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



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

  • Nifty and Bank Nifty October futures Overview – I Nifty and Bank nifty October futures is in sell mode since 20th September and currently the resistance zone come near 6011 and 10384 respectively. Reverse your strategy to positional longs if the r...
  • Formation of Negative Momentum Divergence in Chinese Markets Charts Shows the formation of Negative Divergence in  Chinese Stock Index(Shangai Composite). Also the Visible 5 Wave Elliot Pattern Shows that correction is ahead in chinese markets.For More learn...
  • SMR Ratio included in Nifty OI Tracker SMR Ratio has been added to the bottom right corner on the Nifty OI Tracker Chart. SMR Ratio is otherwise known as smart money ratio indicator.SMR is a measure of fear in the market. A value of les...
  • SGX Nifty Crashed trading below 4900 levels Currently SGX Nifty is down more than 250points from yesterdays levels and the global cues are strongly unsupportive. Nifty EOD Supports are near the zone 5000-5020 levels breaking this on EOD basi...
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

  • Anonymous April 6, 2009, 2:35 pm

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

  • Rajandran April 6, 2009, 7:28 pm

    @yogeshThanks for spotting the err. Errors are corrected.

  • 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.

  • Rajandran April 8, 2009, 10:43 am

    Nifty Target 1 Achieved


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.