NIFTY FIFTY

[AMITBE]

The levels:
Supports are 3210-3207-3203-3199-3195-3191-3187-3183-3179.
3175-3170 are crucial to hold.
These will need updating later on.

To the up, 3220-3223-3226-3229-3232-3235-3238-3241-3245.
More later if and when the action moves there.

To look at the moves so far, the levels to hold above are 3209-3212 if any upside has to come.
But then the Nifty has formed a congestion above 3233 that extends to 3265.
For its worth, the line is 3209-3212-3215-3218-3221-3224-3227-3230-3233.
Then the congestion line is 3237-3241-3245-3249-3253-3257-3261-3265.

Should pressure to the up build above 3241-3245-3249, expect an easier move up on shorts getting out.

To the down, the levels remain same as the first post this morning.

 

[AMITBE]

To look at the moves so far, the levels to hold above are 3209-3212 if any upside has to come.
But then the Nifty has formed a congestion above 3233 that extends to 3265.
For its worth, the line is 3209-3212-3215-3218-3221-3224-3227-3230-3233.
Then the congestion line is 3237-3241-3245-3249-3253-3257-3261-3265.

Should pressure to the up build above 3241-3245-3249, expect an easier move up on shorts getting out.

To the down, the levels remain same as the first post this morning.

Ah...one more thing...it's so easy to lose track of important levels amidst all these levels.
3237 has been named as a long range turning point for my work and had posted this even yesterday.
So this is the number to track.

I'm working with trendlines in the chart so far.
It's not an easy chart to track with trendlines as of now.

The Nifty has fallen back to 3229, and if in the pullback 3233-3237 are attempted without success, expect a sharp retracement.

 

[adilsaleem]

Hi Amit
Are not the volumes quite low even today? does this give us any hint

 

[srisara]

AMIT,

NIFTY at 3250 now, what you feel about this? I feel It should hold 3250 firmly or else we can see people will start shorting and we will be back to Square 1.

Satya

 

[AMITBE]

AMIT,

NIFTY at 3250 now, what you feel about this? I feel It should hold 3250 firmly or else we can see people will start shorting and we will be back to Square 1.

Satya

Hi Satya...same thing...no follow through buying despite repeated rallies.
Also importantly, markets in Europe are in red at opening, and these days our markets react sharply to any negative news from other markets.
In the next couple of hours if there is recovery out west, we can expect our markets to to do the same to some extent.
The more the Nifty is able to hold above 3228-3234 the better.
Downside, there's nothing to say.

 

[srisara]

Hi Satya...same thing...no follow through buying despite repeated rallies.
Also importantly, markets in Europe are in red at opening, and these days our markets react sharply to any negative news from other markets.
In the next couple of hours if there is recovery out west, we can expect our markets to to do the same to some extent.
The more the Nifty is able to hold above 3228-3234 the better.
Downside, there's nothing to say.

let's hope it will hold 3225-3230.

satya

 

[Czar]

The Nifty has fallen back to 3229, and if in the pullback 3233-3237 are attempted without success, expect a sharp retracement.

Bingo... funny thing is when you said "Supports are 3210-3207-3203-3199-3195-3191-3187-3183-3179.
3175-3170 are crucial to hold.
These will need updating later on." in the morning I knew we were going down for sure

Many were expecting the shorts to get squeezed but seems the short were not from the retailers... Most were scared to think shorting the nifty with such a hugh difference in spot & future...

 

[srisara]

Bingo... funny thing is when you said "Supports are 3210-3207-3203-3199-3195-3191-3187-3183-3179.
3175-3170 are crucial to hold.
These will need updating later on." in the morning I knew we were going down for sure

Many were expecting the shorts to get squeezed but seems the short were not from the retailers... Most were scared to think shorting the nifty with such a hugh difference in spot & future...

Tomorrow is crucial as we are near 3150 levels. If 3150 is not held, then its all the way down to 3125, 3115........

So watch out for the action. NIFTY may surprise many Tomorrow?

Satya

 

[SGM]

Hello srisara,

The adjusted close is above 3180 but from here, 3070 too looks quite near.

Sanjay

 

[Czar]

Tomorrow is crucial as we are near 3150 levels. If 3150 is not held, then its all the way down to 3125, 3115........

So watch out for the action. NIFTY may surprise many Tomorrow?

Satya

no suspense please, surprise on which side ???