Nifty in short Term Uptrend

By | September 7, 2011

It’s not by making large profits that money is made over time. It’s by consistently keeping losses small in relation to profits. We make Profitable trade we get excited next trade if we are losing money Most of traders keep holding it in HOPE of getting back to profit and mostly it never comes and they Loss the Profit of there previous trades also.

Nifty Hourly

Hourly charts are showing a smart recovery shown by Nifty from the low of 4950.Every Dip is getting bought into. Only concern are the Volumes Today’s Rise was backed on trade of 3,83,699 Contracts which is less than the Traded Contract in last 12 Sessions.

Rise on back of Less Volumes is a cause of concern for the strength of the Up move. As on Hourly charts we have seen a vertical rise and Negative Divergence can be seen in RSI and Stochastic.

First sign of weekness will emerge only below 5113 levels. On Upside Resistance is at 5167-5173 zone above which 5196.

 

 Nifty Daily

On Daily chart pattern as I have been mentioning the break of channel will lead to breakout and move above 5015 was for short term reversal.Both worked fine and we have closed above 5100 levels. 20 SMA@4999 is the Support below which Nifty will be a shorting candidate.

 

On Upside move above 5196 and 5224 will lead to a violent move which will lead to gap filling till 5320 level.

NIFTY Fibo Levels

Fibo levels are always reliable. 4965 above we visited 5111 and Now next levels which comes are 5232.

Levels for Tommrow

Buy above 5125 TGt 5168,5196,5234

Sell below 5113 Tgt 5076,5040 and 5004

Levels Mentioned are SPOT

2 thoughts on “Nifty in short Term Uptrend

  1. sumit nanded

    Dear Bramesh,

    I Like ur analysis and the way to present its too good for novice trade
    i got k brain trading system that give me 5-8 thousand daily in selected scrip like axisbank,sbin,relcapital m using it from last 7 month but daily require certain settings

    i want to know about ur trading system and Course ..is it compitable for ninjatrader

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