Are Bulls Back on D-Street?

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Nifty Hourly

Nifty Hourly resisted at Hourly Resistance of 4931 and looking at global cues should open gap up again of 30 Points. 5015 is the level for short term reversal and Shorts should keep the same as SL. As discussed in Weekly Charts Nifty has formed a falling wedge with positive divergence which has attributed in Yesterday rise.

Nifty Daily

On Daily Chart Nifty is trading in a parallel channel with resistance at 4940 break of the same will lead to break above the channel.

4965 is the level to be watched as this is the level where Nifty as this is the level where market has sold off in past.

FII Bought 45000 Contract in NF and Rise in Nifty can be more attributed to Short Covering as Open Interest in Down by 10 Lakh Contracts.

Nifty Fibo

As per Fibo 61.8% Retracement comes at 5035 which can be potential resistance for this upmove.

Buy above 4965 TGt 4990,5015,5035

Sell below 4900 Tgt 4880,4839 and 4802

4 thoughts on “Are Bulls Back on D-Street?”

sethu August 30, 2011 2:35 pm

Nifty gave 140 points after my SAR 4872. To be frank, i dont see anything else for trading. Ihave become little bit confident about my system now

Reply ↓

sethu August 30, 2011 1:30 pm

Nifty made a high of 4998 could not hild 4970 and tested first support 4940 and retraced to 4970. Now, 4970 is crucial and as indicated already any stregth above 4970 would lead to 5040. As long as Nifty stays above 4900 ( SAR level now) shorts will not yield much. That is what my system says.

Reply ↓

sethu August 30, 2011 9:41 am

As posted, Nifty closed above our SAR level 4872 and forced me to carry my longs. We had a gap up opening today. 50% longs booked. What is in store for today.

Holding 4970, nifty can target 5040.Any weakness is below 4970. The SAR level for today 4890. There is a reversal only below 4890. Please also refer my monthly chart where I have viewd that Nifty will close month end above 4840.

Below 4970 ,4940-4890
Above 4970, 5040

Rgds,

Reply ↓

Bramesh Post authorAugust 30, 2011 10:22 am

Thanks for your Update

Rgds

Reply ↓

sethu August 30, 2011 2:35 pm

Nifty gave 140 points after my SAR 4872. To be frank, i dont see anything else for trading. Ihave become little bit confident about my system now

Reply ↓
sethu August 30, 2011 1:30 pm

Nifty made a high of 4998 could not hild 4970 and tested first support 4940 and retraced to 4970. Now, 4970 is crucial and as indicated already any stregth above 4970 would lead to 5040. As long as Nifty stays above 4900 ( SAR level now) shorts will not yield much. That is what my system says.

Reply ↓
sethu August 30, 2011 9:41 am

As posted, Nifty closed above our SAR level 4872 and forced me to carry my longs. We had a gap up opening today. 50% longs booked. What is in store for today.

Holding 4970, nifty can target 5040.Any weakness is below 4970. The SAR level for today 4890. There is a reversal only below 4890. Please also refer my monthly chart where I have viewd that Nifty will close month end above 4840.

Below 4970 ,4940-4890
Above 4970, 5040

Rgds,

Reply ↓
1. Bramesh Post authorAugust 30, 2011 10:22 am
  
  Thanks for your Update
  
  Rgds
  
  Reply ↓