Monthly charts

Monthly charts show build up of stiff resistance is at 6375-6400 levels. Crossover and sustaining above 6400 will lead to a blast.

Note RSI is also developing resistance around current levels.

Consider a trend reversal only if nifty closes below 5900.

Weekend update

NIFTY closes at highest level for this week... RSI is also nearing recent highs.

Intraday analysis

Gapup opening and then nifty trades in the range formed by the first 5 min bar.

Nothing can be done on a day like this as the range is small and the range high/ lows are not crossed.

Intraday update - stay cautious on longs

NIFTY trading in range formed by first 5 min bar... and VIX is increasing!.

Market outlook

Trend is still up as nifty forms higher highs and higher lows.

Option writing clues point to support at 6000-6100 and resistance (minor) at 6300. This is tentative and as per March series data. Final figures will be available post Friday market close.

Intraday analysis

Initial bias was mixed... however markets crossed day's high AND previous days high by 10am.

Along with this buy signal there were 2 more buy signals. However trading this could have been emotionally difficult because of the upper tails formed on the breakout candlesticks. While this indicates selling, it is NOT a short situation as the trend has been up.

SILVER breakout

Silver gave a breakout last week when it crossed 46000. Now it is trading rangebound and this has resulted in SL moving from 45000 to 47000. Consider trend as still up with immediate resistance at 50000 and then 52000.

GOLD chart in USD and INR

In USD charts, GOLD has started a  nice rally. Support is at 1275 and strong resistance at 1350-1375 levels.

This is how the chart looks like.

Market outlook

NIFTY maintains sequence of higher highs and higher lows. In other words, trend is still up and we will consider signs of reversal only if some recent significant low is broken.

Intraday analysis

Inability to sustain above day's high (6220F) led to a sell bar which broke day's low. This was the first sell signal (first arrow).

BANK NIFTY technicals

BNF trend is up with support at 10400 and resistance at 10800. Above this, next resistance is at 11250. Note that these are futures levels and will have some gaps around expiry levels.

Market outlook

NIFTY trend remains up. We have minor swing low at 6080 spot or alternatively, any of the last 3 day's low can be considered as a tight SL.

Advance decline was flat... this is a bit surprising considering the rally. Ideally, one would expect at least 2:1
ratio.

Looking forward, we now have a gap resistance in region 6200-6300.

Intraday analysis

Initial bias was rangebound. We had swing high formed around 6150F.

Depending on your approach, you could have taken a long position at any of the 3 arrows marked.

Weekend update

NIFTY closes at weekly high. A close near weekly high is usually bullish (and vice versa).

BANK NIFTY technicals

On intraday charts, BNF became a buy above 10500F with trailing SL exit at 10570F.

The day's high made around this time i.e. 10600F was never crossed later in the day.

Intraday chart

First 3 bars were neutral despite the large size of the first bar. The 4th bar gave the buy signal at 6135F.

We got 2 trailing stoplosses the last of which got hit at 6150F.

There were no signals later on. I ignored the short signals as this would have been against the broader trend.

I could not capture the last rally from the lows of the day as the signal came in only around 6150F and which also happened to be near the highs of the day.

BANK NIFTY charts

On 15 min charts, trend has turned down with resistance at 10500F... trading above this will be bullish.

Downside, expect support at 10200-10300F.

Market outlook

Today we had an interesting day where markets opened gap down below the low of the previous day (yesterday was an up day). Usually this signifies trend reversal so chances are high of more downsides from current levels.

Option writing clues are not giving any clear direction. Open interest (MARCH series) is highest at 6000 put followed by 6200 call - the difference is not much and unless we have highest open interest in calls, it will be difficult for markets to come down.

For tomorrow, trading above 6140F will be bullish.

Intraday analysis

Markets opened with a gap down and at the support formed over last 2 days (6130F).

Short signal got activated in 3rd bar (first arrow) and we got stopped out just after 10am. No long positions recommended as bias is down.

BANK NIFTY technicals

On EOD charts, trend is up with support at 10300 and resistance at 10800 F.