Oct31 Update

Nifty opened gap up and broke through 8200/8300 levels amid high volumes and +ve breadth. Important points for today.

1. Nifty up by 1.9% with 1.9 breadth.
2. 284th day since the lows of 5118, 176th day since the lows of 5933.

Nifty closed above previous highs and above 8300 level. Today was 3rd gap of Nifty from 7723(unfilled). Todays range was 132 points and Weekly/Monthly range ended at 345/607 points. After May this was highest range for the month. Around 8400 is the trendline resistance of Nifty but given the momentum, expect only running correction during the day. Daily charts are firmly bullish , so any dip/weakness during intraday is a buying opportunity in coming days. 8150-8200 are strong support of Nifty in downside and SL for longs.

Oct30 Update

Nifty moved up all through the day with higher volumes and +ve breadth. Important points for today.

1. Nifty up by 1.0% with 1.2 breadth.
2. 283rd day since the lows of 5118, 175th day since the lows of 5933.

Nifty closed above 8150 level today. Today's range was 96 points and weekly/monthly range stands at 196/448 points till today. Nifty has given breakout on upside. New highs should be there now with 8100-8150 as strong support on downside.

Oct29 Update

Nifty opened with a gap above 8050 and retained it with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.8% with 1.3 breadth.
2. 282nd day since the lows of 5118, 174th day since the lows of 5933.

Nifty closed just below 8100 level and retained the morning gap up. This was 3rd gap of this upmove from 7723. Today was 8th day from lows of 7723. Nifty has retraced nearly 80% of the fall from 8180-7723. This is inflection point and Nifty should give 200-300 point move in either direction from here and upmove looks more likely if Nifty retains 8000 level for another 2 days. Monthly range stands at 374 points till today and weekly range is 112 points.

Oct28 Update

Nifty traded in narrow range above 8000 level with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.4% with 1.2 breadth.
2. 281st day since the lows of 5118, 173rd day since the lows of 5933.

Nifty closed above 8000 level today. Today was an inside day and 7th day since the lows of 7723. 7950-8100 is the current range of Nifty. Breakout of this range should result in significant move on the side of breakout. Monthly range remains at 341 points till today.

Oct27 Update

Nifty opened gap up and slid down below 8000 level towards end with moderate volumes and -ve breadth . Important points for today.

1. Nifty down by 0.3% with 0.67 breadth.
2. 280th day since the lows of 5118,172nd day since the lows of 5933. This is 37th week from lows of 5933 and 61st week from 5118.

Nifty closed below 8000 level today. Though Nifty has dropped below 8000 level but sustaining  above 7950 level, upmove remains intact. 8100 is trendline resistance and cross of this level will open the path for new highs in Nifty. Only close below 7950 will open up bearish implication in Nifty. Monthly range is 341 points till today.

Oct22 Update

Nifty opened gap up and retained the gap closing just below 8000 level with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 0.9% with 2.0 breadth.
2. 278th day since the lows of 5118, 170th day since the lows of 5933.

Nifty closed just below 8000 level after opening gap up. Today was 4th consecutive  day of upmove from 7724. Today's range was 31 points and weekly/Monthly range now stands at 149/282 points. Nifty has broken and closed above  previous swing high of 7977. Nifty ,Now sustaining above 7950 level is headed for new highs in coming days. 

Oct21 Update

Nifty moved above 7900 levels with moderate volumes and neutral breadth. Important points for today.

1. Nifty up by 0.6% with 1.15%.
2. 277th day since the lows of 5118, 169th day since the lows of 5933.

Nifty retained yesterday's gap and closed above 7900 levels. Nifty has closed above previous day's high for 2 days in a row. 7950-8000 is significant resistance zone and if Nifty cross 8000 and sustains then new highs are likely. Weekly/Monthly range stand at 80/254 points. Monthly range expansion is very much likely and with Nifty sustaining 7850 level, higher levels are more likely in October.

Oct20 Update

Nifty opened gap up and maintained the gap through the day amid moderate volumes and +ve breadth. Important points for the day.

1. Nifty up by 1.25% with 1.55 breadth.
2. 276th day since the lows of 5118, 168th day since the lows of 5933.

Nifty bounced strongly and closed above 7850 levels. Today was 2nd consecutive day of upmove from 7723. 7950-8000 is the resistance zone, If Nifty goes through it then new highs are likely. Monthly range stands at 254 points till today and range expansion looks likely in remaining days of October.

Oct16 Update

Nifty traded in about 60 point range till afternoon but broke down later to close below 7750 level with high volumes and -ve breadth. Important points for today.

1. Nifty down by 1.55 with 0.2 breadth.
2. 274th day since the lows of 5118, 167th day since the lows of 5933.

Nifty has broken down below 7800 level today. If unable to close above 7800 level in next 2 days then Nifty is in for medium term consolidation/Correction for next few weeks. 7200-7400 is major support trendline joining 5118-5933.  Nifty has retraced about 70% of the rally from 7540-8180 in 25 days, though rally took 19 days only. Monthly range stands at 248 points till today.  

Oct14 Update

Nifty opened above 7900 but gave up the gains to close in the red with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.25% with 0.7 breadth.
2. 273rd day since the lows of 5118, 166th day since the lows of 5933.

Nifty traded in 103 point range and closed mildly in the red just above 7850 level. Nifty is bouncing off from ~7800 levels since last few days. If credible support/bottom is formed around 7800 level than 7950+ close should be seen and sustained in nifty in next 2-3 days. Close below 7800 is indication of  longer correction in Nifty. Monthly range stands at 181 points till today.

Oct10 Update

Nifty gave up all the gains of yesterday to close below 7900 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 1.25% with 0.36 breadth.
2. 271st day since the lows of 5118, 164th day since the lows of 5933.

Nifty closed the week with a loss of 1.1% with a range of 157 points. Nifty despite all negative momentum survived 7800 level till now for 3 weeks. Next week should see some decisive move. If 7800 is breached , Nifty is in for medium term correction but if Nifty bounces back and stays above 7950 level then new highs likely to be seen before Diwali. Monthly range till now stands at 162 points. 

Oct9 Update

Nifty opened gap up and traded strong +ve all day with moderate volumes and +ve breadth. Important points for today.

1. Nifty up by 1.5% with 3.4 breadth.
2. 270th day since the lows of 5118, 163rd day since the lows of 5933.

Nifty was strong today and closed above 7950. Today was gap up indicating strength in Nifty and close was also +ve above 7950 level. Today's range was 86 points. Nifty has bounced off from trendline support of 5933-6638. This was 3rd touch on this line and the bounce can be stronger than expectations. Around 8350-8400 is the channel resistance of Nifty, in which it is trading since 5 months. Monthly range remains at 162 points till today.

Oct8 Update

Nifty slipped further towards 7800 levels with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.1% with 0.77 breadth.
2. 269th day since the lows of 5118, 162nd day since the lows of 5933.

Nifty traded in 54 point range and closed below 7850 levels. Nifty recovered towards the end to close marginally in the red. Nifty took support at trendline connecting 5933-6638. If recovery sustains and Nifty closes above 7950 in next couple of days then bottom formation at 7800 may be done and new highs may come soon. Weekly/Monthly range now stands at 128/162 points.

Oct7 Update

Nifty kept sliding all day and closed just above 7850 with moderately high volumes and -ve breadth. Important points for today.

1. Nifty down by 1.15% with 0.45 breadth.
2. 268th day since the lows of 5118, 161st day since the lows of 5933.

Nifty just about touched the previous swing low of 7841, missing by 1 point. Today's range was 101 points and monthly range is 135 points till today. If 7800 is retained on closing basis in next 3 days then Nifty may aim for new highs in coming week. But if 7800 is breached  then Nifty enters into medium term correction with 7200-7400 as baseline support.

Oct1 Update

Nifty traded sideways today with moderate volumes and -ve breadth. Important points for today.

1. Nifty down by 0.25%  with 0.65 breadth.
2. 267th day since the lows of 5118, 160th day since the lows of 5933.

Nifty moved in 41 point range today and ended the week with a loss of 0.3%. Weekly range was 107 points. Since May, Nifty has not traded in Red for more than 2 weeks. So next week will be crucial and if Nifty breaks down below 7900 and closes the week below it , then Nifty may have entered into medium term consolidation pattern. But if Nifty revives above 8000, then Nifty may make new highs in sudden manner. October is high range month and exhibits high volatility, so expect to see 7500/8500 in this month.