Sunday, September 5, 2010

Nifty Technical Analysis

For shortterm trading, the Volume Profile of  5d charts shows some selling at higher levels.

 The Daily chart with shortterm indicators-

Option analysis shows good support at 5400 levels with the Put buildup in excess of one cr. at 5400 strike and max. buildup of Call side at 5600 strike. Broadly it indicates the trading  range of 5400-5600.
Going forward the breach of 5445 will be the first indication of weakness to come and  closing below 5400 will start a new downtrend. Similarly staying above 5400 -5445 levels will make an attempt at 5550 again and trading above it will make new highs.

This is the followup of the bullish Inverted Head and Shoulders pattern posted few days ago.


mynac said...

Thanks a lot.Nice post.For tomorrow,if I am short then I will be cautious if Nifty will start to trade comfortably above R3 i.e.5528.62.

Sujatha said...

Thanks Aaarvee :)

More "itching" but cleaner index sensex has to taken out previous 2008 high of 18895 according to my little knowledge i am always shorting if sensex not breached it's good levels last time 18455 nearly but nifty did 5545 but it's failure one.

5525 weekly cam short level gann weekly 100% 5514 monthly 100% 5550 & intra gann 100% 5510 PSAR 5513 :)
what a levels!!!

AAR VEE said...

thanks sujatha for the levels ,they make trading easy.

to me looks like the iiird of the 5th and can go more than 5580 levels.
5445 has served well as sar for this upmove.

AAR VEE said...

and forgot to add that incidentally the target for the smaller inverted h&s is also in range of 5560-80 (posted few days ago with this larger one)

Sujatha said...

aarvee - achieved 5560 missing mok, he was telling 5580 :)always

AAR VEE said...


ya he was waiting for 5580 ,should be happy.

looks like if the ew count that 5th (of the upmove since 4786) has started last week from 5350,holds good, than this is iiird of that 5th , it may move above 5625-40!!!! and may not fall below 5515 (on trading basis)and 5480(closing basis).

Sujatha said...

thanks aarvee for the hint, if low comes can cover nd long