iCharts Discussions

[chandrujimrc]

Thank you vinay.

[vinay28]

Chandru, see attached chart showing a rising and broadening wedge of nifty. Price always visits the two boundaries though at times it reverses prematurely or crosses them as is also seen in the chart. Also, note that rsi has crossed over its falling TL. That's why 9300+ is possible.

Having said this, 8849NF and 8850NS are also crucial and bears, if any, will wish that it reverses from there. Even if it does reverse, upto about 8650 is safe though a freak visit to 8500 is possible before next rally. However, sustaining below that means visit to (or even breach of) 200 dma may be certain.

That is why some previous levels like 8892/8914/8958/9009/9120 are so important.

[NU2013]

[vinay28]

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Wednesday (13/04/15) and beyond

Supports are at about 8812, 8783, 8733, 8713, 8640 and 8626 while resistances are at about 8854, 8869, 8893, 8928 and 8984. Two +WWs can give about 8931 and 9098 (+WWs with higher targets are not mentioned as of now). Five -WWs can give about 8782/8688 (if below 8841), 8720 (if below 8821), 8661 (if below 8861) and 8557 (if below 8752) (-WWs with lower targets are not mentioned as of now).

Nifty rose again and closed well above 8800. Bearish tone continues since monthly candle is bearish engulfing with -ve div. The bearish div is becoming stronger, however, since RSI on daily crossed above 60.63, 8892 looses significance and the crucial level is now 8958. Also, volume is low in last 2 days. A close below about 8660 will mean more fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully as vix can go up in view of a long expiry as also because this week is truncated.

[vinay28]

Updated NF levels.

[amitagg]

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Thursday (16/04/15) and beyond

Supports are at about 8713, 8700, 8650, 8640 and 8626 while resistances are at about 8773, 8823, 8854 and 8895. An unfilled gap on lower side is at about 8660 while 50 dma is at about 8710. Two +WWs can give about 8834 (if above 8753) and 8936 (+WWs with higher targets are not mentioned as of now). Four -WWs can give about 8685, 8655 (if below 8762), 8614 and 8555 (if below 8749) (-WWs with lower targets are not mentioned as of now). A bearish flag can give lower levels unless killed above 8785.

Nifty fell sharply after making a higher high and managed to close just above 8750. The bearish div mentioned earlier may be playing out. The level of about 8680 is now crucial and sustaining below it and a close below 8660 will mean more fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully as vix can go up in view of a long expiry as also because this week is truncated.

[vinay28]

If nifty is going to fall more but overall bullish trend is intact then it may reverse equally sharply from about 8680, give or take 20 points.

[NU2013]

[vinay28]

[vinay28]

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Friday (17/04/15) and beyond

Supports are at about 8640, 8626 and 8589 while resistances are at about 8714, 8763, 8819 and 8854. 50 dma is at about 8708. Two +WWs can give about 8727 (if above 8642) and 8774 (once above 8716) (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 8606 and 8549 (-WWs with lower targets are not mentioned as of now). A bearish flag can give lower levels unless killed above 8770.

Nifty fell sharply again and managed to close just above 8700 but below 50 dma. Lower levels look likely as the bearish div mentioned earlier may be playing out. A close below 8660 on Friday will mean more fall while bulls will hope for a close above 8750. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully as volatility can go up in view of a long expiry.

[vinay28]

About 8626NS/8645NF, give or take a few points, is a crucial area.

[vinay28]

Where nifty may take support. The lowest TL is drawn from May'14 while the small one in the middle is a -WW target. One possible reason that bottom is near is that bullish div is developing again and the reversal will be vicious. It will also form right shoulder of an IHnS giving a target of 9160 once above 8850.