Consolidation phase to continue after huge upmove

NF Daily chart

Today's developing JNSAR is 4690. So Nifty should protect this for today as Lead indicator suggests highly overbought in hourly chart. Still immediate support is 4723 and resistance is 4780(yesterday's high). As long JNSAR(4690) is protected we can see more upside upto 4815 intraday basis.



TT Data has been updated.

Before Trading please see the Golden Rules and TT Data

Below 4586 Nifty will drag down further

NF Daily Chart

"4586" is the 80% mark of the retracement of 4531 to 4801.

ST reversal, if any, is possible if it holds.

Breach of "4663" would have, initially, some upsides. More confirmations would come only above 34 Hr sma @ 4705.

Downtrend is intact. Below 4585(approx..), it could gather momentum





TT Data has been updated.

Before Trading please see the Golden Rules and TT Data

Nifty on Weekly, Monthly and Yearly Closing

Nifty Daily Chart

Aggressive traders may go long here & between 4700-4650 with strict stoploss of 4600 & target will be 4775-4825.
Retracement for the recent fall of 162 points from 4801 to 4639 comes @ 4701(38%), 4721(50%) and 4740(61.8%). Upsides possible above 4740.
Sustaining below 4650 will lead weakness & sustaining above 4700-4725 will provide strength so manage your position accordingly.
MLEma @ 4732 is a number that would be defended by Bears.
WLEma @ 4672 is a number that bulls would need to defend the least.

2-45 pm IST Update
NS may test 4586 also.
4586 is the 80% fibo retrace from 4801 to 4532. 71% fibo retrace is 4603.




TT Data has been updated.

Before Trading please see the Golden Rules and TT Data

Nifty yet to gain downward momentum

Nifty, having closed below DHEma, losing up-momentum but yet to gain downward-momentum.

Nifty Hourly Chart

Tomorrow is expiry day and huge volatility is expected.
If 4675-4700 protected in first half then we may see good short covering in second half.
Bulls will find real strength after sustaining above 4725-4750 and then 4825-50 rock solid resistance. Short term buyers must respect value of 4650 & sellers must value 4825-50.

Look for a developing Fast Fall setup in Hourly Chart



TT Data has been updated.

Before Trading please see the Golden Rules and TT Data

Immediate Target 4810-4815. Beware: Nifty is on Expiry week/year

Nifty rally is continuing keeping above 4724 which is Daily Pivot

Daily Nifty Chart provided by Google Finance

14-RSI is still crossed halfway mark(51). This rally may continue with/without any mid-point crisis to 80+ in 14-RSI to get overbought. This should happen till this weekend or expiry. But beware of roll over crisis due to expiry. FIIs won't want to roll over at higher price if they have not done yet. 4810-4815 is also a rock solid resistance level.

(Extended to maximum, at 4880(61% fibo retrace) and 4895(WHEMA) Nifty will show heavy profit booking.)

Book profit @4810-15 level in first hour of trade.
Go long if Nifty holds 4820 after then with a SL of 4779(yesterday's close).
Go short otherwise if Nifty unable to hold 4767(Daily Pivot) level with a SL of 4820.

12-00 pm Update
Nifty Spot resisted at 4801 it seems 4800 is strong resistance.

Yesterday, "4755" held for intraday.
Today, "4767" has been holding so far. Weak below this for "Intraday".

1-30 pm Update
9-RSI is in overbought status

2-30 pm Update
"4724"-DEma; "4718"-yesterday's low-if holds these levels, day TA could give another round of upmove.

There are various trade set ups emerging at any given time. Choosing the right one gives you better risk reward.

Accordingly we chose the "Break-down at 4767 when Hour TA was fully ripe for a correction". I don't know how far the correction could last or turn to a fall.

I have continued to view this upmove as a corrective rally.

Last consumed 9 days from 4639 to 5099.

This one was expected to be smaller than that.

Also "4732" plays an important role near the month end.


TT Data has been updated.

Google Chart is posted but MT4 not posted due to server was down for Christmas holiday in USA

Before Trading please see the Golden Rules and TT Data

Nifty more above 4752?

12-45 pm Update

Holding above 4710-4725, the immediate target/ min. target is 4805-15.
If manages to contain the correction from then on within 38%, next target is 4880.
So far it has been behaving like the rally from 4639 to 5099 which was a 61.8%, hence the 4882 target( a 61.8%).
The similarity could end suddenly.
The 4639 to 5099 took 9 trading days.
If the current move is a corrective one, it is expected to consume lesser time. Sofar it has taken 4 days.
Two targets: 4810 and 4880 while holding above 4720.

2-30 pm Update

"Watch 4755" for intraday breakdown..if any.

At around 4800+, look out for -ve div in Hour charts
Hold Nifty future with a SL of 4720

TT Data has been updated.

Chart is not posted due to boxing day cricket match.

Before Trading please see the Golden Rules and TT Data

Nifty resisted at cluster of 4760-70

 The "rally from 4639 to 5099" which lasted 9 days, you get some clues of existing similarities in them. That rally was correcting a larger decline from 5400 whereas the current one is correcting a smaller fall from 5099 to 4531.

If the minor correction that started from today is contained above DLEma(4645) or Week pivot(4670), an attempt towards 4800 is possible. Accordingly this rally should also terminate within 7 trading days from the 4531 lows. This is a near term bullish but medium term bearish view.

Similarly, there are other possibilities too exist which may be brought to the front if prices compel.
Going into the last week of the month, "4732"-MLEma would be keenly watched.

Nifty to Test 4800?

Fast Rise in 30 min chart

Nifty chart 30 min

To day up to this Hr.there is not that much enthusiasm in rollover like
yesterday and intraday volume.And Nifty unable to cross
4753 confidently,where there is 1st minute big volume
cash trade has taken place.Probably Nifty coming closer
to Hrly.slightly over bought condition would be the reason.I would like to see the battle
around Day J10SAR again,in the latter half.

1.30 pm Update

Long:
BN Target 8625
NS Target 4848
NS above 4770 more upside
Short:
NS below 4753 can be shorted with a SL of 4774 target 4712

1.45 pm Update
Shorts covered @4721.
Nifty can be bought above 4731-35 with a SL of 4698
Target 4783.

3-00 pm Update
NS bounced back from 4693, it seems 4700 is strong support.
Banghead day....



Before Trading please see the Golden Rules and TT Data

Nifty broke out channel support @4660

NF 15 min chart

Now it is confirmed that  Down Wave completed @4532 and it has taken 9 trading sessions from 5099. So the Up move from 4532 is labelled as Wave A and it may be in the up move for 9 to 14 tradings sessions and possible target is 4986-5010. If NIFTY fail to cross 5010 then market may correct by about 980 points in less than 33 trading sessions.

Remember we already completed two trading sessions and we are 250 points away from highest possible target 4985 and the remaining trading session for this upmove to be completed is 7 to 12 trading sessions.

If market goes above 5010 then the target will be 5510 and time factor may be around 33 trading sessions.

Daily Chart

Don’t try to play the market all the time. It can’t be done, too tough on the emotions. - Jesse Livermore

I never try to predict or anticipate. I only try to react to what the market is telling me by its behavior. - Jesse Livermore

Inverse H&S is in making?

Technical Analysis for 22nd Dec 2011

Is Inverse H&S pattern making in Daily Chart?

Nifty Daily Chart - an Inv H&S?

10-00 am Update
Consistent trading above 4655 ... Nifty likely to show new top,and below 4655 probably it would test DLEMA.But now when NF O.I. has come down reasonably well,the selling would be absorbed easily. Let us see.
Anyway this :pause: is quite nature after a big rise I feel strong support @ 4600 levels. In between it may threaten to break like situation but it will manage 4650 level. if it protects no worry we will meet @ 4774 ofcourse not in one go. If @ one go who don't want?

12-00 pm Update
Supported so far @ 34hr sma-4652.
Struggling around 4666-DEma.
Above 4675, strength/ channel break out.
Below 4652 - towards 21 hr sma.(4610-15) also DLEma
Bank Nifty will show strength above 8120.

2-00 pm Update
4709 Is 61.8% FROM 4818/4531.
HIGH SO FAR 4708.80.
NEXT IS 4743/4761
NS has to be above 4711(DHEMA) and 4721(JNSAR) for more upside.

2-36 pm Update
JNSAR is hit LONG







Before Trading please see the Golden Rules and TT Data