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[amitt29]

Again today market traded in a narrow range and closed at 4475 though had dipped alarmingly in late session.The contracting formation taking effect?

Still supports at 4440-4404-4357 and medium term resistance at 4510-4530.

Waiting for nifty to resolve itself.

 

[amitt29]

Today nifty broke out of a self induced range,however the volumes were a concern,buy orders on nifty at 4530?Many technical traders in market.

An important week is coming up on time window.Shud Nifty goes on to take out 4550 and hold it, it will augur very well for the uptrend for the coming weeks.I actually see a straight rally.

Conservative and Orthodox Ew practitioners are calling for test of 3800 in coming weeks.Its quite a long way down.However we keep that in our alternate view.And we do have a level at 4000 as mentioned some pages back.Corresponding level on Sensex at 14700 for the rest of the year.

Volumes are a concern.

 

[amitt29]

Nifty started its day pretty well then gives up all gains to end 11 points down.

On wave count front i see a triangle again developing.Short term supports is bang at 4504-4475-4440.

Resistance is at 4550 as stated before.And it did not hold our 4550 as was told in previous post.

An important week is coming for the medium term uptrend.Moves cud be explosive.

 

[oilman5]

thanks amit29,
a nice thread to read

 

[amitt29]

Thanks Oilman for ur appreciation.

 

[amitt29]

It will be a nice decoupling if it starts trading above 4500.
Cmon bulls we need some commitment from you.

 

[amitt29]

Volumes are still a concern for me.

The nifty today has given a somewhat confusing close,nevertheless giving it one more day to resolve itself.Its giving a very faint signal of a good upsurge.Shudve traded above 4520 today didnt,that along with volumes is a concern for me.

The triangle is confirmed with todays action.Lets see how it pans out tomorrow.

 

[amitt29]

Again Nifty today made its moves within the contracting boundaries.Break from here cud cause it to test 4450 and below.Beginning a larger correction.

Tough as it may sound still think market can move pretty well if it breaks this range.

 

[arzoosingh]

Multiple doji, what signifies My dear sir?

You are ignoring something.

 

[amitt29]

Kindly enlighten us.Not joking.

Cheers.