Nifty may break triangle today

Nifty may open gap up amidth globle cue, and try to break 5280 (May open at this level or at 5264) Nifty most likly to break to triangle today. It may faces strong resistance at 5322
Slow Stoch and william % have created higher low and after today it will start showing bullish signal as well

Nifty is in making of a traingle and it's break will decide future movement,

For today Nifty may bounce till 5252

Long positions should be initiated only when slowstoch and willium% came to oversold zone

History repeats itself ........

If history repeats itself then Nifty is on taking a deep correction. Situation is very similar to once develped tecnically on around Januray 2008. At that time also, Nifty pulled back from a deep correcction went up to 61.8 % retrechment and again correction. RSI, Slowstoch and Willioam % were all showing similar reading and that too after reaturning from oversold level.

Let's See

Nifty has created a beautiful climex whic will be unfolded today. Bulls and Bears both is looking at Nifty Screen

Nifty has not shown any major sign till now and left everybody wondering into wild gusess

I want to be a part of this movie with a bearish Idea that Nifty may support on 50 day EMA i.e. 5175

Dancing Nifty at 20 Day EMA

Yesterday on 19th April 2010, Nifty almost touches 20 EMA i.e. 5258 and come down sharply after spending almost 3 hr in that zone , which shows strength.
It bounce back with same energy from 34 EMA i.e. 5213 and manages to close above 5223

Nifty today will try to touch it's 50% retrenchment which is 5280 and then next target would be 5308 which is 61.8 % retrenchment

Do not expect Nifty to beyond 5308 in near future as It is in intermediate downtrend

Nifty Outlook for the Week April 19 to 23, 2010

I have tried my permutation and combination and come up with the following report

April Nifty series may expire below 5000
If expires below 4863 short term bull run may end
Immediate support for this week is between 5190 to 5125

Nifty in Downtrend for at least next week

I have tried my wild guess to decode Nifty and come up with the finding or call it predictions for next week
Nifty is in clear downtrend now and it can take support at the following levels.

• 5280 is the immediate resistance for today if crossed then may touch 5300 not beyond this
• 5200 is very crucial as it is EMA on weekly chart so Nifty must have a bounce from this level in coming week
• 5164 this is EMA 50 day on daily chart; very important it may set future course for NIFTY
• 5087 (EMA 20 weekly) - 5059 (EMA 100 D on daily) we can see Nifty dancing between these two levels before moving to north again else it may move from these levels as well
• Last hurdle will be 4863 below this level; no clue right now.

But it will surely take at least two week for all these development. These are important levels on which we can see Nifty dancing.

Does Nifty Says Something.......!!

I have observed some crossover using different parameters. It is up to you to decide if Nifty is again in a process of makring "M" over next few days or coming down to 5279, today itself.

When everyone is greedy you should be fearful ...............

After 29/09/2006, This is the first time we have 9 straight Weekly positive closing. The divergence on daily chart has developed in overbought region. The fall if it really come (which is inevitable now) will be sharp.

Note: I have read the same somewhere else

100% Rise since October 27, 2008

Nifty has already rise to more than 100% in the last 350 days since October 27, 2008.
It has already shown sign of weakness and coming week sharp downtrend is very likely.
Upper move is caped at 5480 not above it.

This is not to create any panic in market, it is my own research and I am bullish in long term

Believe it or not

I have no idea if somebody had noticed it before or not, but triggered by a question (asked in a trader website) I analyse further?

Question was: Why Nifty bounce back from 3918.75 on July second week of 2009?

It was easy to answer as I had already posted similar to this fact. But it left me wondering, why Nifty bounce back in March 2009 from 2540.00?

It was taking support at 400 MA on weekly chart.................!!

Is not it amazing ........... !!

Nifty @ 5084

Nifty has already taken support at 40 weeks moving average. This time it will rest at 20 weeks MA or 100 days MA before moving higher.

This level is currently at 5084

Nifty has already tested 200 days or 40 Weeks MA, so this is unlikly to test again as overall market sentiment is bullish.

RSI is in oversold position for the last three weeks now

Slow stoch has already start to downtrend

William % now spend sufficient time in oversold Jone

We may see sharp correction next week as RBI rate hike is due on April 20, China may appreciate Yuan

I found somthing very interesting which I want to share with you all.
On Nifty weekly chart SMA of 50, 100, 200 bars had crossed at same point in second week of December 2009, which in my views signifies long term bullish trend for Nifty.

On February 2010, price jumps from 200 days moving average and at same time it was also resting on 40 bars weekly moving average
For Today April 7th 2010 my views is as follows

1. RSI need to move above 70 for at least one week before taking downtrend
2. Whenever William% rises sharply to oversold jone it need to wait for at least 3 to 4 bars before reversing; so in my views NIFTY position is intact above 5300 and it's target is 5410/5445/5477

Nifty is in uptrend on weekly chart. It may rise up to 5380 this week. Mediun term target is 5550.