iCharts Discussions

[vinay28]

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

Nifty for Tuesday (26/04/16) and beyond

Supports are at about 7841/32/21/15/05, 7791/68 and 7728 while resistances are at about 7867/86, 7905/26/51/62 and 7980. Unfilled gaps on higher and lower sides are at about 7964/7708 resp. 200 dma is at about 7861. A +WW can give about 7990 (if above 7865) (+WWs with higher targets are not mentioned as of now). A -WW can give about 7722 (-WWs with lower targets are not mentioned as of now). Two IHnS can give about 8070/8315 if nifty sustains above 7665/7840 resp. A HnS can give about 7815 if it remains below 7870.

Nifty opened down with a small gap and fell before closing just above 7850 but below 200 dma. Daily volume is not commensurate and hence any further fall may be limited. Also, bullish div has developed in lower TF and we may see a quick recovery. Bearish div on longer TF will give results only if sustained selling resumes. Last weekly candle was NR6 and so this week could have a big range. Nifty must close above 7915 to begin with and preferably above 7964 to continue the rally while a close below 7850 can cause more fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, it being an expiry week.

[vinay28]

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

Nifty for Wednesday (27/04/16) and beyond

Supports are at about 7942/17/04, 7896/62/53/32/11, 7796 and 7765 while resistances are at about 8014/20/46/66/75 and 8125. Unfilled gaps on higher and lower sides are at about 8041/7708 resp. 200 dma is at about 7858. Two +WWs can give about 8014/65 (+WWs with higher targets are not mentioned as of now). A -WW can give about 7817 (if below 7981) (-WWs with lower targets are not mentioned as of now). Two IHnS can give about 8070/8315 if nifty sustains above 7665/7840 resp.

Nifty opened down with a gap but made a sharp rally from noon to close above 7950. Daily candle is a big Marubuzo but volume is not commensurate and there is a mild -ve div. Hence, we may see some fall, even if there is further rise due to momentum. Bearish div on longer TF will give results only if sustained selling resumes. Nifty must close above 7964 to continue the rally while a close below 7855 can cause more fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, it being an expiry week.

[vinay28]

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

Nifty for Thursday (28/04/16) and beyond

Supports are at about 7967/47/32/17/04, 7860/30 and 7813 while resistances are at about 8006/24/46, 8120 and 8156. Unfilled gaps on higher and lower sides are at about 8041/7708 resp. 200 dma is at about 7856. Two +WWs can give about 8042/87 (+WWs with higher targets are not mentioned as of now). A -WW can give about 7935 (if below 7982) (-WWs with lower targets are not mentioned as of now). Two IHnS can give about 8070/8315 if nifty sustains above 7665/7840 resp.

Nifty opened down with a gap but rose later to close well above 7950 and at a new high since 4/11. Daily volume is good +ve. Hence, we may see further rise. Bearish div on longer TF will give results only if sustained selling resumes. Nifty must close above 8051 to continue the rally while a close below 7855 can cause more fall. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, it being an expiry day.