On daily charts, trend is up and will reverse on close below 15600. Swing low is at 15000 levels.
October 31, 2014
NF monthly charts
The month has ended and nifty trend remains strongly up. Unlike daily charts, there is no hint or indication of any correction so this still remains a buy on dip market.
First sign of any trend reversal will be close below 7700.
Note good support near 6200 levels... this level would be an excellent level to buy stocks whenever we have a correction.
First sign of any trend reversal will be close below 7700.
Note good support near 6200 levels... this level would be an excellent level to buy stocks whenever we have a correction.
NF weekly charts
Trend is up on weekly charts. As markets close at new high, the swing low has now shifted up to 7700 levels (earlier it was 7420-7500 spot).
Now trend reversal level is 7700.
Now trend reversal level is 7700.
Weekend update
Trend is up and will reverse on close below 7800. Above 8200, rally possible to 8500 spot.
Any correction from here will likely form a higher swing low (ideally around 7800 or above).
Option writing points to support at 8000 (NOV series).
Any correction from here will likely form a higher swing low (ideally around 7800 or above).
Option writing points to support at 8000 (NOV series).
October 30, 2014
Market outlook
Trend is up and will reverse on close below 7800. Above 8200, rally possible to 8500 spot.
Any correction from here will likely form a higher swing low (ideally around 7800 or above).
Option writing points to support at 8000 (NOV series).
Any correction from here will likely form a higher swing low (ideally around 7800 or above).
Option writing points to support at 8000 (NOV series).
October 29, 2014
Market outlook
Trend is up and will reverse on close below 7800.
Option writing points to support at 8000 (NOV series).
Option writing points to support at 8000 (NOV series).
October 28, 2014
Market outlook
Markets close above 8000 first time this month. So while technically the trend has shifted to "buy" on EOD charts, one has to consider the previous day's bar high at 8060 showing selling.
October 27, 2014
Markets form "dark cloud cover"
Markets form a "dark cloud cover" or "piercing bar pattern". This happens when we have a nice gapup opening followed by a selloff which closes within the range of the previous day's candlestick.
Because of above, preferred strategy on EOD charts is to do nothing and let markets give some clear direction. As of now, I expect markets to be directionless between 7800 and 8200.
Because of above, preferred strategy on EOD charts is to do nothing and let markets give some clear direction. As of now, I expect markets to be directionless between 7800 and 8200.
October 26, 2014
Weekend update
Current trend is down and will revert to buy on close above 8000 spot.
Note strong resistance at 8200 levels.
Option writing points to support at 7800 (OCT series).
Note strong resistance at 8200 levels.
Option writing points to support at 7800 (OCT series).
October 21, 2014
BANK NIFTY closes at new high
BNF closes at new high... first buy signal was few days ago on 5 day swing charts and today would be a buy signal on 20 day swing charts.
Note that signal reliability is likely to be low as this index has been rangebound for last few months.
Note that signal reliability is likely to be low as this index has been rangebound for last few months.
Market outlook
Current trend is down and will revert to buy on close above 8000 spot.
Today was the second day of "higher high higher low" formation. Within a downtrend, upto 2-3 "UP" days are considered normal. Advance decline was marginally positive.
Option writing points to support at 7800 (OCT series).
Today was the second day of "higher high higher low" formation. Within a downtrend, upto 2-3 "UP" days are considered normal. Advance decline was marginally positive.
Option writing points to support at 7800 (OCT series).
October 20, 2014
Market outlook
Current trend is down and will revert to buy on close above 8000 spot.
Today was the first "higher high higher low" formation. Within a downtrend, upto 2-3 "up" days are considered normal.
Option writing is not giving any clues as we are heading into expiry week. NOV series clues point to support at 7500 (this is preliminary, basic and based on insufficient data).
Today was the first "higher high higher low" formation. Within a downtrend, upto 2-3 "up" days are considered normal.
Option writing is not giving any clues as we are heading into expiry week. NOV series clues point to support at 7500 (this is preliminary, basic and based on insufficient data).
October 19, 2014
Various indices analysed
BANK NIFTY... trend is down and will revert to buy above 16300. For those using 5 day swing, the index has already given a buy with SL at 15100.
October 18, 2014
US markets
UK market charts
The FTSE is staging a dead cat bounce from oversold levels both on daily and weekly charts.
Expect strong resistance at 6500 levels.
Expect strong resistance at 6500 levels.
October 17, 2014
Weekend update
Current trend is down and will reverse to buy on close above 8000 (more strength above 8200).
Option writing points to resistance at 8000.
Option writing points to resistance at 8000.
October 16, 2014
Markets break 7800
Current trend is down and will reverse to buy on close above 8000 (more strength above 8200).
I was expecting 7800 to hold this series but this did not happen and markets broke this quite strongly.
Now option writing points to resistance at 8000.
I was expecting 7800 to hold this series but this did not happen and markets broke this quite strongly.
Now option writing points to resistance at 8000.
October 14, 2014
Markets likely to bottom out
Current trend is down and will reverse to buy on close above 8000 (more strength above 8200).
For all the weakness in global markets, our markets have still been holding above 7800 and have barely corrected 100 points this month. Option writers are winning so far and there is no change in open position status.
Since markets are refusing to go down, the chances increase that they will go up. Let's see how this happens. Close above 8000 spot AND near day's high will be the first confirmation.
For all the weakness in global markets, our markets have still been holding above 7800 and have barely corrected 100 points this month. Option writers are winning so far and there is no change in open position status.
Since markets are refusing to go down, the chances increase that they will go up. Let's see how this happens. Close above 8000 spot AND near day's high will be the first confirmation.
October 13, 2014
Market outlook
Current trend is down and will reverse to buy on close above 8050 (more strength above 8200).
Expect support at 7800 and resistance at 8050 on daily charts.
Option writing points to support at 7800 and resistance at 8200 this series.
Expect support at 7800 and resistance at 8050 on daily charts.
Option writing points to support at 7800 and resistance at 8200 this series.
October 10, 2014
Weekend update
Current trend is down and will reverse to buy on close above 8050 (more strength above 8200).
Expect support at 7800 and resistance at 8050 on daily charts.
Option writing points to support at 7800 and resistance at 8200 this series.
Expect support at 7800 and resistance at 8050 on daily charts.
Option writing points to support at 7800 and resistance at 8200 this series.
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