NIFTY THIS WEEK [03/05/10 – 07/05/10]
This week traded in a wide range with negative bias. Weekly volume remained same as last week. FII’s were net sellers for 4252.55 crores! In the weekly price chart nifty, had advanced for 9 weeks by giving continuous up closing. It had advanced from 4755 levels in the month of February to 5362 levels in the month of April by gaining around 800 points. In addition, it started to consolidate for 3 weeks and finally corrected this week. This week, nifty had corrected around 250 points. On witnessing the trend and FII’s selling, I have two views:
One is, according to Fibonacci numbers, we may consider this week correction of 250-odd points, as 1/3rd retracement i.e. roughly 38%, as a profit booking.
Second is, as nifty unable to surpass the important level 5383 which is significant for a bull trend, we may consider this week correction as a trend reversal.
Based on the former view we may see another 10% downside retracement or an up move in a tight range.
Based on the latter view, as this week a wide range black candle had formed with huge FII’s selling we may see further downside correction from here. Let’s see what happens next week.
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NIFTY TODAY
Today nifty traded in a wide range with negative bias. Volume was good and also increased comparing to yesterday trade. Nifty broke the psychological level 5000 and closed below the crucial support level 5050. FII’s were net sellers for 1308.39! DII’s were net buyers for 654.35 crores. FII’s had been selling hugely for past three days! Market breath was negative with 9 advances and 40 declines. Technically more wide range black candles are forming in the price chart.
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NIFTY TODAY
Today’s trade too was volatile and broke the important support 5050 however managed to close above this. It closed just above the crucial support 5090. Nifty found good support around 5040 levels. Volume had decreased comparing to yesterdays trade. FII’s were net sellers for 937.75 crores! DII’s were net buyers for 379.96 crores. FII’s were selling hugely which should not be overlooked! Market breath was negative with 20 advances and 30 declines. Today too technically a stopping pattern had formed in the price chart.
NIFTY TOMORROW
For tomorrow trade around 5085 levels to be watched carefully were today nifty struggled more. Technically in the price chart I do not see more wide range black candles which confirms bear trend. However FII’s turned net sellers, which should not be overlooked. In today’s trade the number of advances in the market breath had increased gradually from 6 to 20. In my sense tomorrow we may see a positive trend. As tomorrow is the last trading session for this week lets see what happens.
NIFTY TIPS
BUY ABOVE 5090, T1 – 5130, T2 – 5160, T3 – 5190 STOPLOSS – 5075
SELL BELOW 5075, T1 – 5050, T2 – 5017, T3 - 4980 STOPLOSS – 5090
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NIFTY TODAY
Today’s trade was volatile. Nifty closed just below the crucial resistant 5130 level. Volume was increased comparing to yesterdays trade. Market breath was negative with 22 advances and 27 declines. FII’s were net sellers for 1589.68 crores! DII’s were net buyers for 691.15 crores. Today nifty had struggled around 5090 levels. Technically a stopping pattern had formed in the nifty price chart.
NIFTY TOMORROW
For tomorrow trade 5130 levels would be a significant level to be watched. Technically to my knowledge we may not see any further down move from here. My only misgiving is that FII’s were huge amount in today’s trade! Still, in my perspective, for tomorrow trade, I expect a wide range trade with positive bias. Lets see what happens tomorrow.
NIFTY TIPS
BUY ABOVE 5130 T1 – 5180, T2 – 5203, T3 – 5230 STOPLOSS 5116
SELL BELOW 5110 T1 – 5090, T2 – 5065, T3 – 5036 STOPLOSS 5124
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NIFTY TODAY
Today nifty traded in a wide range with negative bias. Volume had increased comparing to yesterday volume. Today nifty broke the neckline 5205 and closed above the important support level 5140. Market breath was negative with 4 advances and 46 declines. FII’s were net sellers for 29.68 crores. DII’s were net sellers for 438.08 crores.
NIFTY TOMORROW
To my knowledge, from here, I do not see any deep correction going forward. Nifty came down 75-odd points today, however FII’s remained net sellers for 29-odd crores! In my sense, nifty may move down to 5100 levels and not beyond that. Around 5130 levels nifty has strong support and this level should be watched carefully for tomorrow trade. As FII’s were not huge sellers today, I expect a pull back rally tomorrow. Nifty may trade in tight range with positive bias between 50 points or in a wide range retracing entire points that it had lost today. Let’s see what happens tomorrow.
NIFTY TIPS
BUY ABOVE 5160 T1 – 5180, T2 – 5203, T3 – 5225 STOPLOSS – 5144
SELL BELOW 5130 T1 – 5102, T2 – 5080, T3 – 5060 STOPLOSS – 5144
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