- supports 30000-25000
- this index has been weak for some time
April 12, 2021
NIFTY EOD charts
- NIFTY opened gap down and closed 3.65% in negative at 14293
- AD was 1:8
- VIX jumped 17% to 16.80
- midcaps/ smallcaps sold off more than 5-6% today
- today was the biggest down bar this year.
- this was a big bar but it took support around 14250
- this level was March swing low from where markets reversed
- swing high/ resistance is now around 15000
April 11, 2021
April 10, 2021
BANKNIFTY weekly charts
- BNF had resistance around 32500
- this year, it gave a nice breakout and is now consolidating
- now BNF is back to 32500 levels
NIFTY weekly charts
- markets trading sideways for sometime
- this week, nifty formed a doji and closed at 14835
- above 15000, weekly close will be bullish
- support 14000
April 9, 2021
NIFTY EOD charts
- nifty is trading sideways for almost 2 months
- even though nifty is closing here, the daily range is getting smaller
- support around 14500
- close above 15000 can impart bullishness
April 7, 2021
CNXMETALS ... bounce from support and then new highs
- note: CNXAUTO is having similar chart and is near support
NIFTY EOD charts
- my last update on 31-MAR when nifty closed at 14690
- on 2-MAR, nifty closed at 14920
- since then nifty has been rangebound and
- today's close has been at 14820
- clearly the market has been very much rangebound
- this has the advantage of support developing around 14500-14000
- resistance is around 15500
- past one week, we are seeing only 1 day up 1 day down action
- whatever trades are there are in 3 min or 5 min intraday charts
- of course, individual stocks have their own action but
- most nifty stocks are merely doing timepass except for metals and pharma
March 31, 2021
NIFTY EOD charts
- yesterday nifty gained 2.3% and today lost 1%
- AD has been flat for both the days
- indicated 1-2 days earlier about behaviour in circled areas
- now interesting observation
- the bounce back has always led to a fast rally
- ideally market should have closed today nicely in positive
- instead they opened gap down and closed within body of prev candle
March 29, 2021
March 27, 2021
BANKNIFTY weekly charts
- signs of buying seen at lower levels
- prev resistance/ top of 2019/2020 provides support now
- weekly close below 32400 will be negative
- note: on daily charts, trend is down
NIFTY weekly charts
- signs of buying at lower levels
- for confirmation, weekly close above 15000 will be great
- support 14000
Is the correction over?
- big red bars followed by gapup openings have led to more gains in the next few days
- see circled areas in the chart
- will history repeat this time?
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