NIFTY FIFTY
- Thread starter AMITBE
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Yesterday again but for Reliance mainly, the Nifty was caught on a difficult stride.
The a/d ratio closed in towards the end.
The day before yesterday the Nifty had tested some crucial levels to the down.
Both days the volatility was quite heightened.
So far so good.
And all one can say at these relentless levels is, keep things tight.
Somewhere along the line a strong speed-bump awaits this speeding train.
It may not crash and ground the train, but it would certainly bruise and hurt quite bad.
Not meaning to be ominous, but somethings got to give.
If the perception of India Inc is not going to be the trigger, then there are things happening in the wider world too.
From the recent note of caution posted a couple of days ago, today is the last day. After today, its a separating aspect.
From my perspective, while the intensity of the potential threat weakens after todays session, however if seeds of weakness are sown today they may germinate going ahead. These are natures systems. Nothing esoteric here.
Supports are 3645-3642-3639-3636-3633-3630-3627.
Then 3623-3619-3615-3611-3607.
3590 and 3595 are crucial.
To the up, the Nifty may have a clear run up till 3669.
The line is 3651-3654-3657-3660-3663-3669.
Density is seen above this line, so more later.
The a/d ratio closed in towards the end.
The day before yesterday the Nifty had tested some crucial levels to the down.
Both days the volatility was quite heightened.
So far so good.
And all one can say at these relentless levels is, keep things tight.
Somewhere along the line a strong speed-bump awaits this speeding train.
It may not crash and ground the train, but it would certainly bruise and hurt quite bad.
Not meaning to be ominous, but somethings got to give.
If the perception of India Inc is not going to be the trigger, then there are things happening in the wider world too.
From the recent note of caution posted a couple of days ago, today is the last day. After today, its a separating aspect.
From my perspective, while the intensity of the potential threat weakens after todays session, however if seeds of weakness are sown today they may germinate going ahead. These are natures systems. Nothing esoteric here.
Supports are 3645-3642-3639-3636-3633-3630-3627.
Then 3623-3619-3615-3611-3607.
3590 and 3595 are crucial.
To the up, the Nifty may have a clear run up till 3669.
The line is 3651-3654-3657-3660-3663-3669.
Density is seen above this line, so more later.
The last three days made gains, but amidst increasing volatility.
Even today there was a strong tug to the down post 1 pm, and again a pullback helped the Nifty close with gains.
On a day on day basis while the Nifty has made gains every day of the week, today's session leaves me with some confusion.
Did the Nifty really show strength during the session?
From my perspective, while the intensity of the potential threat weakens after todays session, however if seeds of weakness are sown today they may germinate going ahead.
The above is from the morning post, and the context is limited to my recent remark pertaining to a strong move expected these last three days.
The converse of this is, if seeds of strength were sown today they would germinate soon.
So the issue is whether we had a strong or a weak close today.
As for strength, the Nifty couldn't hold above 3669 where the real test of strength was to come.
See the morning post where a clear run to this level was mentioned.
In several attempts this was not held. The Nifty couldn't quite wade into the density above this mark.
Strength and weakness are realtive, then.
In the area of challenge the Nifty didn't quite hold up.
So this is relative weakness.
But as for weakness, one can under no circumstances call the day's action weak.
This is the reason for saying there's a degree of confusion in me about the action today, and will return with this Monday morning
As for a week on week close, there's nothing other than strength, of course.
Have a nice one all.
Even today there was a strong tug to the down post 1 pm, and again a pullback helped the Nifty close with gains.
On a day on day basis while the Nifty has made gains every day of the week, today's session leaves me with some confusion.
Did the Nifty really show strength during the session?
From my perspective, while the intensity of the potential threat weakens after todays session, however if seeds of weakness are sown today they may germinate going ahead.
The above is from the morning post, and the context is limited to my recent remark pertaining to a strong move expected these last three days.
The converse of this is, if seeds of strength were sown today they would germinate soon.
So the issue is whether we had a strong or a weak close today.
As for strength, the Nifty couldn't hold above 3669 where the real test of strength was to come.
See the morning post where a clear run to this level was mentioned.
In several attempts this was not held. The Nifty couldn't quite wade into the density above this mark.
Strength and weakness are realtive, then.
In the area of challenge the Nifty didn't quite hold up.
So this is relative weakness.
But as for weakness, one can under no circumstances call the day's action weak.
This is the reason for saying there's a degree of confusion in me about the action today, and will return with this Monday morning
As for a week on week close, there's nothing other than strength, of course.
Have a nice one all.
First thing first, to establish some important numbers going ahead:
3633 has been mentioned as a number which is quite likely to see action going ahead.
Some major levels above this mark have not been mentioned yet, and these are:
3651-3669-3687-3705-3724-3743-3762-3781.
The weakness in the Nifty in a relative sense, mentioned Friday close was clear from my perspective.
The reason of course is that 3669 plus levels were attempted several times without success.
Now from my study, Im raising the minimum required level for today to 3688 where the test of strength should come.
Some difficult levels in the zone the Nifty is at now are 3651-3669-3687-3705 where there should be plenty of contest.
These are important levels and persistent problems here would leave the Nifty with only the option of testing supports lower down.
This has happened over and over again, Ive observed.
To put this matter into perspective, note the intraday volatility which has increased sharply the last few sessions.
Nothing more to say except for the levels:
To the up from 3664 current close, there is a clear run seen to 3688.
The line is 3666-3669-3672-3675-3678-3681-3684-3688.
Above 3688, congestion is seen where the next step up levels are 3691-3695-3699-3703.
Supports are 3660-3656-3652-3649-3646-3643-3640-3637-3634-3631-3628-3624.
3633 has been mentioned as a number which is quite likely to see action going ahead.
Some major levels above this mark have not been mentioned yet, and these are:
3651-3669-3687-3705-3724-3743-3762-3781.
The weakness in the Nifty in a relative sense, mentioned Friday close was clear from my perspective.
The reason of course is that 3669 plus levels were attempted several times without success.
Now from my study, Im raising the minimum required level for today to 3688 where the test of strength should come.
Some difficult levels in the zone the Nifty is at now are 3651-3669-3687-3705 where there should be plenty of contest.
These are important levels and persistent problems here would leave the Nifty with only the option of testing supports lower down.
This has happened over and over again, Ive observed.
To put this matter into perspective, note the intraday volatility which has increased sharply the last few sessions.
Nothing more to say except for the levels:
To the up from 3664 current close, there is a clear run seen to 3688.
The line is 3666-3669-3672-3675-3678-3681-3684-3688.
Above 3688, congestion is seen where the next step up levels are 3691-3695-3699-3703.
Supports are 3660-3656-3652-3649-3646-3643-3640-3637-3634-3631-3628-3624.
Hi Amit,
I have been following ur thread from last couple of months. I am really amazed with the analysis. Excellent!!!
From last week nifty is showing lot of volatility. But one noticeable thing is that no sharp dips are observed which were there in the earlier weeks. Does this mean it is settling at 3600 levels.
Regards,
Shrikant
I have been following ur thread from last couple of months. I am really amazed with the analysis. Excellent!!!
From last week nifty is showing lot of volatility. But one noticeable thing is that no sharp dips are observed which were there in the earlier weeks. Does this mean it is settling at 3600 levels.
Regards,
Shrikant
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