iCharts Discussions

[vinay28]

Bottom may be over or very near. If falls more, 7727-00 seems to be a good zone to buy. Hidden bullish div can give sharp reversal if buying resumes. If reversal does take place, an IHnS can give 8075 once above 7920. Take your own decisions.

[vinay28]

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

Nifty for Monday (23/05/16) and beyond

Supports are at about 7727/14/02, 7686/28 and 7619 while resistances are at about 7769/89, 7801/46 and 7926. Unfilled gaps on the higher/lower side are about 7891/7733 resp. 200/50 dma are at about 7799/26 resp. Three +WWs can give about 7817 (if above 7742), 7835 (if above 7762) and 7889 (if above 7796) (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 7702/7618 (-WWs with lower targets are not mentioned as of now).

Nifty opened gap up but fell again to close just below 7750. Both daily and weekly volumes are not strong -ve. There is now a mild bullish div and hence we may see a sharp reversal soon. Nifty must close above 7901 to begin with while a close below 7706 can cause more pain. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully being an expiry week, particularly because OI status is intriguing to say the least.

[vinay28]

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

Nifty for Wednesday (25/05/16) and beyond

Supports are at about 7739/20/11, 7693/74/25 and 7605 while resistances are at about 7766/82/94, 7820/84 and 7920. Unfilled gap on the higher side is at about 7891. 200/50 dma are at about 7792/36 resp. Two +WWs can give about 7820 (if above 7718) and 7858 (if above 7762) (+WWs with higher targets are not mentioned as of now). A -WW can give about 7671 (-WWs with lower targets are not mentioned as of now). A falling wedge can give about 7850/7940 if it sustains above 7750.

Nifty remained in a small range but closed +ve but just below 7750. Daily candle is non-descript but volume is strong +ve. The mild bullish div plus +ve div may take nifty higher. Tuesday was a NR29 day and we may see a big move soon. Nifty must close above 7901 to begin with while a close below 7706 can cause more pain. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully being an expiry week, particularly because OI status is intriguing to say the least.

[vinay28]

[vinay28]

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

Nifty for Thursday (26/05/16) and beyond

Supports are at about 7923/12, 7892/78/46/34/06 and 7783 while resistances are at about 7944/79/99, 8017/30 and 8059. Unfilled gaps on the higher/lower sides are at about 8041/7748. Four +WWs can give about 7996, 8027/60/95 (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now).

Nifty opened up with a huge gap and didn't look back. It closed strongly well above 7900. Daily candle is a big Marubuzo but volume is not commensurate. Also, there is a bearish div on lower TF. Hence we may see a correction soon unless 7992 is crossed. Nifty must close above 7980 to remain bullish while a close below 7848 can cause fall again. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully being an expiry day, particularly because OI status is intriguing to say the least.

[EssJay]

.... because OI status is intriguing to say the least.[/quote]

How do you mean? Kindly elucidate.

[vinay28]