Weekend Views On Nifty for March 23 - Manoj Bhagra

Another week goes by and now as we enter into the derivatives expiry week, things would get a bit volatile. Nifty has given some good points to the longs and equally frustrating moments to the shorts. The triangle on the weekly chart below is still in play, albeit this pullback is shaking the faith of quite a few bears. The LH and LL sequence is still on. The price on the weekly has closed just shy of the 20-period MA at 2823 (Shorts should have tight stops between 2835/50). I personally would like to hold a bullish bias if I see a bullish divergence on the MACD. I have annotated the chart with ABC move in MACD where C is still far from reality, nevertheless a possibility.

The Daily chart shows the broad range that we we have been in, for the last 5 months. Between this range, there are smaller ranges (right now 2680/2880 is in play with 2700 as important pivot).

Nifty has been struggling with the 20- and 50-period MA. As of now we are still moving in a downward channel and the lower highs and lower lows are also clearly visible. The RSI is again at those precarious levels from where we often pulled back after making tops. 2835/50 remain a good resistance on the daily chart whereas the support lies at 2715/2700/2680.

This brings us to the hourly chart, which is the only chart showing a bullish trend, thus making the Nifty short-term up (remember it is Weekly and Daily down). The gap-down resistance marked in red has held well so far. As for the supports, shaded in yellow, are at Fibonacci confluences, the first one at 2765/55 has the 200-period MA just lined below it with 50 not far below either. The second line of defense is at 2715/2700 level. What is more intriguing is that there is large gap below (shaded in blue) which remains untested and unfilled. I personally feel this ought to be tested and partially filled.


"An ounce of action is worth a ton of theory." Friedrich Engels

Nifty Update for March 20 - Inder Bhatia

The Indian market opened on a higher note traded with choppiness and closed on a flat note. For the coming session Nifty had formed a Doji on daily chart which indicates indecisiveness. On the lower side 2770 would act as a support zone and on the upside 2830 would act as a strong resistance zone.

Dow Jones Falling Wedge - Inder Bhatia

Dow Jones is forming a falling wedge and clean divergences are visible on the chart. The index had made a new low but indicator had not made new low. Short-term target is 8190.

Nifty Update for March 19 - Inder Bhatia

The Indian market opened on a gap-up note and closed in the green zone, but saw profit booking at higher levels. For the coming session, trading below 2750 the Nifty could test 2710. On the other side, 2830 would act as a strong resistance zone. On the hourly chart the RSI has made a small divergence indicating a down side. Breaking below the upward channel would give a confirmation.

Gold Double Top - Inder Bhatia

Click on charts above for a larger view.

Gold...As Confusing and Scary As Can Get

Gold could fast turn in to the new hunting ground for the bears. Click on the chart above for larger view and analysis.

Dow Jones Tonight For 18 March,2009 - Viral Joshi

Pivot is 7,310 and support is 7,200.

S1 7,350; S2 7,300; S3 7,250; and R1 7,400; R2 7,450; R3 7,500.

Above 7,400 Dow is positive and below 7,350 Dow is negative.

Nifty Future for March 18 - Viral Joshi

Pivot is 2755 and support is 2660.

S1 2750; S2 2720; S3 2700/2680; and R1 2785; R2 2800; R3 2820/2840;

Buy above 2785 and if it breaks 2790 then 2800 - 2820 - 2840.
Short below 2750 and if it breaks 2740 then 2720 - 2700 - 2680.

Daily moving averages:

5DMA 2689;
20DMA 2725;
50DMA 2804;
200DMA 3564.

Nifty Update for March 18 - Inder Bhatia

The Indian market opened a flat note and saw profit booking near higher level. For the coming session one can go long around 2701-2670. Trading above 2777 level, Nifty can test 2801-2823. On the lower side 2718-2690 zone will act as support zone.

Nifty Update for March 17 - Inder Bhatia

The Indian market opened marginally up on positive global cues and saw smart buying in afternoon session and closed in the green zone. For the coming session Nifty can test 2807-2830 zones. On the other side we could see profit booking at higher levels as on hourly chart Nifty is trading in the overbought zone.