NIFTY FIFTY
- Thread starter AMITBE
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A line chart study of the Nifty tonight may be misleading to some as it would make today appear like a flat sessions. And it was anything but flat.
The difficulty at higher levels continues. And there was some political raucous going on in the background too, with the ruling party being collared.
2697 level close yet again has survived and persists.
However on a few positive aspects, the slide was halted at 2691, unlike the other day where 2643 was tested. Possibly then, a base has been created with higher lows to have another go even if the upper reaches are being troublesome.
The other positive is the way money was churned in the last twenty minutes or so. A lot of the midcaps were straining against the sliding market and closed firm above some interesting levels. These counters should do well Monday and if there is another attempted rally then, it may well have an even better breadth and depth.
The difficulty at higher levels continues. And there was some political raucous going on in the background too, with the ruling party being collared.
2697 level close yet again has survived and persists.
However on a few positive aspects, the slide was halted at 2691, unlike the other day where 2643 was tested. Possibly then, a base has been created with higher lows to have another go even if the upper reaches are being troublesome.
The other positive is the way money was churned in the last twenty minutes or so. A lot of the midcaps were straining against the sliding market and closed firm above some interesting levels. These counters should do well Monday and if there is another attempted rally then, it may well have an even better breadth and depth.
The price action last week is not making life any easier here is it?
To recap:
Three days out of four the Nifty has closed at 2697, the point where it would turn a corner.
Of the four days, the intraday swings were extreme, from 80 points to 64 to 39, in that order the last three consecutive sessions. Certain numbers mentioned last Monday have appeared over and over again. The dictatorial tyranny of the numbers continued.
And for how much longer, we had explored the question earlier, will this repetitive pattern last?
Till its function and necessity have been resolved, had seemed the most plausible and logical answer, function and necessity being the unswerving principles for growth and progress.
So are we closer to a resolution, was the implied question Friday morning.
Friday closing masked the solution in murkier ambiguities.
The trigger at 2697 has failed to fire on three attempts, and has built increasing pressure upon itself. It’s now a psychological threshold in either direction.
2717 is the chief hurdle here, and it’s imperative that the Nifty closes above this for progress.
On the other hand, seeing how difficult it’s been to hold above 2700, there is a good argument for a lower level correction to come back in again in a couple of sessions.
Time is not going to be on the side of the Nifty beyond the next two or three sessions, if there is no decisive move soon. Price is important, time is equally vital. Whichever direction is coming up upon us will have made its move in the next three days max.
Today close should give a clear enough hint.
A move to above 2707 is the first requirement. 2712-2717-2727 would reappear thereafter as the levels to take.
2688-2679-2670-2661-2652 have all been doing their supportive function recently, and below this lies correction.
To recap:
Three days out of four the Nifty has closed at 2697, the point where it would turn a corner.
Of the four days, the intraday swings were extreme, from 80 points to 64 to 39, in that order the last three consecutive sessions. Certain numbers mentioned last Monday have appeared over and over again. The dictatorial tyranny of the numbers continued.
And for how much longer, we had explored the question earlier, will this repetitive pattern last?
Till its function and necessity have been resolved, had seemed the most plausible and logical answer, function and necessity being the unswerving principles for growth and progress.
So are we closer to a resolution, was the implied question Friday morning.
Friday closing masked the solution in murkier ambiguities.
The trigger at 2697 has failed to fire on three attempts, and has built increasing pressure upon itself. It’s now a psychological threshold in either direction.
2717 is the chief hurdle here, and it’s imperative that the Nifty closes above this for progress.
On the other hand, seeing how difficult it’s been to hold above 2700, there is a good argument for a lower level correction to come back in again in a couple of sessions.
Time is not going to be on the side of the Nifty beyond the next two or three sessions, if there is no decisive move soon. Price is important, time is equally vital. Whichever direction is coming up upon us will have made its move in the next three days max.
Today close should give a clear enough hint.
A move to above 2707 is the first requirement. 2712-2717-2727 would reappear thereafter as the levels to take.
2688-2679-2670-2661-2652 have all been doing their supportive function recently, and below this lies correction.
Last edited:
Yesterday's move has still not given a clear direction where things are heading.
This is seen mainly from the way the market pruned down without any evidence of selling pressure or panic. One significant aspect is volume, which was low.
The other influence is the sinking Rupee which didn't bring buying support, and yes, there was no clear mood for selling either.
On the whole it remained a tentative profit booking kind of a day.
The positive being that it was a very orderly correction.
Interestingly the numbers which have been the main feature of these postings lately, were not abandoned at all.
2660.50 close yesterday is hardly any different from 2661, one of the highlighted numbers all these last several sessions. This was written on Nov 22: If we go looking for numbers further down in this series, 2652 and 2643 have already been mentioned and featured recently. To add another few we arrive at 2634-2625-2617-2609, as these are also synced in this series, and currently the Nifty is synced solidly in this series providing us with an interesting and enchanting study of the energy of series of numbers.
So to extend the number investigation, the high probability is if the Nifty remains in sync with this series, it's a mark of strength, as coming up along these numbers is not going to be an arduous task no matter if it seeks lower numbers of the series.
The time factor was mentioned yesterday, and we may be looking to some significant moves over the next two or three days.
The levels, we would do well to stay above 2670.
For the rest the levels have all been mentioned in several preceding posts.
This is seen mainly from the way the market pruned down without any evidence of selling pressure or panic. One significant aspect is volume, which was low.
The other influence is the sinking Rupee which didn't bring buying support, and yes, there was no clear mood for selling either.
On the whole it remained a tentative profit booking kind of a day.
The positive being that it was a very orderly correction.
Interestingly the numbers which have been the main feature of these postings lately, were not abandoned at all.
2660.50 close yesterday is hardly any different from 2661, one of the highlighted numbers all these last several sessions. This was written on Nov 22: If we go looking for numbers further down in this series, 2652 and 2643 have already been mentioned and featured recently. To add another few we arrive at 2634-2625-2617-2609, as these are also synced in this series, and currently the Nifty is synced solidly in this series providing us with an interesting and enchanting study of the energy of series of numbers.
So to extend the number investigation, the high probability is if the Nifty remains in sync with this series, it's a mark of strength, as coming up along these numbers is not going to be an arduous task no matter if it seeks lower numbers of the series.
The time factor was mentioned yesterday, and we may be looking to some significant moves over the next two or three days.
The levels, we would do well to stay above 2670.
For the rest the levels have all been mentioned in several preceding posts.
Sending this through last minute for a power failure.
On several occasions the Nifty has been falling into tatters in the last hour or so after a decent rally.
So what and who has been stealing the rally?
The needle points at weak and speculative hands who prefer to square off positions before close.
And who brings up the index again from deeper levels?
Likely operators, playing some index heavy weights.
The deeper pockets have been staying out so far and the likely cause is the poor performance going by the sales reports from the cement and two wheeler companies, at a time where the sales should be rising. These two are important indicators of the state of the economy.
Also the Rupee has been falling and the crude has been rising.
The number channel being written of here is not quite majorly off the track yet.
2670 is still important to remain above. Then the same 2688-2692-2697-2707 and so on.
To the down, 2661-2652-2643 and so on.
Another set of numbers is 2674-2685-2696-2708-2719-2731 to the up.
To the down, 2652-2641-2630.
These are some adjusted numbers.
This is all research in progress.
On several occasions the Nifty has been falling into tatters in the last hour or so after a decent rally.
So what and who has been stealing the rally?
The needle points at weak and speculative hands who prefer to square off positions before close.
And who brings up the index again from deeper levels?
Likely operators, playing some index heavy weights.
The deeper pockets have been staying out so far and the likely cause is the poor performance going by the sales reports from the cement and two wheeler companies, at a time where the sales should be rising. These two are important indicators of the state of the economy.
Also the Rupee has been falling and the crude has been rising.
The number channel being written of here is not quite majorly off the track yet.
2670 is still important to remain above. Then the same 2688-2692-2697-2707 and so on.
To the down, 2661-2652-2643 and so on.
Another set of numbers is 2674-2685-2696-2708-2719-2731 to the up.
To the down, 2652-2641-2630.
These are some adjusted numbers.
This is all research in progress.
After several days of running up decent rallies and then taking a sharp dip in end moments, yesterday the Nifty held firm. In an otherwise impressive day of gains, the negatives were volume which was in the lower end of the recent averages, and a delicate advance/decline ratio. Even so, the lack of selling pressure is a good sign, with consolidation very evident over the last several sessions. With a good support base been created on the 2647 and up band, it's just a matter of time before another lunge is made to retest 2727 plus levels.
At the cost of sounding repetetive in the extreme, I am compelled to call attention to the number series. 2661-2692-2697, these are amongst the primary numbers figuring strongly in the last many sessions. These have been mentioned again as the Nifty low yesterday was 2662, high was 2697 with the close at 9693. And these are not Pivot levels like S1 R2 etc and have not been so all these days.
I do believe there has been strength in the Nifty over these last sessions, sliding along this channel. This kind of synchronous and harmonious movement I am certain is a rare phenomenon and it's a privilage to witness it. I consider myself most fortunate to have stumbled upon it for sure.
And where is it all leading? It's a fascinating research, and a plausible assumption is that there lies a significant move ahead. How soon? Possibly quite soon.
The levels are pretty much the same.
2697-2707-2717-2727-2736.
2688-2679-2670-2661-2652.
At the cost of sounding repetetive in the extreme, I am compelled to call attention to the number series. 2661-2692-2697, these are amongst the primary numbers figuring strongly in the last many sessions. These have been mentioned again as the Nifty low yesterday was 2662, high was 2697 with the close at 9693. And these are not Pivot levels like S1 R2 etc and have not been so all these days.
I do believe there has been strength in the Nifty over these last sessions, sliding along this channel. This kind of synchronous and harmonious movement I am certain is a rare phenomenon and it's a privilage to witness it. I consider myself most fortunate to have stumbled upon it for sure.
And where is it all leading? It's a fascinating research, and a plausible assumption is that there lies a significant move ahead. How soon? Possibly quite soon.
The levels are pretty much the same.
2697-2707-2717-2727-2736.
2688-2679-2670-2661-2652.
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