Nifty Today - 30-09-08 (Update)

Once again great proof to acknowledge the power of technical analysis.

Today at 12.30 when the market is shifting from red to green (3860), we had mentioned
Todays R1: 3919 R2: 3965 .

Intraday high: 3966.85
Todays Close: 3921.20

Here with we had attached Nifty Intraday Chart which have 2 black lines denoting our R1 and R2. Nifty had easily crossed our R1 and from there the point(3919) had became its Support. Later in the day Nifty touched our R2 but not able to go beyond that. So the rest of the days movement was between our two points ie 3919 & 3965.

Nifty Today - 30-09-08

"Hope todays recovery will take market well above this point(3790) and a close above 3848 will halt this bear phase for short term and can establish sideways movement (3790 - 4250)."

This is what we had mentioned in our Yesterday's blog. As expected the close was 3850 and you can witness that the bear phase had been halted temporarily today.

Though the market is moving as per technicals, sometimes we are shifting the move because of over fear or greed. One thing is clear that this type of shift from TA will make unexpected reaction later in the market.

The best example is todays pre opening calls in all bizz channels. Every one was shouting that the market will slip further and giving next lows as target (because of failure of US $700 billion bailout). Yesterdays chart had clearly shown that bulls got charged at the end of the day and will move the market upwards, but no analysts was mentioning that.

Because of this over fear, todays opening was much below the expected (based upon TA it should be above 3777) but recovered drastically and is going in green.

Watch for todays close which will clear about next move.

Todays R1: 3919 R2: 3965 .

Nifty Today - 29-09-08

"Bears are trying hard to move the market downwards. 4159 will be crucial point from where they can take the market easily to thier favourite target of 3800....

Close Below 4159 Full contol of Bears" Posted on 23-09-08

On that day market closed at 4126.90 & Today Market Hits their favourite Target 0f 3800...


Todays Market is proving the power of Technical Analysis and Charts. In this panic and blood bath of selling, hope the market is going to get support at the level of 3779 and can move upwards to an extent.

Caution: If market fails to close above 3790, expect more panic selling and new lows till XXXX in coming trading days.

Hope todays recovery will take market well above this point(3790) and a close above 3848 will halt this bear phase for short term and can establish sideways movement (3790 - 4250).

Nifty Today - 26-09-08

In our last blog on 23/09/08 we had mentioned that "Close Below 4159 Full contol of Bears" and on that day Nifty closed at 4126.90.

Though there was some upswing on the very next day, Bulls were not in a position to withstand the Bears Attack.

As per Todays trading, it is clear that Bears are strong towards their target. Since Nifty has managed to close above 3981, Bulls can recover for next Resistance levels 4045, 4100 & 4159. This will be only a short term recovery but not Bullish trend.

Our market is waiting for the final decision of American Government for

1) $700 billion bailout for thier financial companies,

2) Signing of Indo-US nuke deal.

Both may be confirmed before Monday Market opening. If the news turns to be in favour of Bulls, it doesn't mean that Bulls can rule the market. Only if the market continue to move in full swing till 4250 and close above that level, Bull Trend is confirmed.

Though Bulls has to struggle hard to confirm their trend, It is so easy for bears to reverse the upmove at any of the above mentioned resistance points.

Nifty Today - 23-09-08

Both the Bulls and Bears are putting full efforts to gain the control of the market in their hands.
As per Today trading till this time bulls had taken the market till 4224 but not able to sustain it. Bears are trying hard to move the market downwards. 4159 will be crucial point from where they can take the market easily to thier favourite target of 3800....

Close Below 4159 Full contol of Bears

Bulls has to fight bears to make next attempt to close above 4201 and 4250 to get rid of Bears & Fears.

Nifty Today - 22-09-2008 (update)

Herewith we are attaching intraday chart of Nifty. After todays post, Nifty tried to cross our resistance level (4269) but, because of Profit booking, Nifty surged down below 4232. But you can witness the Support Level which was very accurate as per our analysis.

Our S1: 4217 - Nifty tried to take support around this level (1:00 - 2:00) Black Line

Our S2: 4201 - Nifty intraday low 4202.40

Nifty Today - 22-09-2008

In last minutes of trading nifty failed to close above 4250 yesterday. Because of this we are not seeing a good movement today. For todays trading 4269 will be an important point. One can expect a jump of 30 points if nifty trades above 4269 for 5 mins.

Down side risk: If nifty breaks 4232 watch for S1: 4217, S2: 4201.

Nifty Today -19-09-2008 (update)

As we had mentioned Nifty was trading between our range till 12:35. After crossing 4189, it zoomed to 4212 (our resistance was 4215) within minutes.

From there it was trading between 4180 - 4215 for some time and after crossing that it again zoomed to 4249 (our second resistant level 4245).

As Todays close is Weekly Close & If Nifty can manage to close strictly above 4250, more upmove is left till 4362.

Nifty Today -19-09-2008

This is what we mentioned yesterday "If Nifty manages to close above 4000/- we can wait for good movement in coming days".

As nifty closed at 4038, we had seen a good up-swing in todays opening. However todays movement will be between 4150 - 4189. Both this level are important which is going to decided the direction of nifty.

Above 4189, Next Resistance : 4215, 4245

Below 4150, Next support : 4041, 4007

Nifty Levels to watch - Update 2 Intraday

Nifty had made rally upto 4000. (Intraday high 4023). We are again perfect in our target.

Some profit booking may happen at this level and can slide some 40 points. If Nifty manages to close above 4000/- we can wait for good movement in coming days.

Bears can take the market to their control if nifty goes below 3950.

Nifty Levels to watch -Update

As we mentioned in earlier blog nifty crossed 4539 but failed to managed that level and in the downside it sliped to our critical support level 4159.

Todays intraday low is 3799.

So, as per our recommendation nifty had touch our low target of 3790. All the credit goes for technical analysis and charts.

What NEXT ??????????????????????

As per intraday movement Nifty had taken support at 3799 and currently trading at 3901. If nifty can manage above this level for next 1/2 hr, watch out for rally up to 4000.

Downside risk:

If nifty trade below 3833 be cautious for next few trading days.