Nifty Intra Day Chart With Important Levels

nifty 5/21 ema



nifty ema 14/55

nifty 5d

BB chart

Sunday, November 30, 2008

If BJP wins assembly elections, it may trigger upmove

If the NDA/BJP is able to maintain its grip over Chattisgarh, Madhya pradesh and Rajasthan and at the same time capture Delhi from the INC,we might see a rally in the Indian indices. There is a Golden rule which says that market doesn’t like uncertainty and the same rule mentions that the market rewards certainty. Watch for the days when the results will be out. If there is a consensus on either side one will make money by selling the News and vice versa. Technically the short termview is positive. The resistance in Nifty is at 20dma at 2837.Above 20dma the next resistance is at 50dma at 3211. These levels are in a broader sense. Macd has given a positive divergence in the chart. Rsi at 43 is also not in a SELL zone. One should tread cautiously on either side in the markets.
The Fii’s Figures for Friday was on a Buy side of 168 crs. Traders should remember that one shouldn’t read much from the figures on a settlement day. There will be selling based on Hedge fund redemption in December. Again this is a consensus now and markets seldom moves on the same.

Sunday, November 9, 2008

Nifty support at 2628 below 2860

Nifty reversed from the peak at 3240 on Wednesday and closed the week with an 87 points gain. Our medium-term resistance level was tested very fleetingly and it remains the key level to watch out for. However, the fact that the index is holding above the 2860 in the recent pull-back is a positive for the short-term and if this level holds, Nifty can rally once more to 3240 or even 3471. Support below 2860 would be at 2628. The near-term view will turn overtly negative only on a penetration of this level.
Though the short-term view is positive, the medium-term view is neutral. The zone between 3175 and 3250 will try to thwart any up-move. However, if this level is surpassed, there can be a surge to 3470 or 3740.

Saturday, November 8, 2008

Nifty may find support at 2860/2800/2750 and face resistance at 3100/3250

Following weak global cues, Indian markets traded flat with downward bias. Nifty went to a low of 2,860 but bounced from there. During the post noon session, positive Asian cues resulted in a rally developing in Indian markets. Nifty went to high of 3,010 and closed at 2,973. Good buying was seen in beaten down Metals, Oil & Gas and Power sectors. Suzlon, Nalco, Power Grid, Reliance Infra were among heavyweight gainers. Selling was seen in Tata Comm, Siemens, ABB, M&M.``
Nifty has support at 2,940/2,860,( on breaking 2860 2800/2750 ), on upside resistance can be at 3,000/3,050/3150/3250 levels. Traders are advised strict stop-losses. Investors can use the opportunity to create folio for long term.``
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