Skip to main content

NIFTY SHOW - RISE & FALL

Nifty closed in red at 4965 with a mild loss of 9 odd points.The broad market looked somewhat mixed with 651 advances to 809 declines biased to bears.Markets after giving muted to flat opening rose nearly 60-70 points in response to the recovering rupee from its lows,The incoming news flow did create a wave which took nifty above 5000 levels ,but the stringent control of the bears did not let the wave lead too far,in fact after hovering around the day high for quite some time bears started their hunt ,leading the markets to day lows following the close of the today's session.
                                                             Today's  session was a range bound movement,but somehow markets have managed to stay above the 4950 levels.This level being the 61.8% retracement levels is very vital in deciphering further targets.As long as this level is maintained we could expect the "C" wave to build up.Markets have becoming quite sensitive to the news flows due to looming domestic as well as global concerns,in such  scenario markets are bound to show some choppiness.
                           The technical indicators are playing good role in reflecting the overall bearish structure of the markets,in fact they are enriching day by day.Selling off seen today gives us a clear picture that bears are aggressive at higher levels,hence intraday levels should be considered strictly while initiating an intraday trade,because you never know which level could be more vitalizing.I have a cautious view of the markets in coming days.

Comments

Post a Comment

Popular posts from this blog

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

NIFTY SHOW- NIFTY AFLOAT 200 DMA

Nifty opened gap down in the  morning on account of weak global cues ,it violated the 200 DMA went down to 5136 and took of the lows gradually  to 5178 closing today's contract.the market breadth was positive with 844 advances to 637 declines. As it is due to expiry the markets were to remain subdued ,the global markets did the work of  adding oil to fire.Nifty  has maintained the 200 DMA levels as of now ,but under such a situation, the immunity of the market seems vulnerable.Hence on account of this we should allow some leeway to nifty.                                                                         ...
Post a Comment
Read more