iCharts Discussions

[apka]

Some 20 stocks have hit their 52 week lows from BSE 100.

[vinay28]

Nifty for Monday (29/07/13)

Supports are at about 5840 and 5800 while resistances are at about 5935, 6002 and 6040. Previous gap on lower side is at about 5816. Likely lower levels seem to be 5830, 5750 and 5630. However, it may be noted that 200dma is at about 5852, 26wema is at about 5861 and 50wma is at about 5792. Also, TL joining lows of shoulders of IHnS gives about 5851. Hence and nifty may take support there. Four +WWs can give about 5942 (once above 5888), 5951 (once above 5893), 6010 (once above 5953) and 6022 (once above 5946) (+WWs with higher targets are not mentioned as of now). A -WW can give about 5817 (-WWs with lower targets are not mentioned presently). Two falling wedge break outs can give about 6045/85 if nifty remains above 5878.

Nifty fell in spite of a gap up open and closed below 5900 and is clearly bearish. Also, a mild -ve div is seen on weekly chart. However, a +ve div is seen on lower TFs and a mild recovery is likely. About 5850 can be the SL for longs while about 6110 the SL for shorts, both SLs being on daily close basis. A break below 5830 can result in lower levels. Oil price and INR will remain key to the future of Indian markets in the short term. High VIX can cause sharp swings. Only global cues and liquidity can prevent further fall.

[vinay28]

According to one observation (based on sun's transit), high/low of period 13/7 to 26/7 each year is vital. Breakout/down in any direction gives good gains till 14/1 of next year (12-90% gain seen in previous 10 years). Gains are high on second breakout/down if first breakdown/out is false.

This year, high/low in this period of July are 6093/5869. Apka/RK, let's track this regularly.

[apka]

[sambhaji_t]

Thanks for sharing the observation.

[vinay28]

[apka]