Nifty Chart and Trading advises in today's Market

Nifty opened on a positive note and started trading in a range of 7670 to 7640. In the last half an hour of trade, it broke this range upside and made a high of 7694, finally it ended at 7683 with a gain of 1.07%. The Advance Decline ratio was almost 2:1.

Nifty witnessed some short covering and closed near to 7700 mark. But we feel 7720 is a strong resistance of immediate term thus one should take long position only if it closes above 7720. However the short term resistance is still placed at 7840. On the downside, if it broken 7582, which is 61.80% retracement level then it can test 7500 mark.

Continue reading →

Nifty Overview

Nifty opened almost flat and started trading in a narrow range of 7770 to 7790. But in the afternoon session, it broke this range downside and fell sharply; it made a low of 7711 and finally ended at 7721 with a loss of 0.90%. The Advance Decline ratio was almost flat.

We maintain bearish view on Nifty with the target of 7680, which is 38.20% retracement level of its recent upmove from 7422 to 7840. If Nifty fell below 7680 then it can even test 7631, which is 50% retracement level. On the upside, 7800 mark will play as an immediate term resistance; however one should take fresh long position only above 7840.

Continue reading →

NIFTY REVIEW

Nifty market opened on a negative note and continued its downward journey. But in the afternoon session, it took support at 7707 and recovered smartly. Finally after making a high of 7798 it ended at 7791 with a gain of 0.55%. The Advance Decline ratio was almost flat.

We maintain bearish view on Nifty with the target of 7680, which is 38.20% retracement level of its recent upmove from 7422 to 7840. If Nifty fell below 7680 then it can even test 7631, which is 50% retracement level. On the upside, 7800 mark will play as an immediate term resistance; however one should take fresh long position only above 7840.

Continue reading →

NIFTY TIPS

Nifty opened on a positive note and jumped above 7700 mark. It started making higher tops and higher bottoms on the intraday chart. Finally after making a high of 7773, it ended at 7767 with a gain of 1.09%. The Advance Decline ratio was almost flat. We maintain bullish view on Nifty and now we feel Nifty can break 7808 and can test 8025 in the short term. On the downside, for immediate term 7550 will play as an important support. However the trend will turn negative only if Nifty closes below 7440, thus any correction is a good buying opportunity with stop loss of 7440 on closing basis.

Continue reading →

NIFTY REVIEW

Nifty opened with an upside gap and jumped above 7700 mark. It made a high of 7722 but witnessed some profit booking and started making lower tops and lower bottoms on the intraday chart. It made a low of 7674 and ended at 7684 with a gain of 0.26%. The Advance Decline ratio was almost 3:2.

Nifty is trading above the 61.80% retracement level of its recent fall from 7808 to 7422 thus now it can test its recent high of 7808 in the coming days. On the downside, for immediate term 7550 will play as an important support. However the trend will turn negative only if Nifty closes below 7440, thus any correction is a good buying opportunity with stop loss of 7440 on closing basis.

Continue reading →

NIFTY LEVELS AND CHART TODAY

Nifty opened almost flat and entire day it was trading in a narrow range of 7620 to 7650. Finally it ended at 7640 with a gain of 0.21%. The Advance Decline ratio was almost 2:1. Nifty almost tested 61.80% retracement level of its recent fall from 7808 to 7422 and made a high of 7655. Now Nifty has resistance at 7661. On the downside, the trend will turn negative only if Nifty closes below 7440, thus any correction is a good buying opportunity in nifty with stop loss of 7440 on closing basis.

NIFTY LEVELS TODAY

SUPPORT 1	7616
SUPPORT 2	7593
RESISTANCE 1	7659
RESISTANCE 2	7679

Continue reading →

NIFTY MARKET REVIEW

Nifty opened positive and jumped above 7550 mark, it started trading in a narrow range of 7565 to 7540, but in the last hour of trade it broke this range upside and made a high of 7640, finally it ended at 7624 with a gain of 1.30%. The Advance Decline ratio was almost 3:1.

Nifty tested 50% retracement level of its recent fall from 7808 to 7422 and closed above that. Now we may see further recovery and it can test 7661, which is 61.80% retracement level. On the downside, the trend will turn negative only if Nifty closes below 7440, thus one can hold long positions and keep stop loss of 7440 on closing basis.

Continue reading →