Skip to main content

NIFTY SHOW - SEE-SAW RIDE

Nifty closed in red at 4974 after shedding 25 odd points.The broader market favored the bears with 454 advances and 1028 declines.Today's the markets experienced a see-saw ride with markets moving above and below 5000 levels.,but finally the session was done with nifty ending in sub 5000 levels,another minor victory for bears.As it was an oscillating session for markets it provided intraday traders with opportunities on both sides.
         Well, the markets are resting just above 4950,which is 61.8 % retracement move of the prior rally.If markets reverses from these levels then we can expect ABC wave pattern to come into effect,which carries an objective of 1100 points on the upside,please note that this would be short term outlook,hence things will only take the shape as and when we move .Further if we do not sustain then levels of 4700 seems approachable,in worst case even 100 % retracement of the previous bull move can also been observed.The matter of fact is right now we are more in skeptic phase where indecisiveness is peaking ,also with the global markets sentiments will cast a considerable effect moving on.The dollar-rupee,crude prices ,euro,Greece concern, need to be looked upon closely.
                                         The RSI indicator has almost approached 30 levels resembling an nearing oversold condition.Whereas the ADX is reflecting 23 levels indicating trend strength is building up.The MACD is with visible negative crossover.
                                       

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