Strong Sell off continued in Nifty with major sectors like PSU and Private Banks, Public Sector companies, Small and Mid-Cap seeing no respite in mass sell off. In one way the sell off will cool down the RSI. Lot of these companies are seeing a cuts like hot knife cuts through butter slab. Amongst the fallen the companies which have given good results or seemingly...
Trendline resistance 21800 works again to pull Nifty down. This only shows that the strength of rally decreasing with extreme increase in volatility. There was a news of situation escalating in Middle East and US striving to take some action against the mess created by some disruptive forces in the Red sea. With this news there was selling and profit booking seen...
Market today was in ferocious ruthless form today. Overheated RSI sometimes stays overheated for few days or weeks and sometimes like today cools off in a day. Yesterday the RSI was above 70 and today it is below 30 on the hourly chart. 21550 is a good support zone from where we can see recovery but it is less likely possible point of reversal. The possible point...
It looks Like RSI on Nifty Hourly chart has cooled down and is set for another rally. Once the Nifty and if the Nifty is able to cross 20946 and close above it on hourly candle, we may see Nift rise towards 21026, 21125 or even 21254 within a short span of time. Supports for Nifty on the lower side are 20867, 20813 and 20763.
Nifty on a third attempt today broke the Parallel chanel top and closed comfortably above 50 hours EMA (19568)(Mamma Line). If Nifty sustains above 19568 tomorrow it will turn positive again. In such a scenario the next resistances will be at 19645 and 19684. Crossing and closing above 19684 will open the possibility of Nifty 19798 and 19850+. Supports for Nifty...
Another attempt by Nifty today to break the channel top was unsuccessful. Nifty made a high of 19634 which was channel top and from there we saw pressure build and resistance work. The resistance pushed Nifty downwards and the support of 19533 was activated and it worked well. Nifty staged mini recovery from that level and closed the day at 19570, which is just...
Nifty will have three supports in range which will be like last refuge for bears. One is the low of today which already gave support in the closing hours to Nifty. i.e. 19292. Belos 19292 we have the support zone between 19202 and 19239 hopefully Nifty will bounce from this zone. If not...bears will start coming into action with a lot of energy. Lot of resistances...
Nifty since Mid April 23 has been smoothly flowing in the drawn hourly channel. Now it has taken steps today to break this channel. Breaking an hourly channel of Three months is a very tough challenge. Relative strength index is also approaching near it's sell zone. Perhaps little bit of more effort can take Nifty towards 19800, 19900 or perhaps magic figure of...
Nifty has yet again reached the region from where channel top is near by. Channel top resistance can be in the range of today's peak that is 19595 to somewhere in the range of 19661. Supports for Nifty in case of fall will remain near 19464, 19422 (50 Hours EMA), 19360 (Mid-channel support), 19233 and final major support is near 19133. Closing below 19037 and...
Higher High, Higher Low Pattern in Nifty. As soon as a new high is made lot of Profit booking is taking place due to which Spot-Nifty tends to come down but 50 Hours EMA is supporting the higher high, higher low pattern. If 50 Hours EMA is broken we may see some un-widing. If we see unwinding in Nifty the supports that will be activated will be 19393 (50 hours...
Nifty has plunged as expected but during the last hour of the day took fantastic support at 50 Hours EMA. This support will again help Nifty to have another go at the resistance range of 19450 to 19525 zone. Before reaching this zone Nifty has to cross important resistance of 19419. Supports at 19359 and 19296 are strong ones.
Resistance of ATH Zone works again today and stops Nifty. As expected the resistance zone between 19437 and 19523 again got activated. Nifty made a high of 19515.1 and returned closing the day at 19439.4. End was just above 19437 which should act as a support no.1 for tomorrow. Further supports will be at 19419, 19399, 19337, 19296 and 19232. Again 19500 to 19523...
Hourly chart of Nifty suggests support for Nifty in the zone of 19268 and 19232. If 19232 is broken the next support will be near 19065. Below 19065 Nifty is vulnerable and can fall to the levels of 18859 or 18651. Below 18651 bears will awaken from Coma they are in currently. Trend changes to negative below 18651 closing. Resistance on the upper side for Nifty...
Momentum is with Nifty, but it has reached or will soon reach the Zone which might be very close to the overbought zone. Relative Strength Index cooldown / consolidation might also be required for Nifty to scale further highs. If not tomorrow then later next week. RSI will do some catching up and Profit booking at higher levels like we saw towards the end of...
18646 giving a great support can the rally re-launch from here is the question now. Usually when index or the stock finds a proper support and investors feels confident about the support, there is a possibility of restart or re-launch of the rally from that region. Whether rally will be successful like the previous phase will remain the question. However if the...
Nifty Nose-Dived below 50 hours EMA After Failing to Conquer All Time High which was within the touching distance. The factors responsible for the fall can be attributed to Hawkish stance of FED before July FOMC. Hawkish stance of global Central banks and Profit booking near all time high. Relative Strength Index of Nifty (RSI) also needed some cooling down. 50...
Nifty is within touching distance of all time high. The final resistance zone is between 18865 and 18887.6. It is a difficult but conquerable resistance zone. Supports on the lower side are near 18700, 18639, 18555 and finally 18461. Below 18461 closing the channel will be broken and the trend can become weak.
Mid-Channel Key Support Zone for Nifty. Can it aim for All time high taking support from here? It is quite possible. Key resistances will be 18717, 18798, 18831 and finally All time high 18887.6. Key supports for Nifty 18672 (Major support which should not be broken). 18639, 18555 and 18512. It is mostly matter of time when Nifty will reach all time high, rather...