Nifty Weekly Technical Bears Overpowering Bulls

By | May 1, 2011

Nifty Hourly Charts

Nifty Hourly charts are in sell mode from 5870  as shown in charts having combo of 5EMA and 20 SMA. On Higher side trendline resistance is coming from 5900+ levels and lower end downside is open till 5630 levels as of now.

Remember:Market always move in direction of least resistance.

Hourly charts Nifty is oversold and dead cat bounce from 200 DMA@5745 was excepted and it did last  hour of trade.On Hourly charts till Nifty does not close above 5 EMA High every rise should be used to SELL

 

Nifty Daily

 

On Daily Charts using line charts BULLS just saved 200 DMA for yet another day ? We will come to know on Monday.

200 DMA is the defining line between Bull and Bear Market

 

 

As seen from Daily Chart Nifty is forming a contracting triangle forming a trading range between 5900 on higher end and 5555 on lower end.

50SMA@5625 should provide support to Nifty if downfall continues.

 

On Daily Chart a close above 5854 will bring momentum on upside only

 

 

Nifty Weekly

 

On Weekly Charts  Nifty has given close below 5 Week EMA@5773 which has become for SELL on rise and a close below 5668 will increase the momentum on downside.

On Higher side close above 5910 only will give upward push and mometum to Nifty,

Weekly Trend Deciding Level:5786

Weekly Resistance:5872 and 5967

Weekly Support:5702 5655 and 5555

 

Nifty Open Intrest

 

Call Option 5600-6200 added (67.8 lacs) huge amount of OI .

Put Option 5300-5800 added (84.6 lacs) huge amount OI

  • Nifty Open Interest for May stands at 2,36,29,750 up by 13,16,800 with decrease in price indicating Short Build up.

 

2 thoughts on “Nifty Weekly Technical Bears Overpowering Bulls

  1. AAR VEE

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  2. Om Prakash

    Dear Brahmesh,
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