Nifty has been pausing around the 7900 for three days - that is resistances established in the short term.
This has resulted in "Catch-up-with-averages" with the ST averages coming quite close to the prices.
Prices managed to stay above "21/ 34hr smas" so far though 21 has been breached once.
And Now, there are -ve divergences in Hour technicals.
If prices are able to sustain 7884-87 or 7870-74, upward momentum continues depending on EOD prices.
"Broadening Top" resistances is @ 7943 at open.
Once you start to see 3,4, (3), (4)'s, it is trading time..(Resistances established at 7920-29 and supports at 7846-56..)
This has resulted in "Catch-up-with-averages" with the ST averages coming quite close to the prices.
Prices managed to stay above "21/ 34hr smas" so far though 21 has been breached once.
And Now, there are -ve divergences in Hour technicals.
If prices are able to sustain 7884-87 or 7870-74, upward momentum continues depending on EOD prices.
"Broadening Top" resistances is @ 7943 at open.
Once you start to see 3,4, (3), (4)'s, it is trading time..(Resistances established at 7920-29 and supports at 7846-56..)
16 comments:
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good morning ilango sir and blogmates....
Namaste Ilango Sir & Blogmates,
Bullish: The index closed above 7900 for the first time, with the PE writers mostly in command, best and only resistance till expiry is at 8000. Profit booking at higher levels may emerge..: Option Analysis for 22-08-2014
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gm sir and blog mates
index opened near mentioned resistance zone
SIR IF YOU HAVE TIME PLZ GUIDE REGARDING RELIANCE INDUSTRIES
LOOKS LIKE RELIANCE INDUSTRIES BREAKOUT FROM CONSOLIDATION
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Good Morning Sir & JN Family
dear ilango sir now nifty & BN resistance above so next resistance ..?
Is 5 wave from 7655 complete, please guide. thankyou
7933 7926 ... is 50%-61.8% retrace of the last rise from …… 7907 to 7958
80% is - 7917
If strength to return again, it should be around 7933 7926
Weakness gets confirmed Below 7926 OR 7917
@ chetas ,
Nifty opened above the resistances.
The last rise is from 7907. Hence, monitor the retrace to know weakness setting or strength resuming at 7926-33 zone.
sir BN resistance are ...?
New Post Done.
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