Nifty Technical Analysis For 24th Sep 09

Nifty chart - Hourly:

Nifty has broken the important support level of 5000. Like I have mentioned in yesterday's Pre-Market Analysis, Nifty showed its bearishness below that level.

On the higher side now this 5000 level may act as good resistance. Above which it can go up to 5045 level.

On the lower side Nifty has broken the 5000 level, 4920 may give next support which is a gap support. below which it may go up to 4890. 4845 and 4790 are the next important supports.

Nifty Technical Analysis For 23rd Sep 09

Spot Nifty Intraday Chart - 1 min:

Spot Nifty formed a Bearish Wolfe wave in 1 min time frame and reached its target in intraday itself. Above is the 1 min Spot Nifty chart marked with bearish Wolfe Wave.

Nifty Chart - Hourly:

Nifty almost reached the second target of 5050 level yesterday, it missed with 2 points as Spot Nifty formed a bearish Wolfe wave it retraced back. But the retracement was on high volumes, which is giving a small hint that there may not be a smooth up move from here.

On the higher side Nifty may take resistance from 5100 level, but 5050 may act as intermediate resistance.

On the lower side Nifty may take support from 5010 - 5000 level, if Nifty breaks these support levels then it may show some bearishness. So moving the stop loss for the remaining holdings to 4992 level.

Nifty Technical Analysis For 22nd Sep 09

Nifty Chart - Hourly:

On the higher side Nifty may move up to 4996 level, above which it may reach up to 5050 levels. I have mentioned earlier Nifty formed Bullish Gartley in 5 min time frame which is indicating some strength to the market. 50% of the holding was closed in intraday (on friday) and stop loss for remaining 50% may be kept at 4938 level.

On the lower side Nifty has good support at 4940 - 4930 level as I have already mentioned in the 18th Sep Pre-Market Analysis. Nifty took support from 4940 levels on last Friday. If 4940 level are broken then Nifty may show some weakness.

Nifty Technical Analysis For 18th Sep 09

Nifty Chart - Hourly:

Nifty reached the targets of 5000 and 5010 level yesterday which i hav ementioned in the Pre-Market Analysis, but I skipped this trade.

On the lower side Nifty may take support from the lower levels, 4940 - 4930 level is important and may give good support for Nifty. If it is broken then Nifty may go up to 4900 level.

On the higher side 5000 and 5010 is the resistance, if it is broken then Nifty may go up to 5035 level.

Nifty Technical Analysis For 17th Sep 09

Nifty Intraday Chart - 5 min:

Nifty opened a Gap up and due to profit booking it came down but took support form 4920 level. It has consolidated in a narrow range till late noon and gave a breakout. Nifty reached the first target immediately, Second target is at 5000 - 5010 level.

Nifty Chart - Hourly:

On the higher side Nifty may go up to 5000 - 5010 level. As 5000 is a numerical resistance I am little skeptical about this target. Above 5000 level, 5040 is the next resistance.

On the lower side Nifty may take support from 4950 - 4940 level. 4920 may act as good support, if it is broken Nifty may reach up to 4900 level. As Nifty is moving up after consolidation in a ranges, they may act as good supports for it.

Nifty Technical Analysis For 16th Sep 09

Update at 3:29 PM:

Closed all at 4969 as Nifty is near numerical Resistance 5000. Will take fresh trade tomorrow.

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Update at 3:18 PM:

Booked 25 % here at the intermediate resistance at 4963 also target is very near by.

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Update at 2:20 PM:
Moving stop loss to 4927.

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Update at 10:08 AM:

Nifty reached the first target of flag and pole at 4940 level, if it breaks into the gap with confirmation then book out 50% and keep stop loss at 4895.

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Spot Nifty Chart - Daily:

Nifty has broken the high of the Gravestone Doji, Which again indicates strength.

Nifty Chart - 1 min:

Nifty formed a Bearish Wolfe Wave in 1 min charts, before reaching the target it formed another one but not perfect this time and almost threatened to break the stop loss for the first one. But targets are reached for both of them. Above chart is marked with Wolfe wave and the targets.

Nifty Chart - 5 mins:

As I have mentioned in the yesterdays update, Nifty has formed a Flag and pole. But initially it gave a break down with confirming volumes in order to reach the target for the Wolfe wave. Nifty pulled back into the channel again with almost equal volumes. It gave a break out later on Target for this may be 4980 level.

Nifty Chart - Hourly:

On the hourly Charts we can clearly see the bottoming tails, Which is indicating that every sell off is pulling back. On the higher side Nifty may reach the target of the Flag and pole at 4980 level. But 4860 may act as intermediate resistance.

On the lower side Nifty may take support from the 4900 level. Below which it may reach up to 4875.

Nifty Technical Analysis For 15th Sep 09

Update at 1:06 PM:

Exited all at 4885. Nifty is forming like a Flag and pole will enter at the breakout.

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Update at 10.25 AM:

Booked 75% profits of swing trade here at 4866, and keeping trailing stop loss for the remaining. Nifty almost reached the target of 4868 level.

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Nifty Chart - Daily:

Nifty moved in a very narrow range yesterday with low volumes, indicating that bears were not able to sustain. Also it formed an Inside Bar(with small error).

Nifty Intraday Chart - 5 min:

Nifty formed a narrow range channel and gave a break out after consolidating for almost a day. Target for this channel is 4842, which is almost reached yesterday itself. But I am expecting this move up to the next resistance level of 4855 and then 4868.

Nifty Chart - Hourly:

On the higher side Nifty has 3 levels of resistances in the narrow range, and they are 4842 - 4852 - 4868.

On the lower side Nifty has a good support at 4785 level, below which it may go up to 4753 level. 4740 is the next support for Nifty below which bears may gain some more strength.

Nifty Technical Analysis For 14th Sep 09

Spot Nifty Chart - Daily:

Spot Nifty formed a Gravestone Doji in daily charts on last Thursday, but on Friday It gave a gap up instead of opening gap down. Till 4886 is taken out supply may come in at higher levels.

Nifty Intraday Chart - 5 mins:

Nifty broke the resistance line in intraday, which may act as support for today.

Nifty Chart - Hourly:

On the higher side 4890 may act as an important resistance. 4867 may act as intermediate resistance.

On the lower side support trend line may give support which is at 4828 level, Below which 4800 - 4795 - 4785 levels may give good support for Nifty.

Nifty Technical Analysis For 11th Sep 09

Nifty Chart - Daily:

Nifty Showed weakness yesterday, after a gap up opening it came down and closed around 50% of the Thursday's up move. Cloud cover indicates weakness, but we need to take confirmation from some other indicator to validate this.

One more thing to observe is volume on the up move days is much less then the down move days.

Nifty Chart - Hourly:

Nifty has to break yesterday's high of 4890 to gain momentum. On the higher side 4840 may act as resistance. 4890 may act as next major resistance. 4860 may act as intermediate resistance.

On the lower side 4785-4780 may act as good support. As I have already mentioned in yesterdays Pre-Market Analysis, nifty has bunch of supports in the range. Below 4785 it may take support from, 4760 level and then 4740 may come into play.

Nifty Technical Analysis For 10th Sep 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Channel/Trading range, and it gave a break out from it. Later on it formed a flag with declining volumes. As it did not form any bearish pattern later on after the break out it is not a Terminal upthrust, so Nifty may reach 4860 level.

Nifty Chart - Hourly:

On the higher side Nifty may reach up to 4860 - 4865 levels but 4840 may act as intermediate resistance. Above which Nifty may move up to 4880 levels, and 4920 may be the next resistance

On the lower side Nifty formed a bunch of supports, 4785 may act as good support. 4760 - 4740 mat act as next immediate supports.

Nifty Technical Analysis For 7th Sep 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Flag and pole pattern in price pattern. It zoomed up with spiking volumes, but volumes were not declining while it is forming flag pattern. If 4700 is taken out with confirming volumes, then the target is 4740 levels one must trade with caution as volumes are not draining in the formation of flag.

Those who are already long from Friday may use trailing stop loss for the target.

Nifty Chart - Daily:

Nifty formed a bullish bar with low volumes, indicating the move with less effort. Nifty has to gain some more volumes to hold the strength and break through the resistance.

Nifty Chart - Hourly:

On the higher side if Nifty breaks 4700 levels with confirming volumes then it may go up to 4740 levels. Above which 4760 is the next resistance.

On the lower side Nifty formed a good support at 4645-4660 levels. below which it may reach up to 4582 levels.

Nifty Technical Analysis For 4th Sep 09

Nifty Intraday Chart - 5 mins:

As I mentioned in the Flag and pole post, Nifty is moving in a narrow range from past 2 days, and yesterday it did break 4600 triggered a short entry for high risk traders.
Nifty is finding good support at 4581 level, if that level is broken then it may reach up to 4550 level.

Nifty Chart - Daily:

On daily charts Nifty formed a narrow range bar with low volumes, indicating the indecision.

Nifty Chart - Hourly:

Nifty has to fill up the gap formed on 24th Aug, as the gap would close at 4550 and the trend line support is falling in the same range. And also 4445 is the 50% retracement of the total up move from 4340 to 4750. This level 4450 may act as good support level. Below which 4500 may act as next support

On the higher side 4646 - 4660 may act as good resistance, above which Nifty may go up to 4700 - 4710 levels.

Nifty Technical Analysis For 3rd Sept 09

Nifty Intraday chart - 5 mins:

Nifty opened gap down of 20 points and started moving up so the call on double top didn't trigger yesterday morning.

Nifty formed a Bearish Flag and pole, in the present conditions trade triggers only below 4600, as I mentioned in the post.

Nifty Chart - Daily:

Nifty formed an Inverted Hammer in daily charts with moderate volumes, which is giving a hint that bears have failed to through the prices down. But they didn't loose totally as bulls couldn't managed to close above 4664 levels.

Nifty Chart - Hourly:

On the higher side if the market opens above 4665 levels which is 50% retracement of the total down move from 4744 to 4581 levels, then it can reach up to 4700 - 4710 levels. If it opens below 4665 levels then 4665 would become initial resistance.

On the lower side 4600 may act as good support, below which Nifty has to take out 4581 levels to pull the market up to 4550 levels.

Nifty Technical Analysis For 2nd Sept 09

Nifty Chart - Daily:

Nifty formed an outside bar with high volumes, after 3 months at last Nifty could see high volumes again. Volumes where gradually increasing from past 10 days. On the price chart Nifty may form an Ascending Triangle.

Nifty Chart - Hourly:

Nifty has broken the important support level of 4630 yesterday with confirming volumes. Also it formed a double top and gave a breakdown, target for this pattern can be 4550 level.

On the higher side Nifty may take good resistance from the 4630 levels. 4660 may act as next resistance level.

On the lower side 4593 may act as support. Below which Nifty may slide up to 4550 level which is the target for the double top and also the Gap formed on 24th Aug would be closed. 4500 may act as next important support for Nifty, if it is broken then bears may gain strength.

Nifty Technical Analysis For 1st Sept 09

Update at 11:35 AM:

Nifty opened gap up and started moving up and reached its 50 point target as I mentioned in the pre market analysis.

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Nifty Chart - Daily:

Nifty formed a candlestick doji bar and also an inside bar with minor error. Yesterdays high and low may play an important role for today.

Nifty Intraday Chart - 5 mins:

Nifty may form possible head and shoulders pattern, with neckline at 4684 level. If Nifty breaks that resistance with volumes or opens a gap up above the resistance and starts moving higher then it may go up for another 50 points.

Nifty Chart - Hourly:

On the higher side Nifty has resistance at 4684 level, above which 4708 is possible. Nifty may move up to 4730 to close the gap, which it opened yesterday.

On the lower side 4630 is an important support level to watch out. Below which Nifty may go down to 4593 level.

Nifty Technical Analysis For 31st Aug 09

Nifty Chart - Daily:

Nifty closed just below the resistance of the trading range on Friday. In the last upmove, Nifty showed good strenght with high volumes but couldn't succeed taking out this resistance line. Taking the global markets into consideration it may not cross this resistance for today Today.

Nifty Chart - Hourly:

Nifty may gap down going my global market cues. In which case 4700 will be immediate resistance. Nifty has to break the resistance trend line convincingly, Which is at 4745 level to move further highs.

On the lower side 4720 is the 1st support, if Nifty breaks that support it may come down further up to 4660 - 4630 level.

Nifty Technical Analysis For 28th Aug 09

Nifty Chart - Daily:

Yesterday also Nifty formed a narrow range bar near the resistance line, but volumes are slightely reduced. If we compare these volumes with previous 1 weak back's volumes, they are good. Now Nifty is near to the resistance level, but increase of supply is not seen in the higher levels and bulls are not giving it up. When demand is added, Nifty would move up as supply is not intact. Due to global conditions if supply is increased a little bit we may see Nifty moving down due to lack of demand.

Nifty Chart - Hourly:

On the higher side Nifty has to cross the resistances, again the same 3 resistances which I have mentioned in yesterday's Pre-Market analysis post. The resistances are 4710-4727-4744. Nifty has to move up with high volumes from this resistance zone, otherwise one must be cautious to take long trades.

On the lower side, if Nifty breaks 4650 levels it may move down to 4610 levels. 4634 is the intermediate support for Nifty.

Nifty Technical Analysis For 27th Aug 09

Nifty Chart - daily:

Nifty formed a narrow range bar with moderate volumes, giving an indication that bulls are not able to push the prices up. As Nifty is near to resistance in the trading zone this may give a pull back. This pull back can be a chance to bulls to gain the momentum to zoom the prises up.

Nifty Intraday Chart - 5 min:

In intraday Nifty formed a channel with sustained volumes. Every time when it is making the new high, demand is falling, so the prices. This channel may act as flag to the pole which is formed on 25th Aug 09 with spiking volumes. Break down from this channel may lead the prices to 4582 levels.

Nifty Chart - Hourly:

On the higher side Nifty got 3 resistances which I have mentioned in yesterday's pre-market post. Nifty has to break these 3 resistances 4700 - 4726 - 4742 levels decisively to make new highs.

on the lower side 4655 - 4635 may act as good supports, below which 4612 may act as minor support 4582 would be the target for the breakdown from the channel. Also 4582 is the Gap support below which Nifty may show some weakness.

Nifty Technical Analysis For 26th Aug 09

Nifty Chart - Daily:

Nifty is near to the resistance in the trading range, from the past 5 days volumes are increasing which is good for bulls.

Nifty Chart - Hourly:

On the higher side 4700 is the initial resistance, above which 4726 is the next one. 4742 is the next resistance. Nifty has to break through these 3 levels decisively with good volumes. If it breaks through that range with good volumes then nifty may reach up to 5050 levels, which would the initial target.

On the lower side 4630 is the initial support, below which 4610-4600 is the next support. Nifty has to sustain above 4582 levels, below which it may show some weakness.

Nifty Technical Analysis For 25th Aug 09

Nifty Chart - Daily:

Yesterday Nifty opened gap up and formed a narrow range bar with higher volumes, giving a hint that bulls are unable to move the prices up.

Nifty Intraday Chart - 5 Mins:

Nifty formed a narrow range and gave a false breakout from the range. Also it has formed an ABCD extension pattern in futures. This breakout made it reach the target for the "D" and also the Inverted head and shoulders pattern. When it reentered the channel it gave a good signal for reversal as it became a false breakout.

Nifty Chart - Hourly:

On the higher side yesterday's high of 4665 mat act as good resistance for Nifty. Next resistance comes at 4700 levels.

On the lower side Nifty formed a gap yesterday at 4593 levels which may act as support, if Nifty breaks this levels it has more chances of going down to 4546 levels.