Technical Analysis for Nifty

Nifty is in clear downtrend from last few weeks and is unable to close above critical levels mentioned in the previous posts to give any reversal . Lets check what's in store for next week with charts and observations :

 

SGX NIFTY & NIFTY ON 12-08-11

- SGX Nifty closed near the Highs . Nifty may open strong here . 

- The first Resistance zone is the 5165-75 zone . If gaps up over it and sustains then may test the 5225-50 zone . Above 5225 apprx is the Gap area upto 5330. 

- This seems to be the final leg of the retrace upmove ( which may last a couple of sessions more ) hence Positional traders should start entering with the largerTrend that is Down .

- After the Gap up or strong move , if trades below 5165 ( HVN ) will be bearish.

- Keep 5165 as SAR tmrw. and Trade the chart below.  

- Monday is a Trading Holiday so dont take any positions home in the wake of global uncertainity.

SGX NIFTY & NIFTY ON 11-08-2011

SGX Nifty closed in Red. So Nifty here may Gap down. Markets are trying to find foothold above the recent lows and may test 5050-5000 levels.

 Fibonacci Retrace levels of the upmove are given in chart , Volume profiles may not work well now due to gap up and downs but 5075 apprx may act as initial support if trades below 5100 , above 5160-65 has emerged as a HVN and will act as a  good Resistance , Dont be short above it . Can keep 5100 as SAR and trade the chart tmrw. Though 5000 or 5050 has good chance of holding on closing basis , Below it may well be all Red. Trade very light , cut positions fast till the Market settles in a new range. Better Stay Away.

SGX Nifty & Global Markets

Will Tomorrow be the Temporary Panic Bottom ???

World Markets, Commodities ,SGX Nifty

Just took a look before logging off and saw this --