Has Nifty made Short Term Bottom?

By | August 23, 2011 9:41 pm

The safe way to double your money is to fold it over once and put it in your pocket.

Nifty Hourly


On Nifty Hourly Chart Market resisted at the channel resistance @4965-76 levels and gave a quick fall. Today the Gap of 4893-4932 got filled and Hourly Indicators have become overbought.

Support will come at 4932 which is previous Resistance.

Nifty Daily

On Daily Chart Market is approaching the Wall of Resistance @5010 which if not crossed will lead us back to lows of 4800 and will break that.


Nifty Weekly

On Weekly Chart Nifty will face resistance at trendline of 4976 and 5000 as shown in above chart.

Today FII bought 20K contract With Nifty OI reduction of 44 lakhs indicating Bears Booking Profit and Short covering triggering the rally.

FII have sold 10K cores in cash this August Series hence we need to see the crossover of 5010 else this is just a short covering a Rally.

Buy above 4965 TGt 4988,5010, 5028 and 5058

Sell below 4932 Tgt 4920,4892 and 4865


Levels Mentioned are NIFTY SPOT

Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

4 thoughts on “Has Nifty made Short Term Bottom?

  1. sreyO...

    Dear Bramesh,

    As always…a nice analysis. I strongly feel that nifty will loose all the gain from 5000 to 5015 region. many a times it is seen that it forms saucer like pattern (not copy book) and fails to hold the gain…it is frequently seen in 30 min chart. This time also..the same thing may happen…but it is market and technical analysis can only discuss about possibilities…not certain things…lastly well advice..i’ve done exactly what u advised..no position..until i get clear mandate..


    1. Bramesh Post author

      Perfect Sir When in Doubt trade light or Stay Away

      Capital Protection is our first job as an trader.

      Please do share with us the soccer pattern you are talking about.


    1. Bramesh Post author

      Hi Sir,

      Levels Mentioned are NIFTY SPOT and i feel we can close some where near 4800 for this expiry (Please do not take this as a trade advise)



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