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Nifty has closed below 50dma level now at 5625 apprx., making it weak and sell on rise market in the short term . Please check the chart and comments on it .
7 comments:
Viren
said...
5650 was oct expiry....though it was expected to close above 5700...
5630-5650 was earlier support zone...from which markets bounced couple of times...
then 5583 low was made....
now 5583 is broken....so next support is the gap area around 5500...
agree it is sell on rise...
US fiscal cliff....israel palestine tension....parliament session on 22 nov....all uncertain events...
but fii buying continues....scrip specific movements to continue....
there is no place for positive returns for fii....when US treasury markets begin to correct...money should flow into equities...india is a favoured destination...
rupee breaching 54.80 is not a good sign though....watch this level around technical nifty support levels....both will corelate well....
Nifty spot has bounced twice from 5550 in last 2 days....govt gets into action with disinvestment....parliament session to be moral battleground on FDI ...no threat of govt falling.....watch for upside reversal
1. Double bottom formed at apprx 5548 with +ve diversion in hrly tf giving a bounce. Trendline shown in chart above gave good support.Resisted in the mentioned zone of 5630-50.
2.Now the last 3 close have been above 5dema and 5600 level making it neutral-sideways from sell on rise market.
3. 5650+ is apprx 50dma as well as 20dma level. Trading and closing above it will be bullish in short term with higher targets near apprx 5695 and 5740.
4.Caution reqd for longs if the mkts trades above 50dma but closes below it in next three sessions ,if so it may move down again to retest the recent lows.
5. If 5630 is held now in coming week , we may be in for a trending move up in the next series.
7 comments:
5650 was oct expiry....though it was expected to close above 5700...
5630-5650 was earlier support zone...from which markets bounced couple of times...
then 5583 low was made....
now 5583 is broken....so next support is the gap area around 5500...
agree it is sell on rise...
US fiscal cliff....israel palestine tension....parliament session on 22 nov....all uncertain events...
but fii buying continues....scrip specific movements to continue....
there is no place for positive returns for fii....when US treasury markets begin to correct...money should flow into equities...india is a favoured destination...
rupee breaching 54.80 is not a good sign though....watch this level around technical nifty support levels....both will corelate well....
belated new year wishes...dear RV....
Dear RV!
This is self explanatory chart, thanx for posting.
Rgrds,
Kumar
Thanks Viren for ur detailed viewpoint.
Thanks Kumarji for leaving ur comment.
Regards
Nifty spot has bounced twice from 5550 in last 2 days....govt gets into action with disinvestment....parliament session to be moral battleground on FDI ...no threat of govt falling.....watch for upside reversal
Sir.. waiting for ur weekly update..
WEEKLY UPDATE :25-11-12
-----------------------------
1. Double bottom formed at apprx 5548 with +ve diversion in hrly tf giving a bounce. Trendline shown in chart above gave good support.Resisted in the mentioned zone of 5630-50.
2.Now the last 3 close have been above 5dema and 5600 level making it neutral-sideways from sell on rise market.
3. 5650+ is apprx 50dma as well as 20dma level. Trading and closing above it will be bullish in short term with higher targets near apprx 5695 and 5740.
4.Caution reqd for longs if the mkts trades above 50dma but closes below it in next three sessions ,if so it may move down again to retest the recent lows.
5. If 5630 is held now in coming week , we may be in for a trending move up in the next series.
Thanks RV...looks like upside will prevail...chinese GDP data turned positive last week.....
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