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WEEK GONE BY "Pullback possible if Nifty can hold above 5350 early part of the week" ~ noted last week. Nifty bounced smartly as anticipated on Monday and added small gains till Wednesday. Rest of the week saw consolidation with weakish bias.
WEEK AHEAD [REFER TO NIFTY CHART] Noted - India VIX close to its lifetime lows. Bollinger Bands 70% narrower than normal. Time to buy options and avoid writing them. Bias remains on the upside > 5350. Nifty strong above 5425, above all its key moving averages, weekly remains positive. Expect sharp Nifty movement in coming weeks! Monday/Tuesday can see a sharp trigger move! Nifty key supports for the week 5425-5400-5380-5350-5300. Nifty key resistances for the week 5460-5500-5545-5570-5600
WEEK GONE BY Nifty traded weakest in past 10 weeks. Every attempt at recovery was sold into, with Nifty closing near lows for the week. Weekly high was 5466.25, weekly low was 5349.20
NOTE ON PAST 10 MONTHS [REFER TO NIFTY CHART] Nifty has moved in a wide upward tilting channel in past 10 odd months. Down moves have been of around 600+ odd points with up moves of around 700+ odd points (current wave is just short of it). Tops have been gradual with signs of fatigue and the bottoms have been marked by panic followed by strong & swift pullback. We have been following this wide channel for almost past few months now (check archive) and this is consensus now. Most market participants are ready for retest of lower channel now or expect a limited upside. However a "Throw-Over" above this widely accepted channel cannot be ruled out in short-medium term! i.e., Nifty can test levels well above 5500! However weekly close below 5200 can be trouble for Bulls!
WEEK AHEAD [REFER TO NIFTY CHART] Nifty is trading close to its 20 EMA. Break down from bearish rising wedge noted (those can easily turn into channels!). Divergence on RSI and a weak weekly close noted. Pullback possible if Nifty can hold above 5350 early part of the week. Nifty key supports for the week 5310-5290-5265-5225-5200-5170-5130. Nifty key resistances for the week 5380-5400-5420-5450-5480-5500-5530.
As per this counts [REFER CHART] :- Investors can use fresh rallies to book gradual profits. 20-30% cash levels thus generated could be redeployed in correction. Your feedback / comment are welcome at feedback@tradersplace.in
Niftytraded indecisively in a very narrow range on Monday around critical support areas. Lack of selling pressure saw Nifty gain ground on Tuesday only to give back all the gains on Wednesday. Smart rally on Thursday & Friday helped Nifty break out from congestion zone.
Nifty strongly placed above 5320, upward momentum expected. Failure to take out resistance at 5370-5400 zones in current week could again see Nifty consolidating sideways. Nifty key supports for the week 5320-5290-5225-5200. Nifty key resistances for the week 5370-5400-5500-5545.
Nifty gyrated in a tight range throughout the week, but drifted lower as anticipated last week. Mondays gains were erased on Tuesday. Wednesday again saw a smart pullback only to give be given back on Thursday. Nifty ended the week on a weakish note. Weekly high was 5339.45, weekly low was 5210.
Nifty is critically poised at crucial support zone around 5200. Weakness can intensify on breach of 5200, similarly can gather upward momentum above 5320. Nifty key supports for the week 5200-5170-5140-5100, Nifty key resistances for the week 5280-5320-5370-5400.
Nifty started the week with strong upmove. However Monday's rally did not see any followup momentum for rest of the week. Nifty gave up all the gains for the week and closed near the lows of the week. Weekly high was 5366.75, weekly low was 5259.90 WEEK AHEAD [REFER TO NIFTY CHART]
Nifty is still strongly placed, but a weekly Doji advices caution on long side. Fresh positional longs seem advisable only above 5370 Nifty Spot now. Adventurous traders can look for shorting opportunities with stops above 5370. Strong upside momentum expected above 5370, similarly strong downside momentum expected below 5200. Nifty key supports for the week 5200-5170-5120, Nifty key resistances for the week 5310-5370-5400.
WEEK GONE BY Nifty witnessed a strong uptrend throughout the week. Nifty consolidated on Friday and closed in red after seven consecutive up days. Weekly high was 5302.30, weekly low was 5120.15 WEEK AHEAD [REFER TO NIFTY CHART] Nifty strongly placed above 5210 and above all key moving averages, yet cautious stance advisable. Strong upside momentum expected above 5350, similarly strong downside momentum expected below 5200. Nifty key supports for the week 5210-5170-5120, Nifty key resistances for the week 5310-5350-5400.
WEEK GONE BY Nifty saw wide swings throughout the week. Mondays indecisiveness was followed by sharp cuts on Tuesday. Strong pullback was witnessed from key support areas for the remaining part of the week. Weekly high was 5077.25, weekly low was 4786.45 WEEK AHEAD [REFER TO NIFTY CHART] Stiff resistance expected around 5110. Retest of key support areas around 4950 followed by bounce back to 5110/5110+ possible. Nifty key supports for the week 5015-4950-4900 , Nifty key resistances for the week 5110-5190-5210.
WEEK GONE BY Nifty was volatile throughout the week and trended lower. As expected weakness accentuated below 100 EMA. Also as anticipated last week, Nifty took supports at lower end of the channel. Weekly high was 5105.20, weekly low was 4842.30 WEEK AHEAD [REFER TO NIFTY CHART] Noted - Positive divergence along with Nifty pullback at key supports. Momentum indicators oversold, Moving averages crossover sell signal. Pullback possible in immediate short term, however stiff resistance expected at cluster of moving averages around 5100 zones. Similarly sharp cuts expected if Nifty breaches 4800. Nifty key supports for the week 4830-4800-4740-4675, Nifty key resistances for the week 5030-5070-5110-5190.
WEEK GONE BY As expected Nifty bounced sharply on Monday from oversold zones. After weak followup on Tuesday, Nifty gained back to weekly highs by Thursday. Nifty faced stiff resistance at the upper band of downward sloping channel and also at convergence of 20-50 EMA around 5210 areas. Fridays weakness saw Nifty again close below 100 EMA. Weekly high was 5212.70, weekly low was 5026.60 WEEK AHEAD [REFER TO NIFTY CHART] Weakness likely to persist below the 20-50 EMA's with a possible crossover sell signal. Weakness can accentuate below the 100 EMA. All recoveries would face stiff resistance at upper end of the downward sloping channel. Support likely close to lower end of channel and 200 EMA. Nifty out of the woods only on weekly close above 5250 zones. Nifty key supports for the week 5030-4970-4950-4935-4880, Nifty key resistances for the week 5120-5140-5160-5210-5250.
WEEK GONE BY Nifty cracked below 5200 as expected. Five back to back red days, cut of 5% for the week. Weekly high was 5278.70, weekly low was 4984.60 WEEK AHEAD Nifty remains weak below key moving averages. But getting oversold in most momentum indicators. Approaching key support areas and ripe for pullback. Nifty key supports 4970-4950-4935-4880-4825-4805, Nifty key resistances 5045-5090-5120-5140-5160-5210.
WEEK GONE BY Nifty consolidated on Monday-Tuesday. Unable to penetrate resistance, Nifty cracked on Wednesday, followed by recovery on Thursday-Friday. Weekly high was 5342.35, weekly low was 5202.45 WEEK AHEAD Nifty in a Coil. Close below Nifty 5200 signals weakness, similarly close above 5330 signals strength. Nifty weekly supports 5200-5160-5090, weekly resistances 5330-5400-5450.
WEEK GONE BY Nifty cracked sharply on Monday and tested 50 EMA. Rest of the week saw Nifty posting gains which helped to regain lost ground and close the week on positive note. Weekly high was 5331.80, weekly low was 5160.90 WEEK AHEAD Nifty strong above 5330 areas, weakness only below 5220. Nifty weekly supports 5260-5220-5160, weekly resistances 5380-5440-5500.
WEEK GONE BY Weekly negative close for Nifty after nine successive positive closes. Nifty remained weak throughout the week. Weekly high was 5382.15, weekly low was 5237.55 WEEK AHEAD
Most momentum indicators were in sell mode and divergences were noted last week. After weekly negative close Nifty remains weak below 5290-5310 zone, weakness can intensify below 5230 zones. Nifty weekly supports 5180-5090, weekly resistances 5310-5380.
WEEK GONE BY Nifty started the week on a strong note. However indecisive moves were witnessed for next two trading sessions, which was followed by reaction lower on Thursday as expected. Friday again saw a sharp bounce from support zones ensuring a positive closing for the week. Weekly high was 5399.65, weekly low was 5290.25 WEEK AHEAD Most momentum indicators are in sell mode, divergences noted. Nifty strong/weak above/below 5290 for the week. Nifty weekly supports 5290-5235-5175, weekly resistances 5400-5440-5475.
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