Technical Analysis for Nifty

 Last Weekend Post had these lines as opening statements -

"Nifty is at an important juncture of trading which may decide the short term as well as medium term trend in this week or two. It seems to be coming out of consolidation, now whether it is sustainable or will give a false breakout to sink later is to be seen. "

and this as closing one -

"Bias is towards long now but cautious trading required to avoid getting trapped as indicated. "

Nifty came out of consolidation from the Trading range of apprx. 5740-5500 last week.

It also did give out a false breakout on Monday, giving a 12d high close but sank later below 5500 and 50dma , giving the lowest closing after 25/06/11.

Since the initial Analysis was Bullish last weekend but the above statements were at the hindsight due to various Resistances ahead and expectation of reversal , so the update on Monday eod suggested to keep a SAR of 5635 which came into play right the next day and obliged the whole week further .

Hence always remember the Quote above - " We cannot change the cards we are dealt ,

Just how we play the hand " . It emphasizes preparation , awarness and flexibility that will only help lock in profits and survival in these dynamic markets .

The Technical structure of Nifty has been altered or say reversed compared to last weekend. Now for the analysis of indicators as of today for further trading probabilities-

$USD and Nifty

The Indian Rupee is critically poised against the US Dollar at this juncture. Also a significant event of US debt default issue is coming up next week. Let us analyze effect of USD v/s INR on Nifty and USD as an instrument.

Technical Analysis For Nifty

UPDATE : 26-07-2011

Upgrading SAR to 5635 proved fruitful. Now again 5570 comes into play . Break and close below it has bearish implications. One can manage trade with 5570 as intraday SAR and ride the downwave.

Trade The Chart

Elliott Wave ,Fibonacci, Moving Averages, Patterns and Nifty

Analyzing the probable Short Term path of Nifty by Elliott Wave Analysis in corelation with Fibonacci levels , Moving averages ,Volume Profile, Patterns and Option analysis.

Technical Watch for Nifty

Nifty is in consolidating phase as metioned in last weekend post. Nothing much has changed on the broader technicals . The consolidation may continue for this week too, testing and rewarding the patience and discipline or can give a breakout trade one way. Lets check the Technical Insight for this Week .

Update for Nifty 15-07-2011

As posted in Weekend Post and last Update , we are in a correction within a correction of Higher TF , hence Whipsaws and Test of crucial levels are expected.Today was one such day where the Weekly SAR of 5625 got whipsawed .

Now for Tomorrow's trading one can consider following  -

Update for Nifty Trading

Update Post for Nifty . Check out the self explanatory Charts-

Technical Analysis for Nifty

The coming Trading period for the Next Week (or two) may be quite tricky as the sustained upmove since 5195 slowed down last week ,made a dash to 200dma and corrected down. The next phase will be the Tug of War ,Testing of Levels and Whipsaws.

Perseverance

This beautiful Slideshow was sent to me by Dr. Kumar ( Kumar Tecnicals Blog ). Please view it on full screen and learn the message Nature has to give us. Try it out in your Life and feel the difference .

' My Trading Diary ' Updated

How to Trade Nifty Next Week ?

There has been a consistent Upmove since the recent low of 5195 and Nifty is looking overheated . There may be some cooling down before any move of consequence unfolds . In general, the Next Week may be of a short term correction and consolidation within a range. Let us checkout the Trading Insight and important Levels for trade now .