Daily Chart
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| Nifty Chart 21-12-2011 |
There was a frantic SOS call from Banta which triggered Santa to cut short(prematured) vacation and returning back from Honolulu. Is Santa coming back really?
Nifty closed well above DLEMA(4612) and closed above WLEMA(4689) too. Nifty is well above R2 of 4677 also and daily indicators are turned positive. Nifty has already retraced to 4708 which is 61.8% fibo from 4819 to 4531(Year low) - Again a Golden ratio.Can we see a gap down again as it did same on 5098?
Still to look deeply for more cheers because 4704 is a major resistance and we also closed below DHEMA 4713. Since it is a bear market rally it is better to take profits off the tables instead of overnight positions. Further, nifty is still in downtrend on higher time frame.
But such moves dont come every day.
If holding long - trade with JNSAR tom
If still holding short - trade with JNSAR tom
Still 6 trading days are left for expiry, which is reasonable and NF O.I. below even 1.75 CR.which is very-very rare and abnormal. Nifty trading well above DLEMA , almost 9.75lac put writing in Dec 4600 PE, suggesting now strong support there for series and more surprisingly 100 % i.e.almost 12 lac long addition in Jan 5100 CE is there ,which would be probably hidden indication for market players that Nifty has found a bottom here around 4550 …at least for the short term.
As NF O.I. is on extremely lighter side, and though above said facts are suggesting decent bounce back from here for next series, nevertheless, wise Bulls probably would wait further because when global sentiments and markets are still weak and the trend is down and when they know it very well that they are in a position to easily separate the sheep from the goats, then why shall they unnecessary rollover their long positions at higher level? So probably they will keep themselves quiet and would gather their “mal” @ lower level. In the mean time J10 SAR & JNSAR shall come further down …in their perfect range.. Let us see…
Before Trading please see the Golden Rules and TT Data
Tomorrow market May go up initially but again it will come down later as Bearish trend will pull back the market... you can expect 4713-4723 range as first resistance.. if it crosses then it would go up to 4733-4748 range which is second resistance. It would pose strong resistance.
ReplyDeleteAnil Sir you may be right. Even the chart is not saying a full Bullish reversal. There is an Inverse H&S is in making. Tonights DOW close is also important.
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