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.

Nifty Trend update 17 Nov

Nifty trend update

Nifty index appears to be stalling at 8420-8330 levels. Last two weeks moves have been in 1.5% band.
Looking at RMA and bands Nifty appears slightly in over bot zone.

Trend view
4 HR trend: Bullish

Trading wise there is no signal for profit booking or short side trade.

Levels to watch: 8440 and 8320.
Break of these levels will set direction.

Next week 17th-18th Nov can be possible trend changing dates.

Weekly update 11th Aug

For the week starting 11th Aug 2014

Trend : Bearish,
Power: Low

Stoploss levels: 7644, 7686, 7720
Support levels: 7500,

Index closed below 50 SMA for the first time since Feb'14. We need to see 2 more close below 50 SMA for final conformation of it being resistance.

The 4 HR chart has still not indicated a powerful bearish trend as candle close below lower band and RMA minor break of 40 are missing.

Looking at Trend changing dates we have 8th to 11th as cluster.

Lets see if we can expect some reversal on Monday and how long it can last.

Daily update 21 July 2014

Daily update 21 July 2014

21-Jul-14
Trend	Bullish
Power	Low
Support	Resistance
7612	7710
7583	7731/7745

July 2014 Trend Change Dates

For July 2014 TCD dates are:

15th July
21st July
and 31st July.

21st July can prove to be a short term top.