NIFTY FIFTY

[AMITBE]

For the good thing to continue, a similar consolidation is called for again. A quick jump ahead early in the session is fraught with danger of a swift fall unless sustained, which seems unlikely yet.
To the down lies 2377 quite close to yesterday's close. This has been working as a bit of a trigger point. Below this, 2375 would not support the fall, and then 2365 would be exposed.
A good sideways consolidation would be between 2377-2390.

Be cautious with trades. The NIFTY has really taken a big jump early, and volatility may come later.

 

[AMITBE]

Be cautious with trades. The NIFTY has really taken a big jump early, and volatility may come later.

So far so good. Into the last part of the session, should any retraction come, 2380 is support. But then there may be possibilities of the fall to continue tomorrow.

 

[AMITBE]

Not a lot to say on the NIFTY, is there?
Some stocks that spurted yesterday may continue the uptrend, others may fall to profit booking. Weather the bulls continue or the bears prevail...very interesting to say the least.
The levels, 2388 and 2380 are supports for now. Will update.

 

[AMITBE]

On 18th of Aug, the last and the only time the NIFTY tested 2426, it ended the day of a choppy session at 2388.
2422 was the high today in a sensless early thrust.
The likely implications are choppy again, as is evident.
2400 being tested now.

 

[AMITBE]

Monday last was the only day when the NIFTY ruled weak, and for the rest made steady gains. The Index has exhibited strength and the crucial supports at all anticipated levels came true.
The main concern is the negative breadth on Friday close. Obviously the institutional money went to the large caps with a good amount of profit booking in other stocks. Though the CNX Midcap 200 closed at an all time high, there were 105 declines to 95 advances.
The outlook does seem positive in the near term, with 2430-2440 being the resistance area in the days to come. Once past this, 2460 is a likely mark.
2335-2340 are established supports, and a violation of these will again see 2300-2305 tested.
For today, 2427 could be tested, with 2400 giving support.
In case of a sharp rise, the move may be arrested at 2435. Should a crises develop, 2385 has been a strong support in the recent past.
A sideways move would be in the 2410-2420 band.

 

[AMITBE]

2437, the upper band was breached briefly and not sustained.
Inavitably the drop has come in then.
Below 2415, Friday's close, 2411 is pivotal support.
2417 now.
If it can hold above 2426, it would be good.

 

[VICKY_SEEKINGINR]

close below 2411 is a signal for correction?

Thanks

 

[AMITBE]

close below 2411 is a signal for correction? Thanks

It's not weakness...2411 is a pivotal mark today from which a move to either side is likely.
2426 being tested. Hope the NIFTY stays above this.

 

[AMITBE]

There's hardly a point in assessing the moves of the NIFTY at this point. Institutional funds keep pumping in and there's much euphoria.
However, today is the sixth day after five days of up-moves and volatility can be expected.
Perhaps a good thing at this point would be for NIFTY to correct to 2380-2385 levels where it has good support.
What this would do, is it'll fill the gaps that still hang over it. Another advantage would be, this move would bring it back from the high over-bought zone which is what the short term oscillators are tipping, to a some what over-sold mode. This balance is necessary for consolidation, and a firm move up thereafter.
For the record, 2412 and 2400 are supports today.
On the up, 2437 (2439 was tested yesterday). Anything beyond is difficult to say.

 

[AMITBE]

Perhaps a good thing at this point would be for NIFTY to correct to 2380-2385 levels where it has good support.
What this would do, is it'll fill the gaps that still hang over it. Another advantage would be, this move would bring it back from the high over-bought zone which is what the short term oscillators are tipping, to a some what over-sold mode. This balance is necessary for consolidation, and a firm move up thereafter.
For the record, 2412 and 2400 are supports today.
On the up, 2437 (2439 was tested yesterday). Anything beyond is difficult to say.

Tomorrow being a day off trading, there appears to be a stand off for now. Also there is some confidece in 2420 levels, except early on when 2417 was tested with some resulting panic.
The confidence comes perhaps from the fact that 2412 has not been threatened...yet.
I still hold the above view, that a correction to 2380 may be a good thing for a good cleansing job.