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Nifty should get support at 5400 levels plus minus 50 points at the pink long term support line on nifty weekly charts. Bank nifty also should find support at 10500 levels plus minus 50-100 points at confluence of red and black long term trendline on bank nifty weekly charts.
Charts of both bank nifty and Nifty show that we may have short term bottom for a week or two to let government collect money through sail fpo
Nifty reacts from blue trendline on Daily charts. Now watchout for the red trendline for some support. If it does not get support here then we may see 5400 on nifty as seen on weekly charts on the green trendline. Bank nifty still on track for 10500 ( plus minus 50-100 points) and should take support on confluence of red and blue trendlines on weekly chart.
Nifty still not able to close above black long term trendline on weekly charts. On daily charts resisted at 21 EMA. Is it time to go below 5600 this time? Expect Banknifty in a downward channel in daily charts to test 10500 plus minus50-100 points to test confluence point of black and red trendline on weekly chart. Expiry will be very volatile this time it seems.
Nifty needs to follow up with a close above black trendline on weekly chart. Tomorrow's trigger can exactly do that or Nifty can breakdown from this trendline. Watchout tomorrow
Nifty keeps everyone guessing of its next move. However there are few things which are very clear now. On nifty daily charts if it breaks red trendline it can test the lower blue line. If it holds onto the red line then 5800 is nearby ( seems this expiry) Nifty weekly charts show us that nifty needs to close above long term red trendline to showcase some bullishness, failure to do so can results into testing 5300 in quick time. On 30 min chart Nifty is moving in a big downtrending channel.
Added Banknifty charts to see the main culprit of the fall in nifty and which can easily take it to new highs. Bank Nifty Daily charts show a clear downtrending channel. Bank nifty is moving up from lower trendline but its now near 200 day ema at 10909. Once it crosses that then 11300 is the upper trendline resistance, however we need to watch 21 and 34 ema's and sma's on its way upwards.
Banknifty weekly charts hows an interesting picture. Banknifty tested its 2008 highs and now has closed above those levels which is good sign for next move upwards. Bannifty has exactly got resisted on friday at the upper most blue long term trendline. Needs to cross this for upward movement.
So everything is in pritine natural balance at tghis point of time. One thing is sure who ever wins on Monday is going to crush the other side very mercilessly. It pays handsomely to be on right side
Nifty needs to cross 5730 to break out from the downtrending channel on 30 min chart. Nifty closing above 5747 will provide some more ammunition to bulls as it will help nifty cross the 3 year upper trendline of channel on weekly charts.
Nifty exactly finds resistance at red trendline on weekly chart. It is important to cross this resistance for further run up.
Nifty finding support on 200day ema. If it sustains above trendline joining Jan 2008 lows then we can resume bull run. 5800-5820 is the imporatant band to watch for a sustainable rally
200 Day EMA providing support and 34 Week SMA/EMA providing resistance. Are we out of woods? This week we should get answer, till then follow the trendlines and levels.
Nifty finally breaches 5690-5700 band and found support at 200 day ema. It remains to be seen if this support canhelp nifty continue on it long term uptrend as seen last in Jan and June 2010. Also nifty seems to have closed on median line in Pitchfork analysis.. Nifty price action is important in coming few days to determine its larger move. Vix, the Indian volatility index , is in a larger downtrend channel and recently broke above the upper trendline is approching major resitance levels. So watchout shorts, nifty may have surprise in days to come.
Nifty still in limbo. 21 Week EMA provides resistance and trendline from 4480 ( first low from jan 2008 low) to 5690 provides support. Nifty still to decide.
Nifty seems to have found support from 34 SMA ( weekly). The key here is a close above 21 Week EMA and SMA to believe this counter rally
Nifty finds support on 34 SMA ( weekly). Let's wait for follow up if that is sustainable. The bad thing is that Nifty has closed below the trendline joining 5690 and 5721.
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