Outlook for September 03, 2010
After a range-bound but volatile session, the Nifty ended with a gain of 14 points, or 0.26%, at 5,486.15 on Thursday. The index failed to surpass its key resistance of 5,500 even after several attempts during the day. Traders continue to remain indecisive about the further movement in the Nifty as indicated by declining ADX of 18. If the index manages to close above its key resistance level of 5,500, it could find next resistance at 5,532.8. On the downside, if Nifty breaches 5,480 level then the next supports at 5,440 and 5,400. We recommend traders to watch out for the key levels before initiating trade.
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September 2nd, 2010 | Tags: ADX, gain, NIFTY, resistance level, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for September 02, 2010
After a series of range-bound sessions, the Nifty spiked on Wednesday to ended the day with a gain of 70 points, or 1.29%, at 5,471.85. When the index closed with a hammer like formation on Tuesday and followed it by an engulfing formation on Wednesday’s, it was clear signal that buying interest among traders was returning. The Nifty’s closure above the short-term moving averages further confirms this trend. Although the Nifty closed in a positive territory, it faces strong resistance at 5,480 and 5,500 levels during its up move. A close above these levels could spurt further upside. On the other hand, if the Nifty drops below 5,440, it could test 5,400 level.
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September 1st, 2010 | Tags: engulfing, NIFTY, range-bound, short-term, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for September 01, 2010
On Tuesday, the Nifty recovered more than 50 points from its intraday lows to close with a marginal loss of 13 points, or 0.24%, at 5,402.40. During the intraday session, the Nifty tested its key support level of 5,350 levels but managed to bounce back led by emerging buying interest at lower levels. Although the Nifty managed to close above its key support level of 5,400 levels but it is unlikely to post wider swings as indicated by a falling ADX of 20. Intraday resistance for the Nifty is at 5,450 and further at 5,480 levels.
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August 31st, 2010 | Tags: ADX, interest, intraday, NIFTY, trade, wider swinds | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 31, 2010
On August 30, the Nifty opened higher and touched a high of 5,469 during intraday but failed to hold on to the early gains. It failed to find buying support at the higher levels and closed the day with a marginal gain at 5,415.45. Although the index managed to sustain above its key support level of 5,400, it may find it difficult to hold on to these levels. A dip below 5,400 levels could mean the Nifty testing 5,387.04 level (50-day EMA). If it fails to find support here, then the index may slide to 5350 level. On the upside, with little buyer interest, it might find resistance at 5,450 and 5,480 levels.
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August 30th, 2010 | Tags: EMA, interest, intraday, NIFTY, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 30, 2010
On the last trading day of the week, the Nifty ended with a loss of 69 points, or 1.26%, at 5,408.70. During intraday trade, the Nifty breached its key resistance of 5,480 but failed to cross 5,500 levels succumbed by the selling pressure at the highe levels. The Nifty closing below the short‐term moving averages signals negative bias among traders. Although during Friday’s trade, the Nifty tested 5,400 levels but managed to close above this level, if in the coming trading session it breaches 5,400 it could find next support at 5,375 (50‐day EMA). Intraday resistance in the Nifty is at 5,450 if sustained next resistance is at 5,480.
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August 29th, 2010 | Tags: bias among, NIFTY, short-term, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 27, 2010
The Nifty ended its two-day losing streak to close with a gain of 16 points, or 0.28%, at 5,477.90 on the last day of F&O expiry for August 2010. Going by the pattern this week, the Nifty seems to settling in a range. Twice during the intraday trade, the Nifty tested 5,480 levels but failed to close above this level indicating resistance. However, the fact that it managed to trade above 5,450 levels looks encouraging. To regain bullishness, the Nifty has to breach 5,500 with higher volumes. On the down side, if the index breaches 5,450, then it can find its next support at 5,400. Given the negative news flow and depressed global sentiments, we advise caution in the near short-term.
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August 26th, 2010 | Tags: intraday, NIFTY, short-term | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 26, 2010
The Nifty ended the day with a loss of 43 points, or 0.78%, at 5,462.35. Negative bias prevailed during the day as the Nifty failed surpass its Tuesday’s close. During intraday day trade, the index closed below its 10‐day EMA indicates negative bias among traders. If the Nifty breaches the 5,450 in the coming trading sessions, then it could find next support at 5,400 levels. However on the upside, it might find resistance at 5,480 and a spurt above this level it could find resistance at 5,500. We recommend traders to maintain caution in the near short‐term.
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August 25th, 2010 | Tags: bias, EMA, intraday, NIFTY, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 25, 2010
The Nifty ended the day with a loss of 38 points, or 0.69%, at 5,505.10. The index closing in a negative territory with higher volumes indicates profit booking by traders. The index has a meaningful support at 5,480 if it breaches 5,550 level. If the 5,480 level is breached then Nifty could slide to 5,450 levels.
On the upside, we have been reiterating since past few sessions that the Nifty could face a resistance at 5,550 level.. If this level is breached with strong volumes then the next resistance is at 5,572.40. After today’s session though, we strongly recommend traders to maintain caution.
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August 24th, 2010 | Tags: NIFTY, territory, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 24, 2010
The Nifty started the week of August 23 on a positive note to end the day with a gain of 13 points, or 0.23%, at 5,543.50. During the intraday trade, the index registered a 52‐week high but shied away from its key resistance level of 5,550. In the coming trading sessions, it is likely to touch 5,550. However, the index is likely to remain range‐bound as indicated by a narrow trading range and lower value traded. If the index manages to breach 5,550 with higher volumes, it is likely to find next resistance at 5,568. On the downside, it could find support at 5,500 levels and if it breaches this level next support is at 5,480.
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August 23rd, 2010 | Tags: NIFTY, range-bound, resistance, trade | Category: Aranca India Technical Analysis Daily | Leave a comment
Outlook for August 23, 2010
On the last trading of the week, the Nifty ended the day with a marginal loss of 10 points, or 0.17%, at 5,530.65. For the past few trading sessions, the Nifty continuing to make higher highs and lower lows signaling uptrend remaining intact. Although in Friday’s trading session, the index moved in a narrow range but continuing to trade above key support level of 5,500 looks encouraging. If the Nifty manages to breach 5,550 in the coming trading sessions, it could find next resistance at 5,563.50. However, a drift below 5,500 levels, it could find next support at 5,480.
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August 22nd, 2010 | Tags: NIFTY, resistance, trade, Trading, uptrend | Category: Aranca India Technical Analysis Daily | Leave a comment
