NIFTY FIFTY

[AMITBE]

This post is premature I undersatnd.
2525 from a few sessions ago was suggested as the point above which the market would be into a new orbit.
We have just crossed 2525, BUT, this has to be clearly passed, and sustained till this weekend. If so, we could begin to roll up our sleeves again.
There would be lot of covering of short positions currently, coming into the last day of the current F/O contracts on Thursday.
This is helping things along today, and would do so over the next few sessions.
The test of reality would come past Thursday.

 

[AMITBE]

2535 is the landmark level today, the upper band on the NIFTY readings.
This is likely to give resistance if we get that far.
I would be satisfied if we remain close to 2525 on either side.
It's almost mid session, but even so the trend seems strong.

 

[AMITBE]

2540 is giving a lot of resistance for now, and in any case the rally has been too quick and sharp.
2527-2530-2533-2536 are the current short term supports.
I do hope we stay above 2525-2530 till the end today.

 

[karthikmarar]

Hi Amit

Iam Confused Everybody is asking "Is the correction Over ?". We did expect a releif rally. What happened today put me in a tizzy. Now the "correction" looks more of a aberration rather than a correction. Normally the bears slowly lose control and the bulls take charge... I would have cautious approach....what do you say..

By the way... I love this thread of yours. It is like a compass to navigate the Nifty. Thanks

regards

Karthik

 

[Saint]

Hi Amit

Iam Confused Everybody is asking "Is the correction Over ?". We did expect a releif rally. What happened today put me in a tizzy. Now the "correction" looks more of a aberration rather than a correction. Normally the bears slowly lose control and the bulls take charge... I would have cautious approach....what do you say..

By the way... I love this thread of yours. It is like a compass to navigate the Nifty. Thanks

regards

Karthik

Hi Karthik,
Agree with you.........yesterday's correction practically negated the whole of last week's bar,and taking out 2585 ,we are back to new highs.......but cautious approach still necessary for now,I feel.

Saint

 

[AMITBE]

Hi Karthik...confused is right, and aberration is even better!
Thanks for your perceptive remark on this thread...I love running it too, and hence, since I watch the market close, it's interesting and fascinating to watch how the supports and pressure zones get played out even from moment to moment.

On to now.
It was suggested here a couple of sessions ago when the market was keeling off sharply, that once the liquidity flow returns, there would be plenty of select steals to be had at lower levels. This was witnessed yesterday.
I had also written yesterday that covering of short positions was pumping the indexes, which is an important input in the next three sessions coming up till Thursday's expiry of F/O contracts. Also written was the Reality Test, which would come past Thursday.
Volatility should be expected as we approach 2567-2578 levels which is where the NIFTY had the traumatic collapse last week.
2586 is the absolute magic number for the NIFTY, not just today, but also in the current bull run. If this can be sustained with consolidation above here, we are back to business. So watch for that level.
To the down, 2532 is the vital and hinge support. We have to remain above this.
In the short run, there is support at 2555.
To the up, we would hit 2586 possibly, sustaining which may take the NIFTY higher.
Will follow up.

 

[AMITBE]

The volatility closer to 2586 will be strong till this is not taken out and sustained.
2583 has formed a top for now, and below 2577, 2575 is good support for a short play, then 2572.
Sharp dip below here possible.

 

[AMITBE]

At this point there is some good and orderly consolidation going on at 2580 off levels.
The market on the whole is moving sideways too.
If there is an upside to 2586 and above following this phase, we can look to some pretty decent buying coming in and a spurt in prices.

 

[Saint]

New highs and heading for 2600.........mixed feelings though,not sure whether I should feel elated, or worried.

Saint

 

[AMITBE]

The volatility closer to 2586 will be strong till this is not taken out and sustained.
2583 has formed a top for now, and below 2577, 2575 is good support for a short play, then 2572.
Sharp dip below here possible.

The supports again.