Skip to main content

NIFTY SHOW- CRACKS APPEAR

Nifty closed in red shedding 42 points ,the overall market breadth was negative with 516 advances to 984 declines.After a gap down opening, nifty lingered in a very stringent range of 5335 and 5313 till mid session .Later it cracked down,it somehow managed to close quite above the lows.This fall and bounce move is a good reflection of peak uncertainty,the volumes too were low indicating low participation         
                              The sub 5300 closing is likely to trigger a bearish sentiment,also now nifty has shown a downshift of range where 5305 will act as a resistance and 5256 as a support in intraday going forward.Also the Reliance quarter results were yet to come out this crackdown could be expected as a presumed reaction..The quarter results came up as a disappointment,which is likely to cast its shadows in the next week.
                                                          Now nifty is appearing to trade in a small triangle .Considering today's session i reckon nifty to trade lower but within the range specified above,subject to no  unfavorable calamities from the west.The Directional Movement indicator is intermingled among itself,also the ADX is running flat reflecting no specific trend.It is evident from these current scenarios that markets are lacking serious catalyst,needed for the further strong move
                                                                                                           This week was slightly better as we closed higher.We need to watch the markets closely for the next week as markets may have to show some big impending moves.Traders need to be cautious ,as it is not yet the time to conclude anything. We should offer markets some leeway as where it wants to trend,till then we may bagging intraday moves seems apt

Comments

Post a Comment

Popular posts from this blog

DOJI

Nifty witnessed an absolutely sedate session,the bias looked positive but lacked momentum . The broader market was negative with 665 advances to 808 advances.The rally seemed to take a halt for a day before continuing further.i feel that the rally would take the markets to 5470-5500 before correction.since we are lacing fundamentally the longevity of this rally cannot be counted on.                                                                                                       On the hourly charts we are making higher highs and higher lows keeping the momentum intact,still as advocated a burst of 40-60 points on the nifty is still pending before correction ,i feel this might come tomorrow.Hence adding nothing more to i...
Post a Comment
Read more

NIFTY SHOW- A TUMBLEDOWN

Nifty closed in red with a downpour of 70 points.The nifty witnessed a flat opening followed by mild buying which encountered  a good resistance at  5300,but failing to cross the resistance,markets initiated a downpour.Infosys quarter results triggered the move downward which was followed by profit booking.The whole market breadth was strong negative with 543 advances to 935 declines.                                                                                                     ...
Post a Comment
Read more

NIFTY SHOW - BEARISH PATTERN FORMATION

As expected nifty closed in red with the loss of  35 odd points.The nifty opened with a gap down  and traded lower whole day ,the overall market breadth was also negative with  734 advances to 751 declines.The immunity of the market seems vulnerable ,still the markets are afloat the 20 and 40 DMA . Also the nifty is moving in a pattern hence the intensity ,the volumes,the participation will presumably be low.                                    On the daily charts nifty has created somewhat  an evening star. Here i would like to make it clear that the pattern is more of an approximation to the evening star, which is a bearish reversal pattern.Adding more to it ,the size of the candle clearly reflects low participation and amplitude of the pattern,hence there is not much to count on it.Also we know t...
Post a Comment
Read more