last two trading session we not posted call in nifty so not able post study here.
today’s technical study of nifty –
we posted call to sell below 5790 made till 1st target of 5760,
overall market open big gap down today, and then it not able to hold its level for 5 min. and started to fall again, so it was indication of clear down trend for the day, it was converging channel pattern on chart where nifty was falling and rsi was increasing , and finally at 5770 level nifty able to come out from this pattern, where selling was over for the day, so next was we expecting either consolidation or reverse move, but after a sharp fall for the day nifty was not in a mood for doing any reverse move today and 2nd half was only consolidation in nifty.
as per the indicator it has given positive convergence signal on chart in 2nd half but same was not able to confirm by the price chart of nifty so nifty not able to move on 2nd buy call which was above 5780, not able to break this level till end.
so over all fall in a 1st half and consolidation in 2nd half indication some more big moves coming soon in nifty.
NIFTY VIEW FOR 4/7/2013
IF OPEN GAP UP – today nifty given a exact close at its resistance level, so if able to open a gap up tomorrow then it will break this resistance in opening only, but for any up move it need to sustain this gains for 30-45 min and then only we can confirm the up trend.
if it not able to sustain its gains after a gap up and break the levels then then again we can see falling moves in market.
after a gap up we can consider 5805-5830 important resistance level and 5770-5750 important support level.
IF OPEN GAP DOWN – today nifty unable to produce any buy signal on chart but still able to give close near signal level, but if it able to open gap down tomorrow then nearest support we can assume is 5740 level below this level nifty may try to fill the gap on chart which was at 5700-5685 level, so we can expect some quick fall below 5750 level if it sustain for 5-10 min time.
after opening gap down if nifty able to maintain its low for 45 min then only we can see some recovery in market, resistance to assume are 5785-5805 level.
over all study indication that nifty can keep trading normal in 5750-5830 level but we can expect some wild moves beyond this level only.