Nifty View for Short term

Nifty Weekly Charts

Applying EMA(13,34,55) principle to Nifty Weekly charts it is found that nifty has made a strong breakout above 13 week EMA last week and facing the first level of immediate resistance near 3230(34 Week EMA) with overbought RSI-2 levels near 95.82 and CCI-4 slightly dipping below 100 levels. Respecting 3230 as a resistance will target nifty once again towards the 13 EMA line i.e 2918(13 Week EMA). Any strong breakout above 3230 levels will target 3340 and 3440 in short term.

Nifty Daily Charts

And Applying EMA(13,34,55) principle to Nifty daily charts if is found that nifty is currently trading above 13,34,55 EMA Before going to the picture EMA Traders will agree a concept that

IF 13 EMA > 34 EMA > 55 EMA THEN = BULL MARKET

IF 13 EMA < 34 EMA < 55 EMA THEN = BEAR MARKET

Nifty Daily charts with 200 day EMA

Daily Charts are showing Bullish Signals as nifty is tradng above 13,34,55 EMA. And the short term Moves are either limited to the bear market resistance line 200 day Moving average – 3454( see nifty daily charts ) or 55 Week EMA -3540(see weekly charts). Overall short term upside is capped at 3454 and 3540 with 3230 as the base resitance line. Quicker upmoves are possible as the daily and weekly RSI-2 levels indicate overbought levels .

Related Readings and Observations

  • NMA Swing Trading Signal for Nifty Buy Signal in Nifty reversed to sell signal as per NMA Swing trading system. Its a warning for those who are in longs. Those who are in longs maintain 4940 as strict stop loss   Source: www.marketc...
  • Nifty and Bank Nifty January Futures Overview – VI Nifty and Bank Nifty futures on the hourly charts turned to positional sell mode on the last half of the Friday session and currently with resistance coming around 6352 and 111583 respectively. Rev...
  • Zee News : Target from Sharekhan Zee News Cluster: Emerging StarRecommendation: BuyPrice target: Rs73Recco price: Rs54 Recco Date:Jan 29, 2008Sharekhan Code:ZEENEWS Breaking news -- Buy Now Key Points A compelling...
  • Nifty Intraday Outlook for 23-07-2013 with Wolfe Wave Study Current market sentiment is heavily bullish in nature. But Wolfe wave clearly tells that one more swift downfall is due on the shorter timeframe . And EOD Chart "Rising Wedge Pattern" suggesti...
Rajandran R

Rajandran is a trading strategy designer and founder of Marketcalls, a hugely popular trading site since 2007 and one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies. More From Rajandran R »

5 comments… add one

  • Yogi April 5, 2009, 5:32 pm

    Supposedly, you had a typo..all indicators are at overbought levels and not at oversold levels.Anyways, Good observation, though!RegardsYogesh Tiwari

    Reply
  • Anonymous April 6, 2009, 2:35 pm

    HI can u provide me HTML for EOD technicals auto update,pivot point auto update.

    Reply
  • Rajandran April 6, 2009, 7:28 pm

    @yogeshThanks for spotting the err. Errors are corrected.

    Reply
  • Anonymous April 7, 2009, 2:47 pm

    Nifty range for this week is 3050-3400.3400 is strong resistance,should be used for short sell with sl 3450.http://stockplan.blogspot.com/

    Reply
  • Rajandran April 8, 2009, 10:43 am

    Nifty Target 1 Achieved

    Reply

Leave a Comment

Follow Us

Recommend on Google

About the Author

    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.