Sunday, April 14, 2013

Nifty P&F (Wk 2204-2604) - short-term range bound, mid-term selling pressure continues

Recap:

5755 again got sold into.

Weekly Analysis:


Daily Analysis:


Summary:

Weekly DOWN. Daily range-bound. In daily time-frame it may extend it's range-bound movement & thereby whipsaws. But the selling pressure in price behaviour is quite evident. As long as the pullbacks are pushed by the channel tops & BrRLs, it's prudent to consider only shorts.

Current chart suggests, 5580-5620 to be watched out for resistance.

7 comments:

  1. Dear Rajib, Now what to do as nifty has crossed both resistance

    ReplyDelete
    Replies
    1. @pinakin,

      it was expected that there will be pause in downtrend.

      Let the short-term uptrend be settled with its movement, if it's a new trend it will correct near the channel top (@ 5700) & will get support from the BlSL else it will break the support.

      I'm still looking at it as pullback to the current downfall. Until & unles you are day trader, it's prudent to wait & short at channel top (@ ~5700).

      Regards,
      Rajib

      Delete
    2. Dear Rajib, Now as nifty crossed resistance and close above it what level do you see for taking long

      Delete
    3. @ pinakin

      Yes with the fierce force nifty pulling back, it really provokes one to get sucked to long side. However, we need to be doubly sure for a reasonable base formation to believe the reversal has happened.

      In short term resistance level is near 5950 level.

      Regards,
      Rajib

      Delete
    4. This comment has been removed by the author.

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  2. NIFTY 16-Apr-2013
    Current Market Situation :

    NIFTY current close : 5689
    NIFTY resistance level : 5756
    NIFTY support level : 5589
    NIFTY sentiment : sideways
    NIFTY dominant cycle period : 13 days


    Levels Tomorrow :

    NIFTY intraday resistance 1 : 5713
    NIFTY intraday resistance 2 : 5740
    NIFTY intraday resistance 3 : 5780

    NIFTY intraday support 1 : 5665
    NIFTY intraday support 2 : 5638
    NIFTY intraday support 3 : 5598

    for more log onto
    Markets Quantified

    ReplyDelete
  3. Dear Rajib, what is your next trade? And is VPO still intact and if so then any SL for short nifty? And if long nifty also give SL for it .
    Regards,
    Pinakin

    ReplyDelete