November 12, 2013

Market commentary

NIFTY closes at new 20 day low and also gives a sell on 20 day kplswing... it closes below 6100 and 6030 swing low. Also, this is the 6th day of continuous decline.

Now by swing theory, recent rally starting 6080 is completely negated... this means trend has reversed. On the other hand, markets are near 6000 where we have good evidence of substantial put writing (there was an increase in open interest today).

This means a bounce is due... on the other hand, it also means that the basic character of the market is shifting from 'buy on dips' to 'sell on bounce'.

The kplswing indicator has also given a sell...

Intraday charts show possible trade areas...

BNIFTY has also closed below recent swing low at 10680...


  1. sir where you see support for nifty & bnk. nifty now & please suggest which put should be bought in both are they be bought at current or wait for any bounce back thanks

  2. Hi KPL, you have given a lot of stuff in the above charts but i couldn't recognize the supports & resistance for the market, can you please share the strong support & resistance points.


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