NIFTY FIFTY

[AMITBE]

The levels for now:
Supports are 3546-3543-3540-3537-3533-3529-3525. 3521 is crucial.
Then 3517-3513-3509. 3505 is critical to protect 3493. This is one of the major numbers as some readers may recall.

To the up 3553-3556-3558-3561.
Then 3566-3569-3573-3576-3579-3584.

More later if need be.

3493 has survived at 3494.40 low...so far.

The three important levels to the up which should be commanded are 3513-3518-3527, where the Nifty would gain strength.
These levels have been derived from a criss-crossing of certain important trendlines, which coincides with my data here.
I've been experimenting with this for some time now with reasonably good results. So this is more of an experimental aspect of trendlines and my data which I'm sharing here.
The criss-crossings are marked with cursor arrows and hands.
The fight at 3505, along the blue trendline is interesting to see.
At 3509 now.

3473-3481-3489 are further below 3493, should another bout of selling happen.

 

[AMITBE]

3493 has survived at 3494.40 low...so far.

The three important levels to the up which should be commanded are 3513-3518-3527, where the Nifty would gain strength.
These levels have been derived from a criss-crossing of certain important trendlines, which coincides with my data here.
I've been experimenting with this for some time now with reasonably good results. So this is more of an experimental aspect of trendlines and my data which I'm sharing here.
The criss-crossings are marked with cursor arrows and hands.
The fight at 3505, along the blue trendline is interesting to see.
At 3509 now.

3473-3481-3489 are further below 3493, should another bout of selling happen.

3513 was fough for over a period of time, but not taken finally.
At this point 3473 is quite important, as below this the supports may not be too firm.
They are at 3473-3468-3463-3459-3453.

 

[srisara]

3513 was fough for over a period of time, but not taken finally.
At this point 3473 is quite important, as below this the supports may not be too firm.
They are at 3473-3468-3463-3459-3453.

looks like there was Triple Top at 3513 and too much indecision by bulls to move it past that figure?

Satya

 

[moneylaundrer]

3513 was fough for over a period of time, but not taken finally.
At this point 3473 is quite important, as below this the supports may not be too firm.
They are at 3473-3468-3463-3459-3453.

just bounced off the support of 3453..from 3453.7

ML

 

[moneylaundrer]

looks like there was Triple Top at 3513 and too much indecision by bulls to move it past that figure?

Satya

that seems to b the case satya..

there were 4 tops in the range of 3513 in the afternoon around 1:10-1:40...thats why the fall has been sharp...

the longer the indecision stronger the reaction
ML

 

[AMITBE]

looks like there was Triple Top at 3513 and too much indecision by bulls to move it past that figure?

Satya

Hi Satya...nothing is seen that could qualify as a triple top. There was repeated testing, and there was some snaking around 3513 line.
The sustained struggle over a period of time to hold on to 3513 is quite engrossing, as can be seen in the chart.
I've not been able mark with arrows but just eyeball the 3513 line.
Also some more interesting trendlines to be seen.

3450 area is what the low was?
My data shows 3433, but didn't notice the dip.
Could somebody confirm please.

It's too early to say this is a major sell off yet.
Yes, much profit booking all round, and yet a lot of quality midcaps held their ground rather well, comparatively.
Not too bad, as the markets have been climbing quite alarmingly in recent times.

Will look for key supports for the next sesion.

 

[srisara]

Hi Satya...nothing is seen that could qualify as a triple top. There was repeated testing, and there was some snaking around

Amit,

the Low was 3433.50 as seen in NSE website. Also, learnt a new term snaking...

As said, lot of midcaps held their never, and the Big Caps, which moved the Nifty for quite a few sessions, faced the music.

Satya

 

[AMITBE]

Have checked NSE for the Nifty, and while low is given as 3433.55, the charting there only goes to 3452 or so.

Has someone using RT data got a clarification on this?
I'd be obliged for feedback.
Thanks.

 

[Saint]

Have checked NSE for the Nifty, and while low is given as 3433.55, the charting there only goes to 3452 or so.

Has someone using RT data got a clarification on this?
I'd be obliged for feedback.
Thanks.

Hi Amit,

Low of 3433.55,was a dip between 3:15 to 3:20pm before closing that 5min bar at 3453.

Saint

 

[AMITBE]

Hi Amit,

Low of 3433.55,was a dip between 3:15 to 3:20pm before closing that 5min bar at 3453.

Saint

Ah...a Hammer.
Thanks Saint.