Reigning The Bank Nifty - An Excerpt from The Daily Analysis

Daily Chart

Half Hourly Chart

 The  downtrending channel has still been maintained and has support for tomorrow at 10853 and resistance at 11475. Till a breakout from this channel is made on the upside the downtrend should continue.

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Reigning The Nifty 21st June Morning Update

Weekly Chart 

Delicately poised. Crucial to hold  5600

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S&P500 Update

Daily Chart

 Will it be 1649 or 1598 ? 1649 seems closer to being taken out but may be the bulls will find it difficult to do so with the 50% and 61.8% Fibo retracement levels acting guard for the bears.

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Reigning The Nifty - An Update

Nifty formed a bearish candle with a long lower shadow on weekly charts indicating buying support around the 5700 levels.The lower shadow was the result of a 2% pullback on the last trading session which also formed an island reversal as can be seen by the blue parallel lines.The downtrendline from the 6133 swing high is proving resistance and crossing it decisively is necessary for the pullback to continue.

5970 will now be stiff resistance as pointed out in the chart.

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S&P500 13th June 2013 - Excerpts from the daily analysis

Daily Chart

Daily Chart Showing Short Term Action

The downtrend continued taking support on the 50 Ema once again. Rsi14  is close to it's support line from December 2012. Holding this support is important for further upmove.Failing to hold will see support at the uptrendline from November 2012 at 1609.

A fall below 1609 - 1598  will see the downward momentum intensify. 

Any pullback will see stiff resistnace at  1622-1632.

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A Nifty Chart From The Daily Analysis sent to Subscribers

" You might be scared of 'Bulls and Bears'

 It's your money and you should care

Sit back relax, enjoy the ride

Let Vipreet's Safe Trading be your guide "

Daily Chart 

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Reigning The Nifty - A peek into today's Analysis

Weekly Chart

Daily Chart

Half Hourly Chart

Fibonacci Resistance

Fibonacci Support

Bearish Case :

• Nifty trapped the bulls with a pullback resisting at 5970 ( strong resistance level and the 38.2% fibo level of fall from 6133 to 5869.) and  has ended in a potential double top which will get confirmed on a break below 5870.Break below 5870 will take the Nifty to 5770 levels.
• A shooting star was formed and a close below it's low  of  5871 will confirm it’s bearishness.
• The sloping neckline of the head and shoulder pattern, clearly visible on half hourly charts, was broken once again and closed the day below it giving a target of 5619.
• The pullback seen today  resisted at the 7 Sma and 50  Ema , the moving averages have started sloping down and a lower high lower low sequence is intact indicating the trend is clearly down.
• Rsi14 is below the 50 line and  moving down exhibiting weakness.Macd has moved below the zero line.
• The weekly charts show a bearish break of the Inside day pattern confirming weakness which will lead to a test of the 5600 levels.

Bullish Case :

• The pennant in which  Nifty is moving is a bullish pattern and expected to break upwards.
• Yesterday's low at 5869 was maintained and an inverted hammer was formed at the support line of the bullish pennant.This is a bullish sign and the  Nifty should move higher from here provided the low of 5869 is held.
• The crucial  gap support at 5854-5837 is intact.
• Nifty is much above the 200 Ema which is bullish territory.
• The stochastics  giving a buy in the oversold region.
• The uptrendline from 2009 lows is intact keeping the long term trend up.

 Conclusion :

The shooting star will be confirmed if the low at 5871 is taken out and Nifty closes below it.If however the bulls manage to protect the low at 5869 the inverted hammer could play out it's bullish character.

The weekly charts have turned bearish with the Inside day pattern showing the direction to the downside. The short term for Nifty has truned down and a test of 5750-5600 is on the cards.

 The 50 Ema at 5944,  7Sma at 5956 and the 20 Ema at  5991  are the resistances to overcome. 6049 is the point of breakout from the pennant.If these resistances are respected the fall may resume.
Supports are available at   5871-5853-5837.

Half hourly charts are depicting the pennant well  and would be easy to follow in case of a
turnaround.A break above 6068-6 058 will be bullish whereas a break below 5870 will be bearish with an immediate target of 5770.

Selling on rallies should be the mantra.

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Gold

 

Daily Chart 

 Gold has been indecisive since the bottom at 1321 as depicted by the symmetrical triangle and a series of Inside days since the last four trading sessions shown within the red horizontal lines.The Inside day range of 1421-1384 should break soon giving further direction.

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S&P500 5th June 2013

S&P 500

The uptrending channel is intact and gives scope of a high at 1720. Support is at 1335. Oscillators are showing strength and have reached the overbought region.This shows bull strength continues to dominate in the US markets.

Daily Chart with Oscillators

Daily charts show Oscillators close to medium term supports. The red horizontal line shows support taken since  31st December 2012 when it dipped for a day below the 50 Ema. The subsequent two times it took support at the 50Ema. In short  the 50 Ema at 1606 would work well as the trend decider.

 Will it take support this time ?

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