NMA Charts turn to sell mode on 30 Aug 2010 and still holding the sell signal with EOD Stop loss of 5512
NMA daily charts of Nifty turns to sell signal after 3 months(Approx)… with current trailing stop loss comes near 5536.
Nifty attempts to close below the 5 EMA(5435) Weekly Chart for the very first time since June,2010. Building open interest in 5500 is the first sign of
the continuation of the bearishness for the September coming series.
Hourly charts of nifty remains the buy signal with cloud supports near 5427 zone.Daily charts of nifty remains the buy signal since 10th June 2010. i.e the recent buy signal right from 5075 remains in buy mode for more than 2 months .Current cloud supports are near 5354
Nifty maintains the hourly sell signal with resistance place at 5435 zone. And also spot nifty is holding the GANN Support zone 5410-5415 zone. As of now nifty nears the make or break kind of situation which could be confirmed after crossing the 5410-5435 barrier. Gann lower end supports next 5410 are available near 5210 zone.
Nifty hourly resistance still near 5466 zone and continuing the sell mode. Also in yesterdays action it nears the first GANN Support zone 5375-5370 region. As the GANN Supports are in increasing mode the current supports zone has increased to 5380 zone. Any breakdown below 5380 will target the next GANN Support zone 5200.
Hourly sell signal in nifty continues with cloud resistance 5462. GANN Supports/Targets are at 5370-5375 zone and 5180-5200 zone.
Nifty hourly trading shows the continuation of the buy mode with hourly supports near 5456. Also the rising trin charts shows that recently there are more declining stocks than the advancing stocks in terms of volumes which indicates the possibilities of bearishness in shorter term. Any failure to hold 5456 could target nifty towards the next available gann support zones 5370 and 5180
Nifty hourly supports at 5437 failure to hold 5437 will target 5330 zone. Shorts are recommended only below 5437
Nifty hourly mode turn from sell to buy mode with hourly cloud support at 5410
From Daily Nifty Ichimoku cloud chart we could see that nifty candle had just above the cloud supports 5331 and holding still above the cloud. But hourly charts are still indicating a bearish picture. And Nifty open interest data of August Series shows that as of now put writers are bullish on holding 5300 level.
Most of the days in July has been ended in sideways fashion for Nifty especially between the 5EMA(High) and 5 EMA(low) line. Almost all the Out of the money calls and puts expires worthless. As there is a popular saying that “Most of the time the movement of market’s direction will cause maximum pain to maximum people”.