Nifty gains strength above 5630 !!!

Nifty well on its way to higher level after taking support at 5535 level yesterday. A 52-week high has been done so far and some period of consolidation around 5500 to 5875 levels now. Happy trading !!!

Nifty touches 52-week high and double top formation !!!

Nifty closes at 5610 today and gives a double top close (previous highest close of the year was 5607 in February). Reversal of bullishness will be below 5580. Well poised to touch the previously mentioned level of 5875 in the result season next month !!!


Update on September 20, 2012:

Nifty has managed to hold the level of 5500 so far in spite of the negative sentiments. The level of 5565 will remain crucial tomorrow once again !!!

Weekly chart - Breakout Continues !!!

Above is the weekly chart of Nifty this weekend. The next break out should continue with some stiff resistance around 5695 levels before taking out 5875 on this new found impetus mainly driven by global cues. The chart pattern developed on the weekly is also called as Inverse Head & Shoulder pattern by technical analysts!!!

Nifty trading range expands after break out !!!

Today's gap up expands Nifty's range from 5355 to 5555 levels with a target of 5875!!!

September series Nifty view point.

Nifty series for September is currently trading in the traditional gap up and gap down zone as depicted in the chart. This zone is between 5180-5325 with swing highs of 5400 and swing lows of 5050. Currently it is expected to swing in this zone as 5215 has given support and the gap up has taken Nifty towards 5345 now. Many more days likely to be spent in filling up the gap rather than taking concrete direction.

Taken a long break and will be back soon !!!

Nifty for May 2012

Nifty seems to have found a bottom for the month of May so far. A close above 4955 will swings going to 5000 and 5100 will confirm same.