You must read previous articles and watch above chart carefully to understand this article completely.
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Intraday update - 2:30 Pm - (4925)
NIFTY is facing resistance in every 8-10 points. Crossed 4932 and hit a high at 4935.80 but still no firework. It seems that Nifty is tiring now. I am avoiding trades as I do not want to stuck at higher end. How higher end?
Suppose if this is a ranging market between 4956 to 4789 then surely we might be at higher end. I will buy on decisive cross.
NIFTY is under performing few crucial bluechip stocks and that is not looking good at all.
SBIN - Good rise continues but not the time to catch again or buy at higher levels. JUBLFOOD was the show of the day
Intraday updates closed
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Intraday update - 12:30 Pm - (4909)
NIFTY crossed 4916 but again turned shy before 4932. If you remember, just few days back when we were at this levels, I said, 'its a zone of multiple retrenchment resistances.' We are facing resistances in easy 8-10 points and making the day choppy for index trading.
Already suggested you JUBLFOOD in the morning minutes. Moving from 1175 to 1239, What a move. Even I havn't waiting that long.
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Intraday update - 12:30 Pm - (4911)
Nifty has moved by odd 10-12 points in past one hours but it is still choppy and yet to cross and stand above 4916. Quoted one stock in the morning, JUBLFOOD, moved from 1175 to 1208 as of now. For nifty levels will be like - 4916 < 4932 < 4956. I am repeating we need to see cross above 4956. Support @ 4880
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Intraday update - 11:36 am - (4900)
NIFTY is not doing much and expected to be silent with support at 4880. Its a choppy and misguiding session. We can expect better strength above 4915-4916.
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Intraday update - 9:30 am - (4900)
Its a gap down driven by some fresh global concern but now a day that a part of daily routine. There is no great signal to trade. Support for NIFTY spot will be at 4880. We can only hope that it should not be typical Friday. Few important point for today on higher side, one is @ 4932 and other @ 4956. If its ranging market then we might be nearer higher side. Still to decide. Stock like JUBLFOOD to be watched.
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Intraday update - 2:30 Pm - (4925)
NIFTY is facing resistance in every 8-10 points. Crossed 4932 and hit a high at 4935.80 but still no firework. It seems that Nifty is tiring now. I am avoiding trades as I do not want to stuck at higher end. How higher end?
Suppose if this is a ranging market between 4956 to 4789 then surely we might be at higher end. I will buy on decisive cross.
NIFTY is under performing few crucial bluechip stocks and that is not looking good at all.
SBIN - Good rise continues but not the time to catch again or buy at higher levels. JUBLFOOD was the show of the day
Intraday updates closed
_____________________________________________________________________________________________
Intraday update - 12:30 Pm - (4909)
NIFTY crossed 4916 but again turned shy before 4932. If you remember, just few days back when we were at this levels, I said, 'its a zone of multiple retrenchment resistances.' We are facing resistances in easy 8-10 points and making the day choppy for index trading.
Already suggested you JUBLFOOD in the morning minutes. Moving from 1175 to 1239, What a move. Even I havn't waiting that long.
___________________________________________________________________________________________
Intraday update - 12:30 Pm - (4911)
Nifty has moved by odd 10-12 points in past one hours but it is still choppy and yet to cross and stand above 4916. Quoted one stock in the morning, JUBLFOOD, moved from 1175 to 1208 as of now. For nifty levels will be like - 4916 < 4932 < 4956. I am repeating we need to see cross above 4956. Support @ 4880
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Intraday update - 11:36 am - (4900)
NIFTY is not doing much and expected to be silent with support at 4880. Its a choppy and misguiding session. We can expect better strength above 4915-4916.
_____________________________________________________________________________________________
Intraday update - 9:30 am - (4900)
Its a gap down driven by some fresh global concern but now a day that a part of daily routine. There is no great signal to trade. Support for NIFTY spot will be at 4880. We can only hope that it should not be typical Friday. Few important point for today on higher side, one is @ 4932 and other @ 4956. If its ranging market then we might be nearer higher side. Still to decide. Stock like JUBLFOOD to be watched.
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Important development of charts –
- Nifty has saved 4789 levels and forming ‘Double bottom’ pattern as of now.
- Nifty has not closed below 4830 %, which is 61.80% downside from 5136 levels (5630-5136).
- A double bottom formation with lows @ 4789 and 4803.
I have already said that as long as 4789 holds for nifty, one should not prefer short just above 4800 marks. We have seen a firm close yesterday with a high just above 4930.
Ratio analysis has one major important support as of now,
- 4790 = 76.40% from 5630 against the rise from 4531 to 5630. We must be opening near to this one.
“We are still not out of threat, we seen to stand tall above 4956 (sandwiched high) to bet for confirmation for short term bottom. Will it happen so easily?”
I never prefer to speculate of levels like 4956. Let it come to see a good confirmation for rise. Cross over of 4956 will give us levels of 4998 (61.80% from 4789 against fall of 5125 to 4789).
Nifty will have technical support at 4880 (~4874) > 4850. Volatility is unavoidable so one need to deal this market very carefully.
We must note that whenever we come at 4800 levels, we have seen so much of pessimism so try to be cautious of this fact that most of the pessimism bottom came at 4800 or nearer levels.
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Praveen Kumar
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