Opening Bell for 30th-Oct-2013

Good Morning !! NIFTY may open positive to gap-up. Above 6252 NIFTY may target 6299/6320/6345..we should remain cautious at higher levels. Aggressive traders may short NIFTY at higher levels around 6299-6320. 

Wish you profitable day.

Opening Bell for 29-OCT-13

Good Morning !! NIFTY may open flat to positive. Trading above 6130-6150 may bring some relief to the bulls but as of now "sell the high" should be strategy for trading NIFTY. Today, we may see some downmove after consolidation. Trading below 6090, NIFTY may target 6060/6010/5980.

Wish you profitable day.

Weekly analysis of NIFTY - 25th Oct. 2013

This week we saw narrow range of 136 points in NIFTY but within this narrow range we saw some interesting observations as follows:-

1. NIFTY made new yearly high at 6252.
2. Negative divergence in weekly chart.
3. Larger volume compared to average volume of previous 8 weeks.
4. Bearish harami candle stick pattern.
4. Overbought stochastc and CCI.

Some important observation that we have found in daily chart :-

1. NIFTY closed in -ve for four consecutive days.
2. Selling cross in MACD
3. Overbought CCI and RSI.

From weekly and daily chart, we can conclude that NIFTY is heading for lower levels.

But presence of bullish Gartley Pattern ensures some upmove towards 6200 which can be good selling opportunity.

Opening Bell : 24/10/2013

Good Morning !! NIFTY may open flat to positive. Trading above 6198, NIFTY may target 6230/6280/6315...whereas trading below 6160, NIFTY may target 6120/6080/6030. After some consolidation we may see either side breakout in NIFTY.

Wish you profitable day.