Saturday, August 3, 2013

Nifty P&F (Wk 0508-0908) - Immediate support 5620-5660, resistance around 5820; Long-term VPO 4780!


Resistance came at 6093, support broken through 5940! And we are set to a down move again.

Weekly Analysis:

Daily Analysis:


Weekly & Daily Down. However, the weekly chart shows an immediate support @ 5620-5660 level. Daily however shows a channel support at 5660 is already hit. Monday opening will give a clue. However, such supports provide opportunity look for selling than buying as larger trend is down.

Resistance to short may come around the midpoint of 'O' column at 5820, which is also the resistance level as per weekly pivot.

And, as I mentioned in my last post, this time the VPO in weekly chart is going to be very grave 4780!


  1. Sir,
    Kindly abbreviate the word VPO,thanks.

  2. thankyou for your post.. regular visitor to your blog every week !


  3. @ narasing ... thanks, to know it keeps me additionally motivated!

  4. Rajib,Your views are right ..we saw the blood bath yesterday. Hope this will see the resistance 5495 as i see many reversals happened from there.Started Liking this Technique a lot now.

    1. @ Kiran,

      Today's intraday rise showed some sign of cover. But if the support of last low @5477 if not honoured, the equity market is going to give us good buying opportunity after 1-1.5 years. So time to stay-in cash.


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  6. Today bank nifty price moment is giving some confidence to trader for some pull back rally from these labels and also  on candlestick chart Relative Strength Index  indicating over sold position because of that it may be possible that some pull back , we can see in bank nifty as well as CNX NIFTY.... On CNX NIFTY chart relative strength index again at 4600/4800/5500 bottom labels so from these labels if anyone thinking for some bounce then it should !!!! Again I am seeing some weakness in IT

  7. We have seen the blood bath again in the downside again retaining 5477. If this gets breached I am assuming we will see 5175 as intermediate support. Now confused if we could have traded this 200+ Short as it hit the top of the Channel @ 5755.