Friday, December 31, 2010
Thursday, December 30, 2010
Nifty PreMarket View.
It was suggested few days ago that Nifty is now locked in a trading range of 5935 to 6075. A brief move past 6075 is possible with settlement day volatility.6100-6125 is a strong resistance after 6075. Hence an aggressive sell of Jan.NF with overbought Hour TA. As for conservative traders, part book at resistance point and hold the rest till HH & HL are intact.
VIX range for the day is : 6005 to 6115.
VIX range for the day is : 6005 to 6115.
Wednesday, December 29, 2010
Nifty closes above 50Sma(6014)
VIX closer to its lows and Nifty closer to 61.8% retracement fof its fall from 6339 to 5690 @ 6090 above which another strong resistance @ 6125.
More Technical Analysis here: NIFTY TA(30); BANKNIFTY TA(30)
More Technical Analysis here: NIFTY TA(30); BANKNIFTY TA(30)
Tuesday, December 28, 2010
Monday, December 27, 2010
Nifty stays below 50 DSma.
Though the "double bottom @ 5700" induced a rally, it is unable to stay above 50DSma(6016) inspite of few days of consolidation below it. It resembles more of an end to a "three wave corrective rally" after a sharp fall from 6339 to 5690.
Below "5990", it is bearish in the short term. Holding 5990, it could attempt another rally..Break of 5865 would confirm another big downmove. 5990 in the short term and 5865 thereafter are two most important points. There is JNSAR @ 5965.
More Detailed Technical Analysis here: NIFTY TA(28); BankNifty TA(28)
Below "5990", it is bearish in the short term. Holding 5990, it could attempt another rally..Break of 5865 would confirm another big downmove. 5990 in the short term and 5865 thereafter are two most important points. There is JNSAR @ 5965.
More Detailed Technical Analysis here: NIFTY TA(28); BankNifty TA(28)
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Elliot's Impulse waves.(Part-5)
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