NIFTY FIFTY

[gvnarendra]

hi amitbe,

I have uploaded the pivot levels with their values. As i said about the nifty touching an yearly level there is also confluence of monthly and weekly level around 3164. Actually according to my observation pivot levels work better for nifty futures than nifty.

gvnarendra

 

[AMITBE]

Thanks Narendra for the chart.
Yes, 3164 is a level which I had come up with as being conflict area this morning. Mine was 3163.
Will study your chart over the weekend and compare with my data.
Thanks again.

For now, 3155-3157-3160 is the line of contention.
Above this there is strength, and then 3163 again. Further levels on the up are given in the first post.
The support levels from that post are all valid.

 

[vizzie]

Thanks Narendra for the chart.
Yes, 3164 is a level which I had come up with as being conflict area this morning. Mine was 3163.
Will study your chart over the weekend and compare with my data.
Thanks again.

For now, 3155-3157-3160 is the line of contention.
Above this there is strength, and then 3163 again. Further levels on the up are given in the first post.
The support levels from that post are all valid.

Hi Amitda !!

Again highly volatile so far..
3145 thereabouts is provin very strong.. twice of it now.
looks like the elusive correction might be smwhere round the corner..
or is it really

cheers
vizzie

 

[AMITBE]

To the levels, taking supports first, 3149-3146-3143-3140-3136-3134-3131-3128.
3114-3118-3122 appear as base.

To the up, 3154-3157-3160-3163 form the first line.
Then 3166-3169-3172 as of now.

Subject to 3132 low so far not being tested again, or breached, 3148-3150-3153-3856 is the ground the Nifty needs to cover to the up to close strong.
3159-3162-3165-3168 are for the record, and would be a smashing show if covered.
Supports still remain as mentioned.

 

[AMITBE]

Subject to 3132 low so far not being tested again, or breached, 3148-3150-3153-3856 is the ground the Nifty needs to cover to the up to close strong.
3159-3162-3165-3168 are for the record, and would be a smashing show if covered.
Supports still remain as mentioned.

After this post the Nifty made a rally to 3156 and fell back.
The fight at 3148 was pretty intense to the end.
While the close fell a tad short of this at 3147.35, it's important that there was no sell off, far from it.
As suggested this morning, scale down positions to above trigger levels for the weekend, and come back for another go to the higher levels next week.
For me the most important area was 3128 mentioned this morning as the last level in the support line. The lowest was 3132.60.
The close is well above 3128, 3140 and 3143, all crucial levels.
The weekly close is pretty strong too, and I'm quite positive going into the weekend.
Have a nice one all.

 

[AMITBE]

HELLO AMITBE,

Every day in the morning , the first thing i do is look for your posts. It is indeed is a great analysis and a great help to large number of traders in this forum. talking about the index i have attached an attachment of nifty with its yearly pivot levels.every time it touches a level, it tends to hold on or fall to the prior level.now it has touched R1 and with lot of people calling for corrections everyday and reaching of long term target levels in elliot wave analysis there might be a fall in next week including today. looking forward for your comments.

gvnarendra.

Hi Narendra, your pivot chart is kind of in tune with my data.
From my system which has been giving consistently accurate readings on the daily movement and also the near term movement, rather than naming them as pivots as in S1 R1 etc, I prefer to call them 'turning points', which in terms of meaning is similar but with different methodology and range.
You have got 3164.23 as R1, where I had got 3163 as a major conflict level for just Friday alone.
For a turning point reading in this vicinity, I am getting three important levels: 3177-3192-3207 where 3192 seems like the more likely turning point, provided 3207 is also taken. If so, then 3222-3232-3237 would be the first goal.
This is as far as I would take it for now.
As to your R2 3491.92, the level I have got is 3493. Whether this is going to be a major turning point, I'm not sure yet.
As you may have noticed, I am not working with decimal places yet!
At this point I'm looking at higher levels for the Nifty and not a deep correction just yet.
Let's wait and watch.
Many thanks.

 

[gvnarendra]

Hi Narendra, your pivot chart is kind of in tune with my data.
From my system which has been giving consistently accurate readings on the daily movement and also the near term movement, rather than naming them as pivots as in S1 R1 etc, I prefer to call them 'turning points', which in terms of meaning is similar but with different methodology and range.
You have got 3164.23 as R1, where I had got 3163 as a major conflict level for just Friday alone.
For a turning point reading in this vicinity, I am getting three important levels: 3177-3192-3207 where 3192 seems like the more likely turning point, provided 3207 is also taken. If so, then 3222-3232-3237 would be the first goal.
This is as far as I would take it for now.
As to your R2 3491.92, the level I have got is 3493. Whether this is going to be a major turning point, I'm not sure yet.
As you may have noticed, I am not working with decimal places yet!
At this point I'm looking at higher levels for the Nifty and not a deep correction just yet.
Let's wait and watch.
Many thanks.

Thank you AMITBE for your readings. Let us wait and watch.
gvnarendra

 

[AMITBE]

The pressure certainly appears to be on the up this Monday morning.
The choppy session on Friday as anticipated, did close action close to some trigger levels to the up after testing support a tad above some crucial supports.
This was the suggested theme Friday morning post and it has played out.

The anticipated theme suggested for now was retesting upper levels.
Now, if this happens right away or after retesting lower supports in an attempt to rebuild the up, momentum remains to be seen.
Its not going to be easy going sustaining high levels for a period of time, so choppy trade is on the cards: A lot of the index heavies have run up, and some important ones are yet to fire. Chiefly amongst them is Reliance which has been stirring lately and looks set for a breakout. This alone has a lot of magic for the market sentiment.
Then there is the buzz on the listing of RCoVL, so generally the market is upbeat going in.

For levels, its important to cross and hold the line at 3150-3153-3156-3159 for starters.
The next line is 3162-3165-3168. Then 3171-3174-3177-3180. This is as of now.

Supports are 3144-3140-3137-3134-3131-3128-3125. The line at 3111-3115-3119 appears strong.

 

[AMITBE]

For levels, its important to cross and hold the line at 3150-3153-3156-3159 for starters.
The next line is 3162-3165-3168. Then 3171-3174-3177-3180. This is as of now.

Supports are 3144-3140-3137-3134-3131-3128-3125. The line at 3111-3115-3119 appears strong.

Should 3180 be taken without slipping from here and held, 3183 is another level of contention. Then the line at 3186-3189-3192-3195 is possible.

 

[AMITBE]

Hi Narendra, your pivot chart is kind of in tune with my data...

...For a turning point reading in this vicinity, I am getting three important levels: 3177-3192-3207 where 3192 seems like the more likely turning point, provided 3207 is also taken. If so, then 3222-3232-3237 would be the first goal.
This is as far as I would take it for now.

Hi Narendra, the above is from my response to you last night.

3177 and 3192 show up as 'turning points' in my readings and are going to be strong levels in times ahead. They did not show up as the major conflict levels for today and so were not marked in red when posted. However they did turn out to be pretty tough.

Both have seen a fair deal of conflict today.
3177 had the Nifty fighting to pass it between 11 and 11.45 AM. Once taken, this became a strong support on a couple of occasions.
3192 did not let the Nifty cross it between 3.30 and 4 PM.
3195 had come up as another major level for today and 3194 was as high as the Nifty went. 3195 may or may not come up for tomorrow's readings.
The activity at the various conflict levels posted today can clearly be seen in the attached chart.

I've seen at times that the intensity of certain numbers changes, and also that certain numbers have an orb of influence reaching further from themselves in either direction.
The other likely turning point level written to you last night, 3207 may likely come into play at some point.

Your comments are welcome.
Regards.