NIFTY FIFTY

[AMITBE]

Hi gvnarendra...it's sure a bear flag by the looks of it.
Yes, I too hope it gets negated in due course, else!!
Track it close and do update please.
Thanks!

Ah...and as for today, please don't get lured in by the rise in Nifty.
It can just take a big dump too.
Extreme caution.

I hope it'll stop above 3177 tonight, as it's another long range important level.

 

[amitt29]

I hope it'll stop above 3177 tonight, as it's another long range important level.

Wit all due respect,irrespective of the close the underlying has gained strength(if u understand what I mean),yesterdays volatility towards high side was a signal towards that)
If i were a trader or an investor i wudnt short now.
Amitji ur levels are sight for sore eyes.
I have learnt a lot from your levels.

 

[AMITBE]

Wit all due respect,irrespective of the close the underlying has gained strength(if u understand what I mean),yesterdays volatility towards high side was a signal towards that)
If i were a trader or an investor i wudnt short now.
Amitji ur levels are sight for sore eyes.
I have learnt a lot from your levels.

Hi anmitt29, thanks for the kind compliments.
What do you mean by underlying?
I post here on the index itself and not the futures.
And just curious, do tell what you've learnt from my postings.

As far as I'm concerned, the close today was not too strong at all.
The recovery from 3177 appears more likely on shorts squaring up rather than buying.
Also, not holding above 3237, a major turning level wasn't a good thing to see.
Sure the players have gone home light over the weekend in such tumultuous times, but the extreme volatility today was the mirror image of yesterday: Yesterday closed to the high and tonight we are close to the low.

As to charting, the trendline is drawn from a significant day's high level at 3277, also the level where the Nifty fell off the bearish rising wedge.
Note how the trendline today was so powerful that it kept the Nifty pinned down firmly.
The narrow grid of lines are of course all my numbers which are pretty much all taken.

Next week is another story, and so till then.
Get lots of much deserved rest, everybody.
Have a nice one.

 

[AMITBE]

Ive had a busy weekend, and so have not been able to have a very close look at the data.

However, along with the various analysts, Im of the view that a sideways move is coming on, and for today a flattish disposition may prevail.

The caution for the market is, the days of taking negative news in its stride are now gone.
Each negative news is going to be met with fear-induced volatility, so travel very light.

The long term story, as they say, is intact.
Ironically, despite all that, there are many broken bones.
So dont be lured in by rallies, as the grounds ahead could well be full of betrayal.
The magic lies in volume.
Till volume returns, all rallies would be threatened by menacing jaws of gravity.
Such rallies should only be traded by those very clear of technical levels.
Im not instilling fear or anything, but highlighting caution.

The levels:

Congestion is seen ahead at 3226-3230.
The line there is 3214-3217-3220-3226-3230.
The congestion itself seems to be at 3234-3238-3242-3246-3250-3254-3258-3263.

Supports are 3206-3202-3198-3193-3188-3181-3178-3173.
3158-3161 seem strong base.

Will try and revise again.

 

[gvnarendra]

hello amitbe,

most of asian markets are in green.So there may be some bullishness today.
As for the bear flag, the pattern inside it is forming a contracting triangle and so there may be a strong move in one direction leading to a break out of the inside bars formation on daily chart in coming days.

regards,
gvnarendra

 

[AMITBE]

hello amitbe,

most of asian markets are in green.So there may be some bullishness today.
As for the bear flag, the pattern inside it is forming a contracting triangle and so there may be a strong move in one direction leading to a break out of the inside bars formation on daily chart in coming days.

regards,
gvnarendra

Hi gvnarendra,
I agree with you on the chart you've uploaded, and please update this as much as possible.

About Asian markets, yes they are in the green but flat.
The US and Europe markets are closed today so expect cautious moves and nothing heady, according to me.
All the best.

 

[gvnarendra]

hello amitbe,

Just fell off the white trendline marked on the chart.below 3221 in nifty cash could induce some more weakness.

regards,
gvnarendra

 

[srisara]

hello amitbe,

Just fell off the white trendline marked on the chart.below 3221 in nifty cash could induce some more weakness.

regards,
gvnarendra

narendra,

just check this ascending traingle (pardon, i used you chart for it). Looks like NIFTY can seek higher level from here, if it can hold the bottom.

wait from some breakout. Also, good news is coming from Monsoons.

Satya

 

[gvnarendra]

narendra,

just check this ascending traingle (pardon, i used you chart for it). Looks like NIFTY can seek higher level from here, if it can hold the bottom.

wait from some breakout. Also, good news is coming from Monsoons.

Satya

thanks satya for the update.Me too, looking for bullishness to come at certain point. Breakout from the inside bars on daily chart could be a good indication for the confirmation of the ascending triangle breakout.

regards,
gvnarendra.

 

[munchikana]

Hi everbody
Have a look at intraday chart of NIFTY spot. It has not been able to clear the high of friday 26/05/2006. Friday high was about 3277 and today high so far is about 3251. It is now far off from it by about 45 points. Now about 3206. Don't you think this sort of move (i.e. inside bar) in a fast pullback rally is quite dangerous. My personal feeling as of now is to concur with learned senior Amitbe that a bearish flag is shaping up. Opinions solicited