Nifty update 15 June 2015

Nifty index closed below 8000 levels for the week. This is lowest closing for 2015.

Index 4 hr charts are in Sell mode but RMA shows bullish divergence.

We need to see Bullish signal on 4 hr chart for buying sign.

Nifty weekly update 31 May 2015

Nifty closed more or less flat for the week making doji on weekly charts.
During the week it moved below 200 daily SMA but finally closed above it. As of now 50 daily SMA at 8440 is resistance and index needs to close above it for up move ahead.

Index managed to stay above 20 day moving average is a bullish sign.  Now 8480 is resistance and any retreat from that level will be bearish sign.

Daily RMA is looking interesting with uptick from 50 levels.

View is slightly bullish with 20 day sma at 8290 as stop loss.

Nifty weekly review 24 May 2015

Nifty index touched high of 8490 last week and closed at 8459 levels. Index saw profit booking in last hour which shows slight uneasiness of bulls at 8500 levels.

Index closed below 50 SMA at 8470 levels. Also index has not crossed upper bollinger or keltner band as of now on daily charts which shows resistance at 8500 to be there for some time.

Daily RMA has not crossed 60 levels which is very critical for bullishness to sustain. 

This week being expiry Call and Put OI can define trading till Thursday. As of now 8400 Put OI is highest and index will take support at these levels. On upside there is slight reduction of 8500 Call OI which is slightly bullish but there is a lot of technical resistance at those levels.

As of now it seems it seems trading will be range bound within 8400 to 8520 levels for the week. 

If we close above 8520 levels then it will be upside breakout for index. 

Mid week update 21 May 2015

Nifty has moved to 8400 levels this week. It is first resistance at 38% retracement level from 9100 levels. Also index has been in range at 8380 - 8440 levels from last two days.

There are multiple resistances in 8400-8500 range.
First is 8464, 92 square then 50 SMA at 8487 and then at 8496 levels.
Also 4 Hr keltner band is at 8440 levels which index is not crossing as of now.

Support is at 8350 levels.

Its wait and watch as of now.

Nifty weekly review 17 May 2015

Nifty index closed slightly +ive for the week at 8262 levels. Though it remains below 200 SMA at 8297, it recovered from lows of the week.
Weekly candle was an inside candle at lower keltner band with RMA at 41 levels.
Daily trend has come to Neutral from Sell mode is a good sign.

Trend for next week will turn to bullish if we cross 8330 levels and move above it.
Short term support is at 8100 levels and if we break it then move to 7900 is possible.

4 HR trend is slightly bullish with both RMA and trend indicator in buy mode.