A move to test the lower end of the range ?!

Nifty did hit the high of 5182 on friday and fell back into range.

The accumulation in 5200 call has increased almost exponentially (OI is at 66 Lakhs) and it has been established as a very hard ceiling now.

It now looks like Nifty might move to test the lower end of the range at 5050, 5020 in the next couple of sessions. Since the accumulation in 5000 puts is still around 55 lakhs, it is not foreseen that this market will break 5000 on the downside.

It looks like after the retest of 5020, it will again fall into the range and move on to test 5150 levels.

Resistance levels : 5135, 5155, 5173

Support levels : 5084, 5067, 5052

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Nifty to reach new high levels, but might be difficult to sustain ?!

Yesterday markets again showed signs of a breakout, but was still confined between the second support and resistance levels of 5082 and 5146.

It now looks like the market has strength to reach the ceiling of 5182 levels and looking at the accumulation in 5200 calls, it might be difficult for the markets to crack 5200 levels and there are good chances of markets to fall back into range again.

The volume PCR has reached 0.98 which shows lot of activity has been on the call side and markets may not be able to sustain to the new high levels also. It could require some more consolidation and range moves before making a strong rally.

Resistance levels : 5146, 5162, 5182

Support levels : 5115, 5103, 5082

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Falling back into consolidation before the upside breakout ?!

Yesterday markets did not move higher after the strong bounce seen the day before. It looks like market is still getting into range bound mode and is looking for more of consolidation before giving the expected up move.

The accumulation in 5200 call is also quite huge and it stands at 51 lakhs and this could be one of the reason as to why market is not able to break the 5150 barrier and move towards new high soon.

5000 puts OI stands at 59 lakhs. This points out the fact that there may not be any significant correction beyond 5050 levels.

As of now, the historical volatility is also low and this points to the fact that after a few sessions there will be a strong breakout and pattern-wise it points to a breakout on the upperside.

Resistance levels : 5131, 5146, 5182

Support levels : 5101, 5082, 5052

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Bulls to push markets higher after the strong bounce ?!

Yesterday markets saw the strong bounce and also closed almost at day high. 

The overall pattern suggests another bullish move and market is likely to move towards the new high. 

5107 should act as a strong support going forward and markets will be under the control of bulls as long as this level is not broken.

There has been accumulation seen in the near strike puts and overall, the bullish undercurrent should push markets to further highs the near term.

Resistance levels : 5182, 5210 

Support levels : 5125, 5107

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A retest of 20 DMA. Nifty to give a strong bounce ?!

Nifty could not sustain to 5100 levels yesterday and tested the strong support of 5052 levels. 

Now that the retest of 20 DMA is complete, it looks like Nifty can give a strong bounce anytime and move towards the new high.

The volumes have been significantly lower on days when Nifty is correcting. The build up in 5000 puts has been the largest and so market is likely to give a bounce on any down move below 5050.

Resistance levels : 5082, 5108, 5131

Support levels : 5052, 5033, 5005

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Consolidation continues. Ready to reach new high anytime ?!

On Friday, markets again made an attempt to scale 5150 levels, but could not sustain to that. The consolidation is continuing with markets slowly getting ready for the final up move.

The volume was very low when the market had the red day on friday and the next time markets make an attempt to scale 5150 levels, it would be able to break the barrier and reach 5180, 5210 levels immediately.

As of now it looks more like a buy on dips market.

Resistance levels : 5153, 5182, 5210

Support levels : 5082, 5066, 5052

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Happy Trading
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Doji again...Markets getting into consolidation mode ?!

Yesterday markets made an attempt to reach new high, but could not sustain to that level and finally folded into yet another doji day.

The accumulation was quite heavy in 5200 and 5300 calls yesterday. So it now looks like there should be some more consolidation before markets can get the push to break 5200 barrier.

It could be yet another doji day with markets testing 5060 levels and getting strong support there.

Resistance levels : 5147, 5169, 5182

Support levels : 5107, 5082, 5066

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All set to cross 5200 levels today ?!

Yesterday was a perfect doji day and almost resembles a grave-stone doji. This has given enough confidence to the bears that this rally is coming to an end and enough shorts were built which is indicated by Nifty going into discount.

It now looks like the market is all set to move much higher, to test 5200 levels also today. This will be mostly triggered by the short squeeze when Nifty moves past 5150.

Today is the day when the expected momentum is likely to start with heavy volumes pushing markets higher and also a possibly higher close for the year. 

Resistance levels : 5147, 5182, 5210

Support levels : 5112, 5078, 5066

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Happy Trading
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Momentum to kick in. Market likely to test new year high !

Markets had the highest close yesterday in a month and the intraday pattern suggests extreme bullishness and signs of momentum kicking in.

It is likely to test the year high of 5182 levels in a couple of sessions, with a high possibility of reaching the target today itself.

There has also been powerful base built on the journey up and 5060 should offer a strong support going forward for a few more sessions.

Resistance levels : 5142, 5159, 5182

Support levels : 5107, 5081, 5063  

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Happy Trading
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Markets to stay around 5050 levels before gaining further momentum

Yesterday market had a strong gap up opening and was pushed higher to test the key level of 5050, where there was a long tussle earlier between the bulls and bears.

It now looks like more of a consolidation with 5050 as the pivot before bulls pushing it higher. 

Volumes are low on green days and need to increase for further momentum and it might take a few sessions before that happens.

Resistance levels : 5053, 5066, 5078

Support levels : 5018, 5003, 4985

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Happy Trading
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