Bank nifty future saw smart pull back in last trading session . If it manages to sustain above 11700 level we can see more up move from here. One should take long position only above 11700 level . Resistance for bank nifty is at 11700/11850 and support is at 11491/11260 .
RESISTANCE-It has first resistance close to the level of 11700 & after it may face the next resistance close to the level of 11850.
SUPPORT: IT has first support close to the level of 11491 & after it may get the next support close to the level of 11260.
Subscribe Stock Market Alert In Mobile CLICK HERE
Showing posts with label Nifty Technical View. Show all posts
Showing posts with label Nifty Technical View. Show all posts
Wednesday, December 22, 2010
Monday, October 18, 2010
Market Trend For Tomorrow 19 October 2010
The markets opened on an optimistic note and ended the session with significant losses as the bulls failed to hold the Nifty above the 6240 pivot levels throughout the session. This was in line with our expectation since weekend factors were expected to curb buying enthusiasm. The benchmark indices ended with approx 1.80 % losses over the previous session. The traded volumes were lower compared to the previous session, which is a routine indicator for a bearish weekend session.
The indices have closed in the lower end of the intraday range as the bulls were unable to support the markets at higher levels. The intraday range advocated for the Nifty between the 6250 / 6075 was violated as the Niftytested the 6050 levels - thereby exceeding our intraday wave count employed on the downside.
The coming session is likely to witness a range of 6150 on advances. Support is likely at the 5950. The wide range is due to the high base effect of Fridays range. The bullish pivot for the session is likely at the 6135 levels and the bearish pivot at the 6100 levels. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a big bearish candle with a small lower wick, indicating bearishness in the absolute near term. The 6284 (previous significant high) will become a hurdle in the near term which must be overcome forcefully if a rally is to commence. For the bulls to regain their initiative intraday, the 6135 must be overcome conclusively in the coming session. The net bias - caution for Monday as long as the Niftytrades below the 6100 (today's bearish pivot).
The market internals indicate a lower turnover due to the bearishness. The number of trades were lower and the average ticket size per trade was higher, indicating a retail selling. The capitalisation of the market was lower in line with a downtick session. The f&o cues show the bears squaring up shorts on declines.
The outlook for the markets today is that of caution as the bulls must hold the Nifty above the 6135 levels sustain ably to manage an upmove.
The indices have closed in the lower end of the intraday range as the bulls were unable to support the markets at higher levels. The intraday range advocated for the Nifty between the 6250 / 6075 was violated as the Niftytested the 6050 levels - thereby exceeding our intraday wave count employed on the downside.
The coming session is likely to witness a range of 6150 on advances. Support is likely at the 5950. The wide range is due to the high base effect of Fridays range. The bullish pivot for the session is likely at the 6135 levels and the bearish pivot at the 6100 levels. Traders must watch these levels for signs of trend determination in the coming session.
The daily candle chart of the Nifty shows a big bearish candle with a small lower wick, indicating bearishness in the absolute near term. The 6284 (previous significant high) will become a hurdle in the near term which must be overcome forcefully if a rally is to commence. For the bulls to regain their initiative intraday, the 6135 must be overcome conclusively in the coming session. The net bias - caution for Monday as long as the Niftytrades below the 6100 (today's bearish pivot).
The market internals indicate a lower turnover due to the bearishness. The number of trades were lower and the average ticket size per trade was higher, indicating a retail selling. The capitalisation of the market was lower in line with a downtick session. The f&o cues show the bears squaring up shorts on declines.
The outlook for the markets today is that of caution as the bulls must hold the Nifty above the 6135 levels sustain ably to manage an upmove.
Subscribe to:
Posts (Atom)
