Traffic Signal!!!

Hi All,

Markets are likely to open on a flat note tracking global markets, SGX Nifty is trading @ 9626 (-11 Points)

Yesterday markets went above 9630 but took resistance @ 9650 and closed @ 9621 gave a candle divergence on daily and hourly charts.

Break below 9610 – 9600 will be negative for markets in short term with supports near 9550 – 9520 and resistance near 9650 – 9660.

Bias will change to negative for short term if Nifty breaks and sustain below 9600.

Areas to watch out

Supports @ 9600 - 9550 - 9520 – 9490 – 9430 - 9380

Resistance @ 9650 - 9700

Regards,

Mayur Shah.

Idhar chala kabhi udhar chala!!!

Hi All,

Markets are likely to open on a Positive note tracking global markets, SGX Nifty is trading @ 9410 (+17 Points)

Markets took resistance of 9450 yesterday and tanked by 52 points, However it bounced a little from crucial support of 9370 and closed @ 9381 and gave a Positive Classic Divergence on hourly charts which will triggered when Nifty breaks 9440 – 9450 levels and a Break below 9390 – 9370 will open doors for bears with next supports nearby 9300 – 9270 and resistance can be seen near 9480 – 9510.

Bias will be wait and watch for a break on either side.

Areas to watch out

Supports @ 9370 – 9300 - 9270

Resistance @ 9450 - 9480 – 9530 - 9550

Regards,

Mayur Shah.

Couple of Bearishness!!!

Hi All,

 

Markets are likely to open on a Positive note tracking global markets, SGX Nifty is trading @ 9466(+32 Points)

Markets yesterday tanked by 95 points and gave few negative indications on charts.

On daily chart there are two Negative Candlestick patterns one on 17-May – Bearish Hanging man and other on 18-May Shooting Star which indicates there a stop on the up move until Nifty closes above 9530-9540 levels.

On weekly charts also Nifty is suggesting a halt at the up move and if Nifty close below 9400 today then we can expect selling pressure in the coming weeks.

Bias will be wait and watch.

Areas to watch out

Supports @ 9400 – 9370 – 9320 - 9280

Resistance @ 9480 – 9530 - 9550

Regards,

Mayur Shah.

Bulls & Bears flirting with each other!!!

Hi All,

Markets are likely to open on a flat note tracking global markets, SGX Nifty is trading @ 9349(+3 Points)

On daily charts there’s a Bearish candlestick pattern - Engulfing Line with RSI classic Negative Divergence will have to wait for Nifty to break 9270 – 9260 and if it sustains below 9260 then we can expect a further fall till 9210 – 9140 – 9090 levels and a break above 9380 – 9400 will be positive for Nifty.

Bias will wait and watch for either side breakout.

Areas to watch out

Supports @ 9270 - 9250 – 9190 - 9130

Resistance @ 9360 - 9380 – 9400 - 9450

Regards,

Mayur Shah.

Bear's pulling up their shocks!!!

Hi All,

Markets are likely to open on a Positive note tracking global markets, SGX Nifty is trading @ 9342(+25 Points)

As mentioned in the last post that there’s a Hanging man candlestick pattern on daily chart and a break below 9325 – 9320 will open doors for bear, On Friday markets open positive and then it broke 9325-9320 levels and created a low of 9272 and closed @ 9285 giving one more Bearish signal on daily charts – Bearish Engulfing Line and now a break below 9280 – 9270 will open doors for bears till 9210 – 9140 – 9080 levels with resistance near 9360 - 9380

Bias will change to negative if Nifty sustains below 9270 – 9250 levels.

Areas to watch out
Supports @ 9270 - 9250 – 9190 - 9130
Resistance @ 9360 - 9380 – 9400 - 9450

Regards,
Mayur Shah.

Hanging Man @ Resistance!!!

Hi All,

Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 9351 (-36 Points)

Bearish Hanging Man is formed on daily charts near resistance and a break below 9325 – 9320 will be Negative for markets with nearby supports @ 9300 – 9260.

Bias will sell on rise and buy on dips until Nifty stay between 9360 - 9260.

Areas to watch out
Supports @ 9300 - 9270 - 9250 – 9190 - 9130
Resistance @ 9370 – 9400 - 9450

Regards,Mayur Shah.

Rickshaw Man and -ve Classic divergence on 60mins!!!

Hi All,

Markets are likely to open on a flat note tracking global markets, SGX Nifty is trading @ 8728 (-6 Points).

After rallying 200+ points from Budget day low of 8537 till yesterday high of 8757, Nifty on daily charts gave a Indecisive candle – Rickshaw man. Break below 8685 or above 8757 will decide the future move.

However, its overbought on daily and hourly charts, so upside movement is limited with resistance nearby 8780 – 8810. Also on hourly charts there’s a classic RSI Negative Divergence which will triggered when Nifty breaks 8690 – 8680 levels with supports nearby 8600 – 8540.

Areas to watch out
Supports @ 8670 – 8610 - 8540
Resistance @ 8780 – 8810 - 8870.

Bias will change to Negative for Short term if Nifty breaks 8690 – 8680.

Regards,
Mayur Shah.