and 2 days to expiry.

Mar24 Update

Nifty crossed the previous highs and close above them with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 1.4% with 0.9 breadth.
2. 141st day since the lows of 5118, 92nd day since the highs of 6342, 69th day since the highs of 6415, 34th day since the lows of 5933.

Nifty closed above previous week high of 6574. Nifty has given a mini breakout here, and it should tread higher till about 6650 levels soon, Now if Nifty slides back to 6500- level then deeper correction may begin in Nifty. 6650-6700 is rising trendline resistance likely to produce deeper correction. Todays range was 81 points and Monthly/Quarterly range now stands at 379/658 points.

Mar21 Update

Nifty remains stuck in small range around 6500 with higher volumes and +ve breadth. Important points for today.

1. Nifty up by 0.15% with 1.45 breadth.
2. 140th day since the lows of 5118, 91st day since the highs of 6342, 68th day since the highs of 6415.

Nifty traded in 37 point range and closed +ve but below 6500 level. Weekly range is 101 points till today.Nifty is stuck in 6433-6574 range since about 2 weeks now. Nifty closed at  lower of 3/7 ema yesterday but bounce was not there today though breadth was +ve. 6575 Or 6433 will give in soon. Monthly/Quarterly range is 362/641 points till today.

Mar20 Update

Nifty traded around 6500 before dipping below yesterdays low with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.65% with 0.63 breadth.
2. 139th day since the lows of 5118, 90th day since the highs of 6342, 67th day since the highs of 6415.

Nifty closed below 6500 today though volume was less today. Nifty trades in sideways range after upmove of 350 points in 1st week of march. So this sideways move should resolve itself on upside with possible upside of about 100-150 points from 6560. This week's range is 101 points till today. Nifty's upside momentum is waning and any weak upmove may be concluding move of the rally from  5933/5984!!

Mar19 Update

Nifty was rangebound today with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.1% with 1.0 breadth.
2. 138th day since the lows of 5118, 89th day since the highs of 6342, 66th day since the highs of 6415.

Nifty closed almost flat moving within a range of 35 points today. Weekly/Monthly range is 77/350 points till today. Today was a narrow range day. 6430-6560 is the current range of Nifty , break on either side can give around 100 points quickly. 6650-6700 is trendline resistance of Nifty connecting 5630-6110-6229 (highs of 2012-2013). On Lower side 6300-6350 will be good support for Nifty.

Mar14 Update

Nifty dropped further below 6450 but bounced back with moderate volumes and -ve breadth. Important points for today.

1. Nifty up by 0.2% with 0.7 breadth.
2. 136th day since the lows of 5118, 88th day since the highs of 6342, 64th day since the highs of 6415.

Nifty found support at lower 6400 levels to bounce back above 6500. Todays range was 86 points and Weekly/Monthly range stands at 130/350 points. After previous week range of 325 points , this week has compressed a lot at only 130 points. Nifty trades at above 6400 level since 7 days but after breakout, momentum above 6500  is not seen.Daily momentum remains positive and new highs above 6562 should be seen early next week.

Ma13 Update

Nifty again tested 6560 levels and fell down to below 6500 with moderately high volumes and -ve breadth. Important points for today.

1. Nifty down by 0.4% with 0.7 breadth.
2. 135th day since the lows of 5118, 87th day since the highs of 6342, 63rd day since the lows of 6415.

Nifty closed below 6500 today and broke the 3 day support level of 6487.  Nifty's move in last 4 days of this week is consolidation of the breakout above 6350 and is rangebound in 75-80 points Todays range was 85 points and weekly range stands at 86 points. Tomorrow is weekly closing and interesting to see Whether Nifty closes Flat or attempts higher level on weekly closing basis.

Mar12 Update

Nifty moved in about yesterdays range with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.1% with 0.9 breadth.
2. 134th day since the lows of 5118, 86th day since the highs of 6342, 62nd day since the highs of 6415.

Nifty closed almost flat moving in the range of 6487-6546. Nifty remains in 75 point range in 3 days of this week(6487-6562). Breach on either side should see Nifty scaling another atleast 50 points. Monthly/Quarterly range remain at 350/629 points.

Mar11 Update

Nifty edged lower today with higher volumes and -ve breadth. Important points for today.

1. Nifty down by 0.4% with 0.7 breadth.
2. 133rd day since the lows of 5118, 85th day since the highs of 6342, 61st day since the highs of 6415.

Nifty traded in 68 point range and closed just above 6500 level. 6465-6490 should provide  support to Nifty for bounceback. Further lower support exists at 6406/6355/6336. Hourly TF RSI indicates that Nifty may bounce to make a new high before touching lower supports. Weekly/Monthly range remain at 75/350 points.

Mar10 Update

Nifty moved about 6550 with high volumes and neutral breadth. Important points for today.

1. Nifty up by 0.2% with 1.2 breadth.
2. 132nd day since the lows of 5118, 84th day since the highs of 6342,60th day since the highs of 6415.

Nifty closed above 6500 for the 2nd consecutive day. Hourly chart shows divergence indicating that after 6550-6600, Nifty  could see pullback. There are 2 gaps @6336 and @6406 that will be filled shortly by Nifty. Todays range was 75 points and Monthly range is 350 points till today.

Mar7 Update

Nifty had a big blast above 6500 with high volumes and neutral breadth. Important points for today.

1. Nifty up by 2.0% with 1.0 breadth.
2. 131st day since the lows of 5118,  83rd day since the highs of 6342, 59th day since the highs of 6415.

Nifty closed above 6500 with very high volumes. Today was 23rd day since lows of 5933. Weekly range was 325 and Monthly/Quarterly range stands at 325/604 points as of today. Nifty has broken out above 6350 decisively but the move from 5933 is slower than last impulsive downmove from 6355-5933. If breakout is genuine and strong, then 6350-6400 should be strong support and Nifty should seek further higher levels before seeking support at 6350 level. But if Nifty comes down to take support at 6350 level, then I would doubt the sustainability of this upmove beyond few hundred points more.Lets see. 

Mar6 Update

Nifty surpassed 6360 level today with higher volumes and +ve breadth. Important points for today.

1. Nifty up by 1.15%  with 2.2 breadth.
2. 130th day since the lows of 5118, 82nd day since the highs of 6342, 58th day since the highs of 6415.

Nifty closed above 6400 level today, highest ever closing. Fast rise could happen now and next significant resistance comes in at 6550-6600 levels now. Todays range was 67 points and weekly range is 194 points and Quarterly range is 473 points.Nifty has given breakout on upside, so further new highs are likely.

Mar5 Update

Nifty today moved further up with moderate volumes and _ve breadth. Important points for today.

1. Nifty up by 0.5% with 1.4 breadth.
2. 129th day since the lows of 5118, 81st day since the highs of 6342, 57th day since the highs of 6415.

Nifty closed above 6300 level today with range of 49 points. Weekly/Monthly range now stands at 124 points.Today was 22nd day since the lows of 5933. Nifty has almost retraced the fall from 6355-5933. Since the rise is slow, so only strength above 6350 will indicate bullish behaviour and ~6350 is resistance point from where Nifty has resisted 4 times in last 4 months. On bearish note, If Nifty falls and closes below 6200, then futher fall may happen.

Mar3 Update

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

1. Nifty down by 0.9% with 0.7 breadth.
2. 127th day since the lows of 5118, 79th day since the highs of 6342,55th day since the highs of 6415.

Nifty didn't cross friday's high and slipped down below 6250 levels. The move from 5933 seems over now and a new impulsive downmove may have started with target of ~5700 in March. Breach of 6070 should confirm that 5933 will be breached. Today's range was 65 points and Quarterly range stands at 425 points till today.

Feb28 Update

Nifty went further up and closed above gap of 6263 with high volumes and neutral breadth. Important points for today.

1. Nifty up by 0.6% with 1.0 breadth.
2. 126th day since the lows of 5118, 78th day since the highs of 6342,54th day since the highs of 6415.

Nifty closed the gap @6263 level. Volumes were quite heavy but corresponding Price action was not supportive. This is a topping sign. Weekly range was 152 points and Monthly range was 349 points. The rise from 5933 is a slow upmove ,so retest of previous low @5933 may happen soon. Incase Nifty retains ~6050 levels then higher levels or sideways move between 6400-6000 may happen for some more time. But if 6000 breaks, Nifty may see 5800 levels quickly.