Skip to main content

Posts

Showing posts from January, 2013

Holding above 6040 may lead bounce but failure to hold above 6085-90 lead will fall again.

Nifty intraday move for 29-01-2013

It could be a Best Sell @ 6080-85

Nifty outlook for 08-01-2013

Nifty Outlook for 08-01-2013


Nifty restricted its trade below 6040 levels and closed in negative on 2nd day of week. After gap up opening at 6042 levels Nifty could not maintain the gain on back of weak Asian cues and slipped down below 6000 mark. Finally, remaining in selling pressure throughout the day, Nifty ended lower by 28 point at 5988 levels.


On daily chart, Nifty has formed a powerful bearish “Engulfing line” pattern against yesterdays green “in neck line” pattern. It also has arrested below upper line of conical shape trend line (represent in blue line). It indicates weakness in the trend. In this kind of scenario, the levels of 6010 which is acting as important resistance level for the day as 50% correction levels of bearish “Engulfing” pattern, remains important level to watch. In case, if Nifty fails to hold 6010 and remains below 5990 levels then we will see further correction in Nifty. In that case, Nifty’s possibility of violating 2ndrising gap of 5960 levels and 1st ri…

Nifty Outlook for 07-01-2013

Outlook for 05-01-2013 Nifty ended marginally positive by 7 points despite violating previous day’s low in an early. Nifty opened higher at 6011 level and registered days high at 6020 levels in an early trade. Thereafter, it could not maintain the gain and slipped down below previous day’s low at 5981 levels but managed to hold main support of previous gap area of 5960 levels and rose above 6000 mark in last half an hour of trade. At the end, Nifty closed at 6016 levels.
On daily chart, Nifty has formed a green “in neck line” pattern against previous day’s red “counter attack” pattern. It indicates that market has recovered is short but not change its trend direction. It means market may continue its further upward move. In this case, the level of 5990 which is acting as important support for the day remains watchable. If Nifty holds and sustain above this levels for the day then it will continue the upward move. In that case, Nifty’s possibility of testing 6030 and above that 6080 lev…

Nifty Outlook for 04-01-2013 with overall view

Nifty ended marginally positive despite gap up opening. After strong opening at 6015 levels , Nifty could not maintain the strength as investors booked profit at higher levels. Finally Nifty closed with 16 points minor gain at 6009 levels.
On daily chart, Nifty has formed a Red “counter attack” candle with higher lower tail after two successful rising gap. The presence of this candle indicates that market may see intraday correction in an early trade. In case, if Nifty fails to hold above 6020 and remains below 6010 levels then it will see intraday correction into the 2nd gap area around 5970 levels.Any trade below 5970 levels will lead further downward move into the 1st gap up area. On the other hand, if Nifty succeeds to hold 6010 and sustain above 6020 levels then we will see continuation in rise. In that case, Nifty will test 6045 and above that 6080 levels in coming trade. (Remember, Nifty has achieved minimum requirement of 5970 levels as a proportion of 80% correction of previo…

Nifty retraced 80% of previous move....Now 6080,6180 remains watchable levels....strong possibility to hit 6335 again but that could be the end.....

In previous article (published on Nov. 2010. Feb 2011) we said about downward large “C” wave.


Further we said that it could be a triple combination (Published on 18th Jan 2012, as long term view). In that article, we said that Nifty will hit 3800-4200 levels in case of Triple combination but in case of D’ble combination it will end nearby 4400 levels. After that Nifty witnessed 28% fall (58 trading week) up to 4531 levels from the top of 6335 levels and again rebounded at 6000 levels ( rule of D’ble combination, See below “Long term view” chart).


As per proportion of D’ble combination, Nifty achieved “at least 80%” retracement of previous move which comes at 5970 levels and still showing strength ( Remember, D’ble combination always retraces “at least “ 80% of previous move and maximum it can retrace 101% of previous move as per rule. Means, there is strong possibility that Nifty may test 6335 levels in coming session but that could be an end of “B” of large “c” wave or any wave)
In 28…