Promise kept..Faith affirmed.

The glitter of green stones drew me to the solitary display case. The light bounced off the silver and glass. Amidst the jumble of holiday shoppers, I made my way to the corner area reserved for fine jewelry and gazed upon the bracelet, noticing the unique handiwork. The beaten silver, fashioned in such a way as to resemble diamond chips, was delightful. Seeing dozens of dark green emeralds, I knew this was a one-of-a-kind treasure.

As I stared in wonder at the intricate piece, I remembered a promise my husband had made. David had bought me a lovely gift four years before on our honeymoon. He had selected an emerald green Austrian crystal and seed pearl bracelet in honor of my May birthstone. As he fastened it on my wrist, he lovingly said, "I promise you that soon I will buy you real emeralds. Just wait." Though I loved the honeymoon gift, deep down I looked forward to David’s promise.

Nifty knocking on 50Sma again.

More Detailed Technical Analysis here: NIFTY TA(27) BANKNIFTY TA(27)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Nifty seems to be locked in the 5935/65 to 6035/6075 range..

Year end, long festival holidays resulting in low volumes and lack of conviction from buyers/ sellers reflects in the diminishing intraday spreads.You just cannot attach much significance to such "volumeless trading days"..However, there are stock specific actions with minor volume changes happening. Keep an eye on the number of stocks above/ below JNSAR...that is breadth for us.
More detailed Technical Analysis here: Nifty TA(24); BankNifty TA(24)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

This supposed 2nd wave(Bearish upmove) could take the index higher too.The Overbought daily & hour -ve div makes for a "selling set-up". The close below 5991(DHEma) calls for "Sell on Rises" which is what the action is going to be with a proper SL.
Oversold & reversing "intra charts" could take the index higher in the first session.Watch breadth of the market.The chart below shows a bearish view. Only a sustained move above 6030 would negate this.

Nifty resisted @ 50sma(6025) seeking supports.

Having spent most part of the day just below 50sma(6025) & failing to move past it, coupled with short term overbought / negative divergences weighed down on Nifty and fell towards DHEma initially(5991) & then towards 5DEma(5963). Attempt to close above DHEma(5991) failed.
Low volumes for three days in succession has provided just some technical moves so far. Low volume days are quite treacherous for trading due to its vulnerability for easy manipulations..
More Detailed Technical analysis here: Nifty TA(23) ; BankNifty TA(23)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

There are two ways bulls could act: Consolidate @ 5980-6025+ and make a move up later part of the day. OR Move up above 6025 and consolidate and continue up.
However, Bears would prefer the former one so that they can drag Nifty below 5980 to wards 5965 & then 5950 or lower.. Tech.table favours bullish bias and hence "corrections if any" will be of limited in nature..

Nifty inching towards 50Sma with OB/-ve div short term.

If BankNifty continues its strength, it could give the required lift up to Nifty to stay above 6025(50Sma) and move higher. If fails to stay above 6025-30 zone, the weakening short term could drag it lower below 5980 towards 5965/45. Holding 5945 is essential for this new uptrend to sustain.
More detailed Technical Analysis here: Nifty TA ; BankNifty TA

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Market ended at Oversold in the intracharts yesterday which will result in an upmove in the initial session. If able to hold 5925-5935 at the open and move higher past 5985, it is likely to move into the major resistance @ 5995-6015. 50DSma is placed @ 6027 for the day. Reaching such a zone with overbought Hour & Day may attract selling. The quantum and the speed of that fall will determine a reversal or a consolidation for further upmove.