NIFTY FIFTY

[SGM]

Me too, looking for bullishness to come at certain point.

Hi,

Selling seems to be coming in on every attempt of nifty to scale higgher.

Regards
Sanjay

 

[srisara]

thanks satya for the update.Me too, looking for bullishness to come at certain point. Breakout from the inside bars on daily chart could be a good indication for the confirmation of the ascending triangle breakout.

regards,
gvnarendra.

narendra,

yes we need to wait for break out above 3250 to 3330 to go long i.e till 3700 levels (i.e High of NIFTY).

Is the chart u uploaded is Nifty Futures or is of S&P NIFTY?

Regards
Satya

 

[AMITBE]

At this point stablity will come above 3217 and in holding that level.
Then the Nifty would be in line to test 3220-3223-3226-3229-3232-3235-3238-3241-3245.

This is subject to holding 3217.

 

[gvnarendra]

Hi,

Selling seems to be coming in on every attempt of nifty to scale higgher.

Regards
Sanjay

hello sanjay,

till a certain breakout is seen from this developing pattern thinking in terms of intraday could be a better strategy.so what i ment by bulilshness was to look for some 20-30 points move and on the whole from my point of view till 3120 region on nifty future is broken on the downside I would think that the possible breakout could be to the up and below that bear flag might come into effect.

regards,
gvnarendra

 

[gvnarendra]

narendra,

yes we need to wait for break out above 3250 to 3330 to go long i.e till 3700 levels (i.e High of NIFTY).

Is the chart u uploaded is Nifty Futures or is of S&P NIFTY?

Regards
Satya

hello satya,

it is a nifty futures chart. Unfortunately my data provider is not providing nifty cash intraday data.

regards,
gvnarendra.

 

[srisara]

hello satya,

it is a nifty futures chart. Unfortunately my data provider is not providing nifty cash intraday data.

regards,
gvnarendra.

thanks & welcome

satya

 

[gvnarendra]

However, along with the various analysts, I’m of the view that a sideways move is coming on, and for today a flattish disposition may prevail.

hello amitbe,

that was what exactly happened today.the trendlines have still converged in and the price has been still maintained inside it. There might be a some strong move in one direction in a day or two.See the red trendline acting as an equilibrium to the up and down.

regards,
gvnarendra

 

[AMITBE]

hello amitbe,

that was what exactly happened today.the trendlines have still converged in and the price has been still maintained inside it. There might be a some strong move in one direction in a day or two.See the red trendline acting as an equilibrium to the up and down.

regards,
gvnarendra

Hi gvnarendra, thanks for the postings and the charts.
I believe what happened today is this, from this morning post:

The long term story, as they say, is intact.
Ironically, despite all that, there are many broken bones.
So dont be lured in by rallies, as the grounds ahead could well be full of betrayal.
The magic lies in volume.
Till volume returns, all rallies would be threatened by menacing jaws of gravity.
Such rallies should only be traded by those very clear of technical levels.

Was just watching the volume for today on a business channel, and all told it was pretty sparse.
So the story is, there is no follow-through buying coming in at higher levels.
Today the Nifty struggled to stay up at its peak, but then gradually began to fall with increasing pace.
At today's close, the lows have got higher with today being 3193.
Today's high couldn't make it to Friday's high, but yet for me the close has to come above 3237 for things to perk up to some extent.

As for the bear flag, it'll take a lot for it to give confirmation yet.
Satya's observation is a bit loose, but even so there's a point there.
And yes, with higher lows forming and the highs compressing the tops, the Nifty may make another lunge at higher levels sometime soon, but without follow-through buying, it could then drop quite sharply.

Still a wait and watch, though the intradayday volatility is giving lots of play in Futures in both directions.

 

[AMITBE]

The FIIs continue to sell, but the figures are diminishing.
Could this be because with the Rupee falling to the Dollar in the short term, its more economical to stay put?
But they are the ones who caused that fall by pulling out Dollars in the first place.

Or could they be setting a trap for the shorts that are coming in at every rise?
Time is on their side, and as short positions begin to build up, and if the trap turns out to be real going ahead, then perhaps they are only fattening the swine for the inevitable slaughter, this time making the killing in the other direction.

Or perhaps there are just no cues from any quarter that is giving confidence to anyone anywhere.
So then perhaps this sedate flattish moves of the last few days is just a lull before an oncoming storm of some magnitude in one or the other direction.

Please do not speculate. Let time pass. Trigger those stops when it happens.

The levels:

Supports are 3210-3207-3203-3199-3195-3191-3187-3183-3179.
3175-3170 are crucial to hold.
These will need updating later on.

To the up, 3220-3223-3226-3229-3232-3235-3238-3241-3245.
More later if and when the action moves there.

 

[vizzie]

The FIIs continue to sell, but the figures are diminishing.
Could this be because with the Rupee falling to the Dollar in the short term, its more economical to stay put?
But they are the ones who caused that fall by pulling out Dollars in the first place.

Or could they be setting a trap for the shorts that are coming in at every rise?
Time is on their side, and as short positions begin to build up, and if the trap turns out to be real going ahead, then perhaps they are only fattening the swine for the inevitable slaughter, this time making the killing in the other direction.

Or perhaps there are just no cues from any quarter that is giving confidence to anyone anywhere.
So then perhaps this sedate flattish moves of the last few days is just a lull before an oncoming storm of some magnitude in one or the other direction.

Please do not speculate. Let time pass. Trigger those stops when it happens.

The levels:

Supports are 3210-3207-3203-3199-3195-3191-3187-3183-3179.
3175-3170 are crucial to hold.
These will need updating later on.

To the up, 3220-3223-3226-3229-3232-3235-3238-3241-3245.
More later if and when the action moves there.

Hi Amitda !!

Read this in ET today.
wonder if will hv any effects..

Govt is now after the MFs; to impose service tax

MUMBAI: Theres no dearth of party poopers. After CBDT, its now the turn of central excise. In a move that has ruffled fund houses in the country, the excise department has indicated that service tax will be applicable on the entry and exit loads linked to mutual fund (MF) schemes. Loads are charges that investors have to bear while buying or selling mutual fund units. The load is charged over and above the net asset value (roughly the market price) of the MF scheme.

cheers
vizzie