February 15, 2011

  • SPY Supports are seen at 132.64 and 131.30 levels.
  • The recent high of 133.54 may act as resistance.
  • Price Breaking trend line will give 132.64.
  • ES SUPPORT LEVELS

  • ES Hour chart with support lines
  • First support is between 1321 - 1322.
  • Two trend lines in hour chart may also act as support
NIFTY SPOT DAILY CHART
  • Nifty Spot daily chart with channel
  • Nifty has closed outside the channel
  • But the candle shows indecision between bulls and bears.
CHART-II
CHART-I
  • Nifty is trading in a range 5408 - 5474
  • Since the short term trend is up this should be a bullish consolidation formation.
  • But if today's low gets broken we may seen a dip.
  • Nifty has closed above 5 day high ema after a long time. Now it may be safe to buy the dips with proper stop loss.
  • One can also wait till nifty makes a close above 20 dma to make sure that the trend has turned completely in favor of the bulls. In trending market 20 dma works well so if price gets resisted here a correction is possible.
  • Nifty spot has not yet given a breakout above the trend line. But futures has closed above the trend line shown above.
  • Four hour chart of nifty futures CLICK HERE

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore