May 31, 2021
NIFTY EOD charts
- nifty closes at all time high at 15583
- this is being done after more than 3 months
- last ATH was made on 16-FEB and since then markets have been in a range
- trend remains firmly up with no divergences as yet
- support 15000
May 29, 2021
May 28, 2021
NIFTY EOD charts
- nifty achieves highest ever close at 15436
- AD was negative at 2:3
- VIX dropped 13% to 17
- note series of extremely small bars in this rally
- this limits intraday opportunities while positional traders profit
- RELIANCE was up 6%...
- this heavyweight contributed 150+ points to nifty by itself
May 27, 2021
May 25, 2021
NIFTY EOD chart
- nifty closed flat at 15208
- AD was 5:4
- overall trend is up as long as markets hold above 15000
- swing low support around 14500
May 24, 2021
NIFTY EOD charts
- today nifty closed flat at 15198
- AD was 3:2
- so far index is holding very well above 15000
- as long as this does not break on closing basis, more upsides are possible
- only concern is the rising wedge
- right now I am not taking this seriously as SL of 15000 is very close
NIFTY PE ratio chart
- the nifty PE ratio hit a high of 42 in FEB this year
- it was 40 around last week of MAR
- it suddenly declined to 34 on 1st April and is falling since then
- it is currently around 30
- how this sudden (almost overnight drop)?
May 21, 2021
NIFTY EOD charts
- nifty closed 1.8% in positive at 15175
- AD was 3:2
- this close is impressive coming after a red bar the prev day
- a gap up next week will be strongly bullish
- ignoring the rising wedge right now
- kplswing indicator gives a buy (again)
- SL below 14880 on closing basis
May 20, 2021
NIFTY EOD charts
- nifty closed 0.8% in negative at 14906
- Incidentally there was a buy signal on kplswing indicator
- AD was flat
- so nifty could not sustain above 15000
- tomorrow is Friday so we will see if a weekly close happens above 15000 or not
- if markets continue down, then this would set up base for rising wedge
- in this case, break of lower trendline can lead to a bigger correction
- this has failed today
May 19, 2021
NIFTY EOD charts
- nifty closed 0.5% in negative at 15030
- AD was 5:4
- note 15000 provided resistance earlier
- this level should now provide support
- rising wedge seen
- for further bullishness, nifty must cross 15150 with speed
- failure to cross upper trendline can make bulls uncomfortable
- break of lower trendline will be confirmation of further bearishness
- note triangles are very difficult to trade
May 18, 2021
NIFTY EOD charts
- nifty closed 1.3% in positive at 15108
- AD was 3:2
- trading range was small with most of the gains going to positional traders
- note this is the first close this month above 15000
- in April, nifty never closed above 15000
- now swing low support is at 14500
- till this breaks, nothing to worry
May 17, 2021
NIFTY intraday charts
- breakout above PDH 14750 F was very bullish
- support shifted from 14750 to 14850 F
- minor support at 14900 F
NIFTY EOD charts
- nifty closed 1.7% in positive at 14923
- this is a fantastic start to a new week
- AD was 2:1
- note markets have been rangebound this year for almost 4 months
- off late, the level of 15000 is proving to a big resistance
- today' big bar should hopefully lead to a breakout in this week
- if this happens, a fast rally to 15500 is possible
- bullish view negated below 14500
- option writers do not expect 14700 to break this series.
May 14, 2021
NIFTY intraday charts
5 min:
- break of prev day low followed by reversal was a reliable buy signal
- target was near day high
- 2nd trade was a repeat but higher risk so did not consider it
- decision levels for Monday 14625 - 14750 F
- in between do nothing
NIFTY EOD charts
- nifty today closed flat at 14678
- AD was 2:3
- break of prev day low did not attract much selling
- next support are 14500-14000
- strong resistance 15000
May 12, 2021
NIFTY intraday charts
- break of prev day low provided a short trade opportunity
- this happened twice
- in fact the very level of 14800 was tested twice
- a long trade was stopped out (wrong trade as SL was more than TGT)
- on Friday, key levels to watch are 14660 F and 14850 F
NIFTY EOD charts
- nifty closed 1% in negative at 14696
- AD was flat
- now almost 4 months that nifty is stuck in a range
- stiff resistance persists at 15000
- swing low support 14500-14000
May 11, 2021
NIFTY intraday charts
5 min:
- markets opened below prev day low but took support at 2 day's low (14800 F)
- first 5 min bar was strongly bullish
- prev day low provided good resistance
- traded short in circled area with profit at 3R
- long trade near 14850 F was breakeven
15 min chart:
- levels for tomorrow
- support 14800 resistance 14940 F
- trade only near these levels
NIFTY EOD charts
- today nifty closed 0.6% in negative at 14851
- AD was 3:2
- note there was a big gap down opening but
- there was immediate buying from first bar
- low of first 5 min bar never broke.
- selling was however seen from prev day low
- this provided strong resistance
- tomorrow, holding today's low 14750 would be bullish
- overall structure seems bullish for a breakout above 15000
May 10, 2021
NIFTY EOD charts
- today nifty closed 0.8% in positive at 14942
- AD was 2:1
- past 3 days, markets have been opening gapup
- but afterwards trading range has remained very small
- in all cases, close was near open leading to formation of doji.
- I am expecting a big move if markets close above 15000
May 9, 2021
May 8, 2021
May 7, 2021
NIFTY EOD charts
- nifty closed 0.7% in positive at 14823
- AD was 5:4
- trading range was narrow
- support 14000 resistance 15000
- highest OI seen at 140500 in puts and 16000 in calls
- however good chances of 15000 being defended
OI chart
May 6, 2021
NIFTY EOD charts
- today nifty closed 0.7% in positive at 14725
- AD was 5:4
- holding 14500 will be bullish with targets 15000-15500
May 5, 2021
BANKNIFTY EOD charts
- overall trend is down
- but net move in past 3 months is insignificant
- this year started with open at 32600 (approx)
- and today close is 32800
NIFTY EOD charts
- nifty closed 0.8% in positive at 14618
- trading range was within prev day high/ low range
- AD 2:1
- rangebound market seen for almost 3 months
May 4, 2021
NIFTY EOD charts
- nifty closed 1% in negative at 14496
- while yesterday was a bullish bar, nifty failed to sustain above prev day high
- however it not break prev day low
- AD was 4:5
- support 14000 resistance 15000
May 3, 2021
NIFTY EOD charts
- nifty opened gap down but managed to close flat at 14634
- at one time, nifty was down almost 1.5%
- AD was 3:2
- typically, a gap down opening followed by close near day's high has bullish implications
- but this year, markets are either tired or just consolidating
- reason is mid JAN nifty was near 14500 and today we are still there
- support is developing around 14000
- resistance/ swing high is at 15000
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