-
Happy Trading
www.tripleint.com
Sunday, August 30, 2009
Friday, August 28, 2009
A non-stop bull run to complete the august series. What next?
It was a series marked by a non-stop bull run for the past six days and a new series is starting today.
The undertone that is set is obviously bullish, but then the market has to cool off a bit before continuing if this has to be healthy.
A retracement till 4605, 4561 levels is expected anytime soon for the next up leg to begin and the max that this can run up is till 4865, 4930 levels.
In any case, it is prudent to wait for a few days to see how this series spans out before taking any step further.
Resistance levels : 4718, 4735, 4765
Support levels : 4664, 4636, 4605
Happy Trading
www.tripleint.com
Thursday, August 27, 2009
Will the bears gain some control for the expiry ?!
It was a non-stop rally for the past five sessions and it seems like bulls are positioned very much strong for the expiry.
But then for the expiry, will it be the turn of bears to fight back ?
A move above 4718 and 4730 is bullish and can see a close of 4763 levels, if the level of 4718 and above is sustained throughout the morning session.
Overall both parties may not be comfortable holding on to their positions at this stage as a move towards 4765 can be equally justified with a move towards 4636.
For me it looks like bears will take control towards the end today and can push it to a 4636 expiry.
Resistance levels : 4693, 4718, 4735, 4765
Support levels : 4664, 4636, 4605
Wednesday, August 26, 2009
One day to expiry..Where are we heading?
It is just one day more into the expiry of August series and still it remains very unclear as to where we are heading. The range seems to be so wide. A sub-4500 expiry to a 4800+ expiry also is being contemplated.
In any case, again we have seen a day in which right from the low there was a strong rally to close almost near the day's high and there was a powerful bear trap seen at 4630 levels. Also this is the second day after breaking and closing higher than the 'W' top.
Looking at the above information, it does seem like this market has a strong potential to break 4700 and even touch 4800 levels, but then any break of 4630, is also going to push it to test further lows.
All in all, this could also be a highly volatile day and it now looks like tomorrow is going to be a bullish day into expiry. It is better to stay out and watch the game for today.
Resistance levels : 4675, 4693, 4718, 4735
Support levels : 4630, 4605, 4586, 4564
Happy Trading
www.tripleint.com
Tuesday, August 25, 2009
Most likely to be a rest day in the expiry week ?!
The congestion of the range breakout above 4507 levels on friday pushed Nifty to a very strong 'gap up' opening and in the end also closed significantly higher.
Now that it has broken the previous intermediate high of 4619 levels and has clearly formed a 'W' pattern on the daily charts, this signifies bullishness, but then for the bull trend to continue a healthy retracement to 4605 level is also required.
There might also be a move to throw away the weak bulls in the next two days and the expiry day might see a bullish move.
Resistance levels : 4657, 4693
Support levels : 4605, 4586
Happy Trading
www.tripleint.com
Monday, August 24, 2009
4444 battle won by bulls. Still confined between 20 and 50 DMA
On friday, it was a decisive victory for the bulls, having lost significantly in the opening, bulls regained whatever was lost and also conquered the 4444 territory and finally managed to break the key levels of 4490 and 4507 and closed around the next crucial level of 4530.
Market as such is still confined between the 20 and 50 DMA at 4539 and 4396. A strong break and retest of the 20 DMA is required for bulls to power up from this level and in any case should not retest 4444 for the bullish breakout to sustain.
If there is a retracement to 4444 and below from this level, then bears are sure to take a strong upperhand.
Resistance levels : 4580, 4605, 4630
Support levels : 4507, 4485, 4444
Happy Trading
www.tripleint.com
Friday, August 21, 2009
No change in headlines...4444 yo-yo continuing !!
Markets proved again yesterday that it is still going back and forth the 4444 levels and neither party is able to decisively win in the markets.
Nifty made an attempt to break the key resistance of 4490, but failed and corrected nearly 50 points. All those intraday bulls are all trapped at the end of the day yesterday, but then since it close higher and never gave a chance for the end of the day bears of the previous day to escape, it is again equally poised as of now.
The view remains the same, "it is pretty much under bear grip as long as 4490 and 4507 level is not broken and a break of 4375 level today will immediately see markets moving to 4324 and 4302"
Resistance levels : 4465, 4490, 4507
Support levels : 4428, 4375, 4350, 4324
Thursday, August 20, 2009
4444 yo-yo continues..Still looks extremely bearish !!
Yesterday again markets went below 4444 levels and also broke the range of 4409 on the downside and closed below that.
Though it set a strong bearish tone at the beginning, it recovered in the end and NF even closed in premium.
Now the expectation is that the market will recover significantly, thanks to global cues...but then it is pretty much under bear grip as long as 4490 and 4507 level is not broken and a break of 4375 level today will immediately see markets moving to 4324 and 4302.
The put-call ratio yesterday is exactly at 1. So it could still be anybody's battle, but I favour the bears.
Resistance levels : 4428, 4444, 4480, 4507
Support levels : 4375, 4350, 4324, 4302
Wednesday, August 19, 2009
Nifty back into range, but more of downside seen currently ?!
Nifty has been moving back and forth the crucial level of 4444 and right now the range is getting tight between 4507 and 4409.
Any move above or below this level is going to set the immediate trend.
As of now, the pattern is extremely bearish and a breakout on the downside is expected any moment till 4240 levels and may be even beyond.
The implied volatility which expanded on monday has again been tamed yesterday. But that is almost at a point where it has to explode and that can come only on a breakout from the range and it looks like it will be on the downside.
Resistance levels : 4480, 4507, 4537
Support levels : 4432, 4409, 4359, 4302
Happy Trading
www.tripleint.com
Tuesday, August 18, 2009
Key support of 4444 broken again. Where are we heading ?!
It was a day totally dominated by bears. The intensity of the fall is so severe that even the intraday bulls couldnt get a few odd points.
Now the question is back to the old post which I wrote three days back
Now considering the fact that the bullish move made two days ago is totally nullified and is a strong end of the day bull trap, there is much more downside left to the markets now.
In any case, for the bearish move to continue Nifty should not be able to move past the 4485 levels and it is sell on rise with 4537 as stop for the coming days.
Resistance levels : 4444, 4465, 4485
Support levels : 4359, 4302, 4245
Monday, August 17, 2009
Choppy after a strong upmove. What is the short term trend?!
Markets were choppy on friday after a strong up move on thursday. The undercurrent looks very much bullish, but then looking at SGX, it certainly is not going to be a healthy start for the day.
As mentioned before, below 4507, this will bring in the bearish tone and any break of 4444 at this stage will be extremely bearish.
May be the market is in no mood to go on a trend either side and can remain rangebound between 4444 and 4630 levels for a week or so before taking the next step.
It looks like a wait and watch kind of market as of now.
Resistance levels : 4597, 4630, 4672
Support levels : 4560, 4537, 4507, 4485
Friday, August 14, 2009
A very strong close yesterday. More upside to be seen
Yesterday the markets opened well above the crucial resistance of 4537 and then there was almost no looking back and closed near day high.
The pattern suggests extremely bullish and if this market crosses 4630 levels and can sustain, then a move to 4694 is on the cards.
4575 should act as a very strong support followed by 4544. In any case for the bull move to make new year highs, there may not be retracement below 4537.
Any move below 4507 at this stage would bring back the bearish tone.
Resistance levels : 4630, 4672, 4694
Support levels : 4575, 4544, 4507
-
Happy Tradingwww.tripleint.com
Thursday, August 13, 2009
Still confined.. Needs a breakout and close either side..
Markets did break the 50 DMA on the down side yesterday, but managed to close much higher, forming almost a dragonfly doji pattern.
It is however still confined between its 20 and 50 DMA levels (4522 and 4409).
A higher open and a break of 4507, 4537 will be bullish for Nifty and if 4537 is sustained, it can push it all the way to 4580 and 4630 levels.
There might also be a move to threaten weak bulls towards the end of session, if this market is back on its bull track.
Resistance levels : 4485, 4511, 4537, 4580
Support levels : 4444, 4415, 4396
Happy Trading
www.tripleint.com
Wednesday, August 12, 2009
Nifty confined between its 20 and 50 DMA...Should wait for a breakout ...
Yesterday NIFTY was unable to sustain the move above the crucial resistance level of 4507 and also came to retest the support of 4444.
Having said that the markets will turn bullish only on a strong move above 4507 and a close above 4537, it looks like it is now confined between its 20 and 50 DMA, 4511 and 4410.
A breakout and close supporting either one side will be the indication for the short term term. Overall the pattern still remains bearish.
Resistance levels : 4485, 4511, 4537
Support levels : 4444, 4396, 4375
Happy Trading
www.tripleint.com
Tuesday, August 11, 2009
Key support of 4444 broken. Where are we heading ?!
Yesterday the markets could not take advantage of the gap up, but then also went on to make new lows for the series, breaking the 20 DMA support and also breaking and closing below the crucial support level of 4444.
There were a few strong bull traps made around 4507 levels yesterday and market will remain bearish as long as this level and also 4537 is not crossed on the upperside.
Resistance levels : 4444, 4485, 4507
Support levels : 4396, 4375
-
Happy Trading
http://www.tripleint.com/
Monday, August 10, 2009
Retest of 20 DMA. Is the correction over and bull run to continue ?!
It was a massive correction in the last two sessions. After testing the crucial level of 4580, Nifty went on to test its 20 DMA at 4470 and almost closed a shade above that.
As mentioned earlier, the view remains bullish and the market can also move on to see a new year high soon to the levels of 4867 and above.
At the time of writing this SGX Nifty is already quoting at 90 point plus and a gap up today is also not ruled out immediately trapping all those late bears of friday.
Friday, August 7, 2009
More of a healthy correction than a crash...More upside seen next week!
Markets went down straight to test the crucial support of 4580 levels yesterday.
The fact that the expected short squeeze could not happen as Nifty didnt move up beyong 4718 level aggravated the fall and now reinforces the view that this move will allow Nifty to test further highs next week.
4543 level should act as a strong support and Nifty might also momentarily test 4506 levels, but not further.
Resistance levels : 4580, 4630, 4664
Thursday, August 6, 2009
The more the consolidation..the more the upside !!
Yesterday was another consolidation and as mentioned earlier, the undercurrent is very much bullish as long as 4580 level is not broken on the downside.
Today we might see new year highs on a break above 4718 as mentioned earlier, i.e to the level of 4767.
The key levels remain the same.
Resistance levels : 4718, 4739, 4767, 4816
Support levels : 4664, 4630, 4580
Happy Trading
www.tripleint.com
Wednesday, August 5, 2009
Markets did pause yesterday. Bullish undercurrent seen !!
After three days of non-stop rally, markets did pause yesterday and it is very much required if it has to scale new heights.
The undercurrent is still very much bullish and any move above 4718 levels today will start the next round of short squeeze, pushing the markets further to 4767, 4816 levels.
Only on a break below 4580 the bullish undercurrent will change, which is unlikely to happen very soon.
Resistance levels : 4718, 4739, 4767, 4816
Support levels : 4664, 4630, 4580
Happy Trading
www.tripleint.com
Tuesday, August 4, 2009
Picks to watch for 04 Aug
tripleint Aug 03 BUY Shipping Corporation of India Ltd (NSE) 148.50 5 Days 137.80 on aug 4 view detailsHappy Trading
www.tripleint.com
Markets likely to take pause before the next move ?!
The intensity with which the markets have moved in the last few sessions and also the way it is standing at the year high certainly gives an uneasy feeling of acrophobia.
The volumes have been decreasing everyday and it is certainly telling a story that this market is going to correct significantly soon.
It is again becoming tough for both bulls and bears to take a position at this stage as bears have been completely trapped in this run up, both intraday and also end of day and the run up has been sharp for bulls to charge further.
Nifty might test some higher levels also before the significant correction and so it is better to wait and watch now.
Resistance levels : 4739, 4767, 4816
Support levels : 4680, 4659, 4630
-
Happy Trading
www.tripleint.com
www.tripleint.com
Monday, August 3, 2009
More upside seen in the markets !!
The last half an hour move last friday suggests that there is more upside to be seen and it is likely to test the year high of 4693 and also close above that.
The new uptrend if it begins now has the potential to test 4767 levels also before taking a pause.
Having said this, any move below 4585, would nullify the effect of the last half an hour bear trap and a move below 4570 would subsequently bring in weakness.
Resistance levels : 4659, 4680, 4705
Support levels : 4605, 4585, 4537
Happy Trading
www.tripleint.com
Subscribe to:
Posts (Atom)
