NIFTY FIFTY

[VICKY_SEEKINGINR]

Market looking good now??

 

[AMITBE]

Market looking good now??

Hi Vicky...too early still. It has rallied like this several times over the past little while only yo slip badly again. Choppy mainly...now up and now down.
For the bull run to return, we need to be above 2635-2650 and keep there, which is pretty far from here.
Cheers.

 

[VICKY_SEEKINGINR]

Thanks Amit..

Hope we will see 2635-2650 soon

 

[AMITBE]

We have been consistently getting confusing moves on the Nifty for quite some time now.
It often jumps to test highs, and just when you think it's on its way, it comes plummeting down.
I am writing this after the moves on Tuesday where the ending surge came as quite a surprise.
However, the 2620-2635 levels hold all the answers. Only if these are sustained will the market get on with the game. There are plenty of important results coming along, and traditionally Diwali is when a lot of action happens to the up. So there is hope that in the short term at least, we may see some form of a rally. The close today would be interesting, and possibly an early indicator.
Still, at every rise there will be a strong pressure to sell, and we must remain cautious.
Choppy weather is likely to continue.

The levels for today.
2610 is an immediate resistance, and as we know the Nifty flounders at 2620, this would be the next difficult level. If this is breached, we may even test 2630.
To the down, 2572 is again the vital support, though there are some short term supports above. Further down 2567-2562-2555 and 2550 have been good recently.

 

[Saint]

Taking out 2550,and now 2547 support levels as well......

 

[AMITBE]

Hi saint...yes again the Nifty has bounced off 2547 as it did on Monday, and again dipping just like then.
2533 had held on the earlier session, and below this are 2527, 2523, 2519, 2514.

 

[AMITBE]

Hi saint...yes again the Nifty has bounced off 2547 as it did on Monday, and again dipping just like then.
2533 had held on the earlier session, and below this are 2527, 2523, 2519, 2514.

Quite a drubbing today.
Seems like the market cannot decide whether it's coming or going...changing from day to day...from moment to moment.
For now it certainly looks like going.

2529 was the support to close 2537.

 

[naga2054]

Hi Amit/saint,
Accurate are the support and resistance levels suggested by u. shorted nifty between 2586 and 2533. Thanks Amit

Was looking at long term nifty yesterday. Found some interesting trend lines, rather i call it Fan Lines, out there which suggest the downtrend upto 2500-2489.

Both the trend lines are confirmed by their respective points A1,B1,D1 and A2,B2(as marked in the chart)

Attached is the chart. please let me know ur views on the same. Let me know if it makes sense to draw those trend lines or is it just my illusion..

Awaiting ur reply
nagzu

 

[AMITBE]

Making predictive readings on the Nifty is going to be a thankless job for now.
Yesterday's closing has certainly put it into a clear bearish mode, but still who can tell where it will want to go from here...
Almost all the major and influential results announced so far have been good, yet the selling pressure is coming from the wider factors prevailing across the international markets.

I'm just putting down the possible levels for now.
As suggested yesterday, 2527, 2523, 2519, 2514 are supports to the down. In case of another round of drubbing, 2495, 2480 are long term strong supports.
To the up, 2552 must be sustained for any semblence of a recovery.
If it gets that far, 2572 would again be the long term sticky level. And then back at the yet unsustained 2586.

 

[AMITBE]

Very strange...there was an abrupt fall from 2528 to 2518 in one straight drop.
2513.35 is holding for now, and there's a short range support at 2509.
In the past 2503 had pushed the Nifty back over 2525.