Falling wedge on hourly chart

Current trend is down and will reverse to buy on close above 8050 (more strength above 8200).

Expect strong support at 7800 and resistance at 8050 on daily charts.

Interestingly, highest OI has now shifted to 8100 call while there has been a cut in 7800 put OI. This can have bearish implications.

5 min and hourly charts have different views.

Market outlook

Trend is down and will reverse on close above 8200. Minor swing level is at 8040 spot.

Question on investment amount

Question: What to earn by investing 10k in stock ??..its foolishness or waste of time and money. I think either we have to invest more or better to do fixed deposits. How can we do wealth creation in small piece of money??  asked by bears and bulls

Crude oil charts BRENT

BRENT is trending down strongly ever since it broke support at 105.

A technical pullback is in order considering the oversold status.

Global markets

The UK index FTSE was trading at 6 month high early SEP and now has lost all gains  and is trading at 6 month low. Index is oversold on RSI charts so a pullback rally is in order.

Weekend update

This is a short week! Markets will be closed for 5 days and will now reopen on Tuesday. Not aware of any other country where this happens. With so much interlinking of markets, it is high time the powers-that-be provide a trading session on an alternate day like Saturday.

Back to charts....

On EOD charts, trend remains down with reversal level at 8200. Support exists at 7800.

Both these levels also have highest open interest for options.

NIFTY monthly charts

NIFTY has formed a doji (open equal to close) - this indicates a tussle between bulls and bears. It can also mean indecision with neither party willing to take aggressive trades.

Market outlook

Some signs of buying today which got fizzled out soon.

So the impact of Friday's apparently "good news" of S&P upgrading India's outlook did not impress the market. So much for fundamentals. And when markets sell off on good news or ignore them, it means something else is happening.

Small cap index chart

Trend is down... more downsides below 4800.

Weekly charts shows support very well

Market outlook

Friday's bullish piercing bar failed to generate any follow through buying thus negating any bullishness the one day rally created.

This means the previous trend i.e. down is likely to continue.

Weekend update

On EOD charts, we had a bullish piercing bar - this has bullish implications as long as today's low 7840 does not break.

Further confirmation will come if we have a gapup opening on Monday (i.e. above 8020 spot).

Inability to sustain at higher levels can mean weakness and negation of any bullishness attributed to the piercing bar.

The broader trend as per swing theory is down... this will get negated if markets close above 8200 spot.

Option writing points to support at 7800 and resistance at 8200.

BANK NIFTY update

Breakout above 15600-15700 failed.

BNF also broke the swing low formed at 15775 thus indicating a change of trend.

Market outlook - first sell signal in 13 months

NIFTY broke key supports for the first time in this rally. The positional buy has turned to a sell the first time in 13 months.

Charts are very interesting and today I will be presenting different perspectives.

Market outlook

Trend is up and will get "stopped out" on close below 7920 spot.  However expect support near 7850 spot.

If we get an exit signal, this will be the first sell signal after 1800 points rally in nifty.

India's Mars mission Mangalyaan creates history

Yipee..... this is fantastic news and pardon this post in a stock market site but I am crazy about space related stuff and hence could not resist this.

This is nothing short of a historic and a phenomenal achievement if you consider the time frame (less than 2 years from start to finish), the cost ( 450 cr a mere 10% of what others spend) and the result (first country to achieve this on maiden attempt).

Full detailed and exhaustive information available on this wikipedia link.

Also read the press release by ISRO

Special congratulations to the ISRO team who all made this possible.

Market outlook

Trend is up but is showing signs of exhaustion. The frequency of down days is increasing and number of up days is decreasing.

Good support exits at the region of 7850-7900. Close below this will mean trend reversal (nifty).

This will also lead to formation of lower swing high and break of recent swing low (7925).

However there is a complication from the option writing clues which shows highest support at 8000 levels (OCT series). As of now option writers are bullish in the sense they do not expect 8000 to break in OCT series. This situation will change going forward though.

Market outlook

Trend is up with support at 7850 spot. Advance decline was marginally bullish.

Close above 8200 will lead to more bullishness.

On a different note, VIX is below 12 and complacency is increasing in this market. Note that there is

Peakprosperity.com - interesting site for bulls and bears

Just chanced upon http://www.peakprosperity.com/ when I was searching for something else.

I found it interesting for various reasons....
1.Expectations of a crash in US economy (long term)
2.Series of short simple and easy to understand videos on managing the coming crash.
3.Refreshing new way of analysing current global economy.
3.The author. Chris Martenson has an interesting bio which nicely explains his motivation to get into teaching, then financial management and his transition to an eco guru or scientist. Bio makes pleasant and worthwhile reading.

Weekend update

NIFTY closes near high of this week. All time high is 8180 spot.

Going forward, the region of 7850-7900 is going to be an important level for trend reversals.

VIX is at record low levels and is creating fear in me just when others are getting greedy.

Market outlook

Trend is up with reversal level at 7540 spot... my tentative higher SL is now at 7850 spot.

VIX is at extremely low levels and I am getting worried now.