Jul31 Update

Nifty gave up the gains of yesterday with high volumes and neutral breadth. Important points for today.

1. Nifty down by 0.9% with 0.9 breadth.
2. 226th day since the lows of 5118, 119th day since the lows of 5933.

Nifty closed below 7750 and 7ema today.Todays range was 80 points and weekly range is 92 points till today. Nifty close below 7700 can be bearish for the short term, but if Nifty sustains 7700 level for 1-2 days then 7800 may be seen early next week.

Jul30 Update

Nifty tested lower 7700 levels and bounced back with high volumes and neutral breadth. Important points for today.

1. Nifty up by 0.55% with 0.9 breadth.
2. 225th day since the lows of 5118, 118th day since the lows of 5933.

Nifty took support at 7700+ levels and closed above 3ema today. Today range was 91 points and weekly range stands at 92 points with 2 days to go. Nifty has bounced off 7ema levels, indicates that new highs may come now if Nifty sustains above 3ema.  RBI day +-2/3 days, Nifty may hit its peak in this current move.

Jul28 Update

Nifty dropped below 7750 though with lower volumes and -ve breadth. Important points for today.

1. Nifty down by 0.5% with 0.5 breadth.
2. 224th day since the lows of 5118, 117th day since the lows of 5933.

Nifty tested just 7800 level and dropped to 7722 before recovering some ground. Today range was 77 points. Todays volume were low , indicating that fall is not supported by volumes. Nifty closed just above 7ema.If today's low is preserved(ie not breached on closing basis ) in this week, then next week could turn out to be bullish. But if Nifty drops below 7700 level, then it may be bearish or sideways move in short term.

Jul25 Update

Nifty gave up some gains with higher volumes and -ve breadth. Important points for today.

1. Nifty down by 0.5% with 0.33 breadth.
2. 223rd day since the lows of 5118, 116th day since the lows of 5933.

Nifty pullback form 7840 levels to test 7750 and close just below 7800 levels. Today range was 92 points and weekly range was 166 points. Nifty ended the week with a gain of  1.7% . Nifty's today bar has a long tail red bar, indicating bounce from 7750. Nifty may retest 7750 again. If Nifty gets up from there new highs may come else Nifty may be headed for deeper correction. 7700-7750 should be the main support. Strong divergence is there on hourly charts but daily chart looks ok, so Nifty may jump again from 7750 level is that is maintained. Monthly range stands at 418 points.

Jul24 Update

Nifty made a new high today with moderately high volumes and neutral breadth. Important points for today.

1. Nifty up by 0.45% with 1.0 breadth.
2. 222nd day since the lows of 5118, 115th day since the lows of 5933.

Nifty closed above 7800 level at all time closing high. Todays range was 64 points and weekly/monthly range stand at 161/413 points till today. Today was 8th consecutive up day of Nifty. Nifty has gone past 7808 by making its way thru rather than breakout.This implies that consolidation/correction should be there within further 100 or so points of Nifty.

Jul23 Update

Nifty made a new high Intraday and closed just below 7800 with higher volumes and -ve breadth. Important points for today.

1. Nifty up by 0.35% with 0.6 breadth.
2. 221st day since the lows of 5118, 114th day since the lows of 5933.

Nifty closed at all time highs today. Today was 7th consecutive up day and range was 57 points. Momentum seems to be waning. If Nifty goes past 7800 without a Dip, then not much upside is seen. 7650 keeps the upside alive for further new highs.

Jul22 Update

Nifty moved further up above 7750 level with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 1.1% with 0.95 breadth.
2. 220th day since the lows of 5118, 113th day since the lows of 5933.

Nifty was up for the 6th consecutive day and closed above 7750 level. Todays range was 69 points and weekly range stands at 99 points. Nifty is trying to make its way through resistance zone of 7750+. 7650 and 7550 are the 2 support levels for Nifty to support the upmove. Breach of these two levels may take Nifty to 7400-. Upside momentum in Nifty is not strong, so on breakout above 7800, 1-3% move may be possible.

Jul21 Update

Nifty opened gap up above 7700 level but closed below with moderate volumes and +ve breadth. Important points for today.

1. Nifty closed up 0.3% with 1.5 breadth.
2. 219th day since the lows of 5118, 112th day since the lows of 5933.

Nifty closed up for the 5th consecutive day. Nifty has not retraced the fall from 7808-7422 in faster time. 7700-7750/7800 is resistance zone of Nifty, if Nifty fails to cross 7750 then sharp fall can be expected . Staying above 7750 only, Nifty to make new highs. Todays range was 48 points.

Jul18 Update

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

1. Nifty up by 0.3% with 0.8 breadth.
2. 218th day since the lows of 5118, 111th day since the lows of 5933.

Nifty closed up for the 4th consecutive day and above 7650. Today's range was 90 points and Weekly/Monthly range now stand at 263/386 points. Nifty closed the week with gain of 2.7%.  Around 7750 is the significant resistance level for Nifty. Nifty is bouncing off from ~7440 support level for 2nd time. Xover of 7750-7800 should make space for another 150-200 point rise in Nifty.

Jul17 Update

Nifty consolidated the gains of 2 days today with higher volumes and +ve breadth. Important points for today.

1. Nifty closed up 0.2% with 2.0 breadth.
2. 217th day since the lows of 5118, 110th day since the lows of 5933.

Nifty moved in a narrow range of 43 points and closed mildly in the green. Weekly range now stands at 223 points. Nifty stares at next significant resistance at 7700-7750 levels. Crossover of this resistance is possible only with strong momentum move. otherwise Nifty may not decisively go past 7800 level if  it muzzles its way past 7750.

Jul16 Update

Nifty moved up for 2nd consecutive day with moderately high volumes and +ve breadth. Important points for today.

1. Nifty up by 1.3% with 3.2 breadth.
2. 216th day since the lows of 5118, 109th day since the lows of 5933.

Nifty closed above 7600 levels today an ranged 108 points. Weekly/Monthly range stand at 218/386 points till today. Nifty has firmly crossed 7550 ie first resistance level. 7700-7750 is the next significant resistance above 7650 level. Unless Nifty crosses 7750 with a momentum move, Nifty may undergo selloff near 7700-7750 level. if Nifty makes a new high , it may not go beyond 7900-8000 level.

Jul14 Update

Nifty moved around 7450 with lower volumes and -ve breadth. Important points for the day.

1.Nifty down by 0.05% with 0.7 breadth.
2. 214th day since the lows of 5118, 107th day since the lows of 5933.

Nifty moved in 56 point range today and made a low below 7441 but closed above it. 7440 connects a trendline joining 6562 -6752. So @7440 , there is horizontal support as well as trendline support.If Nifty does not close below 7440 , then reversal may happen from here. On the contrary , breach may take Nifty towards 7200 level.Monthly range now stands at 386 points.

Jul11 Update

Nifty opened in green but slipped to retest sub 7450 towards the end. Important points for the day.

1. Nifty down by 1.45% with 0.16 breadth.
2. 213th day since the lows of 5118, 106th day since the lows of 5933.

Nifty retraced all the gains of last week and closed with a loss of 3.8% on weekly basis. 7500 level too ha been breached decisively. Any bounce that comes may be limited to 7650-7700 levels and that may be good shorting point. This fall may have some more way before it ends, though in short term, due to strong +ve divergence on hourly chart, bounce may happen soon. Weekly/Monthly range stand at 361 points till today

Jul10 Update

Nifty was very volatile with high volumes and +ve breadth. Important points for the day.

1. Nifty down by 0.25% with 1.9 breadth.
2. 212th day since the lows of 5118, 105th day since the lows of 5933.

Nifty's today range was 252 points. Nifty breached 7500 levels first then went to cross 7700 level and fell back again to close below 7600 levels. Closing in the red for the 3rd consecutive day. Nifty's short term correction seem to be done given the +ve divergence on hourly timeframe. Nifty may move towards 7800 level now. Any new highs above 7800 may be last move before a bigger correction in Nifty. 

Jul9 Update

Nifty moved around 7600 levels with high volumes and -ve breadth. Important points for today.

1. Nifty down by 0.5% with 0.25 breadth.
2. 211th days since the lows of 5118, 104th day since the lows of 5933.

Nifty moved further below 7600 level. Today Nifty took support at 7550 today. If this support holds tomorrow then Nifty may bounce sharply towards 7800 levels tomorrow. Around 1100AM  will be the inflection point for Nifty to take a directional move. 7200-7400 is the next support below 7500 level. Todays range was 99 points and weekly range stands at 257 points till today.

Jul8 Update

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

1. Nifty down by 2.1% with 0.14 breadth.
2. 210th day since the lows of 5118, 103rd day since the lows of 5933.

Nifty opened above 7800 levels but started sliding after that to close below 7650 level. Todays range was 213 points. Weekly/Monthly range also stands at 213 points. 7500+ is a strong support zone of Nifty. Whether Nifty has reversed or just a 1/2 day correction will be known in next 2-3 days.

Jul7 Update

Nifty inched up towards 7800 level with higher volumes and neutral breadth. Important points for today.

1. Nifty up by 0.5% with 1.0 breadth.
2. 209th day since the lows of 5118, 102nd day since the lows of 5933.

Nifty moved in a range of 37 points and closed below 7800 levels. Nifty has stayed above 7700 levels for 4 days now. Around 7800 level is inflection point for Nifty and 7650 is immediate support and 7500 strong support level. Nifty exhibits divergence on daily scale. In Medium term Nifty is headed higher but short term could see deeper correction if 7650 gives away.

Jul3 Update

Nifty opened +ve but went sideways later with higher volumes and neutral breadth. Important points for today.

1. Nifty down by 0.15% with 0.7 breadth.
2.207th day since the lows of 5118, 100th day since the lows of 5933.

Nifty ended mildly in the red and closed above 7700 today for 2nd day. Nifty has not shown any breakout character after going above 7700 levels till now. If 1-2 days Nifty moves like this , then further upsides will be limited and Nifty may capitulate around 7800 or so. Todays range was 48 points and Weekly/Monthly range stands at 223/136 points.

Jul2 Update

Nifty made a new high above 7700 today with higher volumes and +ve breadth. Important points for today.

1. Nifty up by 1.2% with 1.75 breadth.
2. 206th day since the lows of 5118, 99th day since the lows of 5933.

Nifty closed above 7700 today. Todays range was 55 points though Nifty closed 91 points above yesterdays close. Upward momentum is waning in Nifty. 7650 is critical support level now. Low range intraday range alongwith upside movement in Nifty with waning momentum indicates that Nifty may topping in Short term  and may undergo good correction in coming days.

Jul1 Update

Nifty was ranged today with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.3% with 1.85 breadth.
2. 205th day since the lows of 5118, 98th day since the lows of 5933.

Nifty now testing the resistance zone around 7650+. Today's range was only 31 points. Unless Nifty gaps up above 7700 level and stays above to generate genuine breakout, Nifty may keep wandering between 7550-7700 till around budget waiting for a trigger to make a move. Without an impulsive move, any breach of 7700 is likely to face a retreat.