Nifty EOD 27th Mar 2009

We had told Nifty will breakout of channel in intraday chart. Nifty went up more than we expected. Let us now see the Daily charts and see where Nifty is heading. We can see that from past 2 months Nifty has been in a channel. As of now we can expect to see some channel resistance of 3150-3180. The result season will dictate whether Nifty will breakout from this channel. If breakout happens then Nifty - BELIEVE IT OR NOT- can see 3500-3700 levels!!! That will be an impressive rally in a bear market. But as of now 3150-3200 is VERY IMPORTANT channel resistance.

Nifty Futures Update 23/03/2009

This is a 15 min time frame intraday chart of Nifty futures. As can be seen from chart, it is in a range from 2760 to around 2800 levels. A clear breakout from these levels and if it sustains above this then we can see the next range resistance level which is around 2871. As of now 2760 is acting as a support where a sort of double bottom was formed.

Nifty futures Point and Figure Chart

This is a 15 min chart of Nifty futures. We have used the Point and Figure method to analyse it. Let us see what it is telling. The rally of the past 3 days started when it broke the diagonal trendline around 2650. From the chart, we can see that recently futures had made high of 2800 and retreated. Today also Nifty tried to break the high of 2800 but could not sustain and fell. we might see 2650 and if that is broken 2400. Right now 2800 on the upside and 2650 on the downside are the levels to be watched out.

ALERT NIFTY RESISTANCE NEARING

Last week was short and seen short but fast rally .Now time to keep profit in your pocket as not only nifty but many stocks nearing resistance level from where sharp pull back can come .


Regards

Niftytrends Team

SHORT TERM VIEW FOR SHORT TRADING WEEK

In last post we have suggested that big move is coming . Bears still have upper hand now and their position is safe till 2702-2710 is not broken and closed above that.

CHARTS ABOVE SHOWS NIFTY IN DOWNWARDS CHANNEL AND SHORT WEEK WILL ALSO PLAY CRUCIAL ROLE NOW .No one wants to take huge position home as dow trading below crucial level any big movement in Dow can make gaps in our charts .

Bulls have last hope as show in last chart area of 2490-2520 . This will be bouncy for them and any break for that area will be invite trouble for them as next support below that lies in area 2252-2350.

SUGGESTION : Our suggestion would be use intra day trading opportunity than taking long positional calls .

Regards

NIFTYTRENDS TEAM

BE READY FOR BIG MOVEMENT SOON

In last post we have showed hooking of CCI when nifty was trading above 2900 and mentioned that below 2830 nifty will face selling pressure on every rise .

LATTEST NIFTY VIEW : As above charts shows thats nifty is trading in small range and trying to consolidate before taking any further voilent move . Some of indicators like elliot trigger is near zero line and cci hooking again .

BULLS WILL BE SAFE IF NIFTY TRADES ABOVE 2753 AND BREAKOUT 2828 LEVELS NOW FOR BREAK OUT FOR AT LEAST NEXT 200 POINT MOVE ON UPSIDE .So I would suggest bulls to wait for breakout .
BEARS are safe as long as Nifty trades below 2784( this level derived from intraday chart of nifty ).
MAJOR SUPPORTS FOR NIFTY SPOT : 2700 ,2660, 2628

MAJOR RESISTANCE FOR NIFTY SPOT :2753,2784,2828.


HAVE A NICE TRADING DAY !!

Regards

NIFTYTRENDS TEAM