Hourly overbought

Nifty seems to be in overbought territory and may trigger a short term drop. If this 4970 zone acts as the strong resistance then we may even heading for 4725 to bounce again to start the next up move.

Is a-b-c correction in progress for NIFTY?

Is this an a-b-c correction for nifty ?
If yes then
a = 4789 to 4956 = 167
b = 4956 to 4805 = 151
c= 4805 to XXXX. If a=c then we may face stiff resistance at 4805+167 = 4972 range

Heading for 4975 ?

If faced resistance at 4975 and turned down decisively then may retest upto4720. Holding 4888 5DEma is important for further up move. Today's close above 4925 is important for the up move as yesterday's candlestick pattern "morning star" formation needs a follow up move to confirm.
Move beyond 5050 will confirm the up trend, which may last for another few months.

Nifty:

OI:

Support may come near 4780

If that is broken then it nifty may head for 4720 range. If supported then it may bounce to 5000 range.


NIFTY:

OI:

Below 4889 5DEma & pivot, weakness persists

Nifty may be headed to channel support @ 4735 range. Below which wild bearishness may show up.
4750 is 80% retracement of the rise from 4531 to 5630. A good support may emerge in this region 4750-4735.

NIFTY:

OI:

Will it head past the channel line at 4950?

Or will face resistance at this level and reverse?
Currently it is just above the 5 DEma and is waiting for a push. If crosses the channel line confidently and stays above it then it may attempt to cross 5000. Key is to stay above 4861 a key level observed in the recent past.
NIFTY:

OI:

Nifty is heading for a bounce?

NIFTY:

OI:

Nifty heading to 4751 ?

If 4751 is protected then a strong bounce is expected.
If opens and moves high then may face resistance near 4935 range and the move down.
Long above 4881 for a target of 4930
Short below 4850 for a minimum of 4800-09 if broken then to 4767/4751 range.
Below 4751 it will be more bearish.
NIFTY:

OI:

Nifty heading for a small bounce?

Mild strength above 4882 which is one point above R1 of the daily pivot. Above 4925 5DEma or 4932 80% retracement of the fall from 4955 to 4837 will add more strength to the up move.
Move below 4751 will be more bearish.
NIFTY:

OI:

4821 testing still pending?

Was yesterday's rise a bounce? Will it test 4821 now? Well we will wait and watch.
If it reaches anywhere near 4821, will take a small long position with strict SL.
Up move from here will face still resistance near 4958/5035/50105.
Decisive move above 5105 will confirm the beginning of up trend.

NIFTY:


OI:

Will it test 4821?

Above 4941 a bounce is expected. Decisive move above 4966 will strengthen the up move. Close above this level will turn it ST bullish. Firm close above 5103 200 D SMA is bullish.

Below 4913 daily pivot, market may test 4821. Break of which may have support at 4751. Below which more bearishness prevails.

NIFTY:

OI:

+ve divergence in short term indicators, bounce is expected

If the market is able to sustain above the day pivot 4937 and trade above it for a long period and able to close above 4995 5DEma will strengthen the up move. Close above 5013 80% of the fall from 5037 to 4907 will add to it.

NIFTY:

OI:

Golden ratio 61.8% of the rise from 4531 to 6530 @ 4951 is broken

Next target could be 73.6% @ 4821.
Break below 4751 80% retracement of the rise from 4531, will mean a complete reversal in the trend and will be more bearish. There may be some bounce but may get consumed and may continue the fall

Golden ratio @ 4950 is the key. Trend is very much bearish

Market in all measures are in down trend until will be hit by a strong support to reverse. Down from all key averages. Opening and moving below the pivot at 4985 will further weaken today's position. However the indicators are in a verge of showing short term reversals. Going by the recent activity in the market, this reversal will also get sold off quickly. So another opportunity to sell in the bounce!

NIFTY:

OI:

Holding the low 4935 may attempt for a sharp retracement, again to turn downwards

Rise could be another shorting opportunity.
Holding lows @ 4935-55, it could attempt a retracing bounce for the last fall initially.
"5021-5061" are the 38%-61.8% retracement resistances

 NIFTY:

OI:

 

Downside confirmed

Staying below 4990 or 5035 (pivot level) will be weakness, this will add to sell on rise.

NIFTY:

OI:

Down move over?

If the up move has started from 4988 then the current rise to 5124.8 should not retrace more than 61.8% or go below 5040.
Yesterday the rise reached the 200 day SMA at 5124. Now if the market sustains this level and move up then it is +ve and a move below will weaken the position. A move below 5076, pivot level will strengthen the down move and can test 4951/4821 50% & 61.8% retracement for the rise from 4531 to 5630.

Nifty:

OI:

Heading down 4951/4821

50% or 61.8% retracement of the rise from 4531 to 5630 is 4951/4821 and is the next support for this fall.

NIFTY:

OI:

Below 5196 more downside exists. Above this a small bounce to 5215 zone.

Above 5260 [80% retracement level for the fall from 5280 to 5181] upward momentum gathers strength.
Weekly pivot point 5219 is the next resistance level.
Break of 5180 [yesterday's low] may take it to 5135/5129 which are 100/200 DMA.

NIFTY:

OI:

Resistance at 5271, cross which will add strength.

Crossing 5305. 80% retracement level for the fall from 5342 to 5155 will confirm the bullish trend.

NIFTY:

OI: