- Nifty week shows a bullish pattern But another dip towards the rising support line is very much possible as price is moving into a stiff resistance zone.
- One has to pay close attention to the month candle. If Feb candle closes higher into the resistance zone then its advantage bulls. Last two attempts into this zone has given bearish month candles as shown with the circles in Month chart.
- crucial levels are shown in the daily time frame. Strength if stays above 8826. Mild weakness if continues to stay below 8826
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- Nifty 4 hour chart shows price nearing the up trend line.
- One hour is still in a sideways range.
- Closing outside the range may lead to a bigger trade in Nifty. As long as the UP trend line holds bulls are in control. Weakness below 8700 - 8715
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- Nifty weekly chart shows price moving towards the resistance lines. It is also showing a contraction pattern which could keep nifty negative to sideways before a big move could come.
- Nifty Month chart shows similar bullish pattern being formed. Price is near the resistance level of the pattern. One has to wait and seen if price gets resisted one more time for another Dip before the larger trend can continue.
- For the day the crucial support level is shown in 15 Minutes time frame. The trend of smaller time frame will be intact as price continues to form HH and HL.
- Weakness only on closing below 8770 levels.
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- Nifty month closing above or near November month candle high's will keep the bullishness intact. This can also complete a possible morning start pattern Although this is not the appropriate place for the pattern It shows further bullish possibility.
- But one warning for Bulls is the Overbought RSI in daily time frame. So further bullish bet from here would be risky one.
- ICICI Bank Price Volume increase before quarterly results.
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- Nifty daily indicators suggests overbought levels. But as all know once a stock or index is in strong trend the indicators can continue to stay overbought.
- Immediate targets or resistance levels are at 8674 and the Fib level of 78.6%.
- GOLD Bearish price action
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- Next crucial resistance zone is the Golden ratio for the fall from 8968 which is at 8457.
- During the last fall from 9119 to 6825 there were may retraces But no complete reversal. But this time with Big news ahead the possibility of a complete reversal cannot be ruled out.
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- Weakness in daily only on closing below 200 SMA and the GAP area.
- Hourly weakness starts on sustaining below the cloud.
- Strength only on closing into or above 8400 - 8460 zone. the Upper shadows of weekly candles formed from this zone shows possible resistance zone for now. Bulls need a weekly close above this level.
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- Nifty Daily has a 50 Point GAP between 8460 and 8510. If Price takes out the recent high's again this GAP is likely to be filled.
- Weakness if price falls below 8373 and 50 Hour SMA on closing basis.
- Bulls on larger time frame need a close above 20 Week SMA to gain further momentum.
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- First chart with Higher Highs shows 8449 as the next level to continue the trend. More strength for bulls if stays above this level.
- For Hour weakness starts below 8373 and the rising 50 Hour SMA.
- 30 Minutes cloud shows price riding the trend. Bulls safe till price stay above the cloud.
- GOLD Weekend update
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- Nifty hour shows trend extension. Now the weakness level is raised to 8306.
- Weekly chart shows 50% at 8431 and Middle Bollinger band or 20 Week SMA at 8435. Now this band becomes the crucial level of resistance for Bulls to cross above.
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- As shown in one hour time frame the Trend is still in favour of Bulls. No weakness seen yet. If the 200 Day SMA does not spoil another High's are possible.
- Daily close need for bulls above 200 SMA.
- Weakness returns in daily time frame below 8218 levels.
- CRUDE Oil violates support levels
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- Nifty bulls need to close above 200 SMA to gain momentum.
- Weakness below 50 Hour SMA and 8218 levels as shown in 2nd chart.
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- Nifty testing 200 SMA and Recent swing high of 8274.
- Price did give spikes above 200 SMA as shown in chart 2. If that repeats then this up move is likely to extend further. Weakness returns below 8218 levels.
- GOLD Support and resistance levels
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- Nifty bulls needs to stay above 8228 levels to test 8274 and higher levels. Above 8274 Bulls would've crossed all crucial moving averages in Daily time frame.
- Levels for Bears are 8234 and 200 Hour SMA which is at 8125 approx. Weakness on closing below these levels.
- GOLD Support levels
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- Nifty daily moving into the daily cloud. Price likely to move towards the top of the cloud, The recent swing high is 8274. For a bigger reversal price need to stay above the cloud which is unlikely to happen.
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- Nifty is testing crucial price level in Daily and Hourly time frames. 20 Day SMA, Round number at 8100 and 200 Hour SMA. Bulls can gain further momentum on a daily close above this level.
- Weakness only if price falls below 8021 levels on closing basis.
- GOLD Making another bullish move
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- 7896 is crucial as seen in the Retrace levels. Weekly fib chart shows 50% at 7896 If bears keep price below this level next target is the Golden ratio at 7644. Having said that this 50%(7896) level is a good place for an oversold bounce.
- Next chart is the Long term support line of nifty drawn from 2200 levels. If bears are successful in keeping below 7900 then this line is likely to be tested in the short term(one or two months)
- Last chart shows death cross. One has to note that death cross happens after an extended correction so the Risk of a swift bounce against the prevailing trend is imminent. For nifty to change its bearishness price need to move back above 200 SMA Which for now is at 8249.
- NIFTY EOD Update(Bearish update)
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- India VIX looks like it will give a good up move provided it break above 26 - 27 levels which was acting as support previously.
- For bulls price need to stay above the Ichimoku cloud and Week has to close above weekly middle bollinger band(20 Week SMA).
