NIFTY FIFTY

[madhura]

nifty tested 2572,again dipped to 2562..after which formed ascending trend and again crossed 2572 level...
can we say that 2562 has become new support level if we take it from here?
Resistance again at 2572..
Madhura...

 

[AMITBE]

nifty tested 2572,again dipped to 2562..after which formed ascending trend and again crossed 2572 level...
can we say that 2562 has become new support level if we take it from here?
Resistance again at 2572..
Madhura...

Yes of course these were two of the intraday supports and resistance levels, amongst others.
Beyond today, we would be loking at the high, low, close of today for a base study for tomorrow, besides some important levels from the last few days. Then there are the weekly closing rates to be considered.
Market breadth, a/d ratios and volumes are more pointers.
A chart plotting indicator like RSI (Relative Strength Index) is also useful. This would indicate if the index/scrip is over bought or over sold, and could indicate a reversal.
Keep up the good work, Madhura!

 

[AMITBE]

Not much to say here. All that has to be said has been done already.
Even so, one must remember just one word: CAUTION.

The levels...

2585 was passed for a very brief period yesterday, and this is the magic number in both directions for now. For a show of strength, this has to be cleared and sustained. Or else, the NIFTY which is already showing very telling signs of a coming fall will at last even do so.
To the up, 2590-2600 is the range, though I would be happy for consolidation a little above 2585.
To the down, 2570 is the hinge support, and below, 2565-2555 is the range. 2546 was tested yesterday, so this still stands in case needed.

 

[AMITBE]

2585 was passed for a very brief period yesterday, and this is the magic number in both directions for now. For a show of strength, this has to be cleared and sustained. Or else, the NIFTY which is already showing very telling signs of a coming fall will at last even do so.
To the up, 2590-2600 is the range, though I would be happy for consolidation a little above 2585.
To the down, 2570 is the hinge support, and below, 2565-2555 is the range. 2546 was tested yesterday, so this still stands in case needed.

2585 was tested quickly and then the dip.
For now the play is between 2572-2579...same as yesterday.
The difference being, then we were up, now we are down. (in terms of gain and loss for the day respectively)
For this reason, the market is very volatile.

 

[karthikmarar]

Hi Amit

Nifty has dropped 36 points... would like to hear your latest update on nifty.

On the bse

Sensex down nearly 100 pts
bsemidcap down 150 pts
bsesmlcap down 315 pts

regards

karthik

 

[AMITBE]

Hi Katrhik,
2546 was the suggested support, and the bounce for now came off 2541. Near enough.
From yesterday: To the down, below 2565, 2550 is support. 2542, 2536 are further below. 2525 is the magic figure.
These are still valid.

 

[rheinu]

market is reacting to the interest rate hike in the USA. Be carefull FIIs will sell heaviy today.

 

[AMITBE]

Hi Katrhik,
2546 was the suggested support, and the bounce for now came off 2541. Near enough.
From yesterday: To the down, below 2565, 2550 is support. 2542, 2536 are further below. 2525 is the magic figure.
These are still valid.

2533 was just tested with a pull up.
Below 2525, the supports are at 2520, 2515 and 2503.

 

[karthikmarar]

2533 was just tested with a pull up.
Below 2525, the supports are at 2520, 2515 and 2503.

2515 is also broken....well what is below 2503.........

 

[AMITBE]

2533 was just tested with a pull up.
Below 2525, the supports are at 2520, 2515 and 2503.

The bounce for now has come off 2504.90. 2503 was suggested support above.
Now at 2524, a good clean bounce so far. Hope the fall is arrested hearabouts.
2485-2495 is a good support zone from the past should it go that deep.