Nifty Intra Day Chart With Important Levels

nifty 5/21 ema



nifty ema 14/55

nifty 5d

BB chart

Wednesday, August 27, 2008

Short-covering may trigger buying

The bulls will need to keep the Nifty spot above 4320. On the flip side, a consistent trade below the 4300 level will be a negative indicator. The coming session is likely to witness a range of 4380 on advances and 4245 on declines.

Tuesday, August 26, 2008

Bulls lack buying conviction

The markets opened on a strong note and ended off their intraday highs as the higher levels could not be sustained due to lack of buying support. The traded volumes were poor and the market breadth was marginally positive as the combined exchange figures were 1952:1889. The capitalisation was similarly positive as the commensurate figures were Rs 5,497 crore:Rs 5,136 crore.
The indices have closed at the lower end of the intraday spectrum as follow-up buying and traded volumes were abysmal. The intraday range specified for Monday at the 4400 / 4270 level held as the Nifty retraced from the 4399 mark itself, validating our wave count. The weak market internals indicate a desperate need for follow-up buying, without which a sustainable upmove may be elusive.
The oriental charts indicate caution as the closing has been near the open and the inverted "doji" formation has a "long shadow". The bulls will need to take the markets past the Monday intraday highs to rope in the retail buyers. The coming session is likely to witness a range of 4385 on advances and 4265 on declines. As long as the Nifty spot remains below the 4350 pivot, the bears will rule the roost.
The outlook for the markets on Tuesday is that of abundant caution as the bulls are clearly lacking buying conviction. Unless heavy duty buying support kicks in, expect short-term weakness.

Sunday, August 24, 2008

Global Cues - Turbulent times ahead

The crude, dollar and gold troika dominated the financial markets last week as analysts went nuts trying to explain how these affected each other and the equity markets.
With the dollar pausing its meteoric rise, crude moved between $111 and $120. Friday’s sell-off that came after a 30 per cent retracement of the decline from the recent peak at $147, implies that the support at $110 would be under severe pressure in the near term.
Dow Jones Industrial Average reversed higher from an intra-week trough at 11290, above the key short-term support at 11230 that we have been watching over the last couple of weeks. The S & P 500 is also putting up a resilient show. The key support for this index is at 1240. Though European and Latin-American markets stabilised last week, Asia remained turbulent. Many of the Asian indices such as Hang Seng, Shanghai Composite, Seoul Composite and Straits Times Index recorded new 2008-lows last week.

Index Outlook - global cues will decide

Nifty continued its losing streak by declining 103 points last week. The index is currently pausing just above its 50-day moving average at 4280. A move higher to 4443 or 4522 is possible next week. Reversal from either of these levels would provide shorting opportunity to short-term traders. Move beyond the second target is needed to make the near-term outlook positive.
However, the medium-term view for the index remains positive as long as it holds above 4115. Reversal from 4220 or 4120 would imply that that the index can rally to the zone around 5000 over the medium-term.

Saturday, August 23, 2008

Upmove would hinge on global cues

The coming session is likely to witness a range of 4400 on advances and 4270 on declines. If the 4272 level is violated, expect a decline upto the 4190 levels. For the bulls to remain in charge, the Nifty spot must trade above the 4300 level consistently.
The outlook for the session on Monday is that of guarded optimism. Should the overseas cues be positive, expect a small upmove.

Thursday, August 21, 2008

Nifty may open on a negative note and recover

On Friday, Nifty may open on a negative note. On Thursday, Nifty showed selling pressure and closed in red with bearish market breadth. Nifty closed below its support at 4,325. For the daily purpose trend deciding level is 4,275. If Nifty shows strength above 4,275 with good volumes then we may see a rally upto 4,295/4,325/4,345.`` Upside crossover may take it to 4,375/4,395/4,425 and higher. On the other hand, if Nifty doesn`t sustain above 4,275, then we may see a decline to 4,245/4,225/4,195. Breakdown may take it to 4,175/4,145/4,125, he said. For the swing traders if Nifty doesn`t sustain above 4,275 then we may see a decline to 4245/4190. If Nifty manages to sustain above 4,275 then we may see a rally to 4,325/4,375.
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