iCharts Discussions

[TradeAdviser]

Short term trend: - [size=18]DOWN[/size]

On Friday Nifty broke below important short term support zone of 5510-5490. So now short term trend has turned down. A daily close above 5500 is required to turn the short term trend up. For Monday the short term resistance for nifty is between 5470-5500. On Monday market may test 5400 on down side. If the Friday sell of is just a one day sell of to shake out weak holders, then on monday Nifty should trade above 5530 to confirm the strenght.

Medium term trend: - DOWN
The sell of of Friday was big enough to turn medium term trend down. Now we need a daily close aboove 5470 to turn the trend up.

On up side: - On up side the medium term resistance zone for nifty is 5470-5500-5520-5530. Longs can only be opened above 5530 with a target 5592 and 5700 for next week.

On down side: - On down side the only major support is at around 5410-5380 zone. Once this is taken out then nifty will be all set to test 5200 again... though there is a minor support around 5340-5330. But not strong enough to become an hurdle in bear campaign.

Long tern trend: - DOWN

Through out the month of Feb our long term trend has remained down.
This time if nifty breaks below 5177 then we can see 5080-5070 on nifty by month end.

Looking at all the trends its better to trade with negative bias...

Regards,

TA

[TradeAdviser]

Market is in healthy uptrend, all short, medium and long term trends are up.

Any daily closing below 5787 will turn the short term trend down..

Closing below 5700 will confirm medium term down trend.

5617 taken out on closing basis.. Then our long term trend will turn down.

For short term traders closing below 5787 targets are 5721 - 5637 - 5554 stop loss 5807 closing basis.

For medium term traders closing below 5700 targets are 5544 - 5381 - 5223 stop loss 5807 closing basis.

For long term traders closing below 5617 targets are 5381 - 5146 - 4921 stop loss 5721 closing basis

On upside fresh longs can be initiated above 5894
if you are a short term trader keep stop loss at 5874 closing basis. Targets are 5972 - 6062 - 6153.

If you are a medium term trader keep stop loss at 5786 closing basis. Targets are 6062 - 6245 - 6434.

If you are a long term trader keep stop loss at 5700 closing basis. Targets are 6153 - 6434 - 6728..

Regards,

TA.

[TradeAdviser]

hello friends,

Some kind of positive foundation is building up in the market, which may lead to a good upmove. Confirmation will come once nifty closes above 5235...

Regards

[TradeAdviser]

market respected the supply zone of 5200-5235. However, another round of selling completed leaving 4700 unbroken... Will it be a start towards 5600-5700........................

Keep your eye on 5070 and 5200 last two hurdles..

Take care

Regards,