Nifty and Dollar updates

Nifty near strong trend-line resistance. Also its forming a wedge at the top along with crucial fibbonacci resistance. Bullish only if stays above 8420 zone.

8380-8420 Crucial zone to decide next move in Nifty.

Dollar is stuck in range between 65.23 to 64.62. Break in any direction will make a big move in either direction.

Both near crucial support and resistance. It would intresting to see which direction these charts will point to in future.

NOTE: Above charts are shared for learning purpose only and this is not some BUY/SELL tip.

Nifty and Dollar Updates

Nifty was finally able to break 61.8% fibo level and it seems its getting ready for next move. Let see what chart is suggesting:

  After 61.8% retracement , Nifty corrected till 8087 which is almost 50% retracement beyond which was able to reach again 61.8% retracement. If this level exists for 1-2 sessions then expect a movement till 78% now.

Moreover, trendline resistance is near 8380-8400 levels and will be interesting to watch if certain levels are taken out or not.

Nifty is approaching resistance and Dollar is approaching support. Lets have look at Dollar chart now:

On the other hand, Dollar is approaching support zones. This means next 8-10 sessions very important to decide short term trend of market.

Keep a close watch. :)

NOTE: Above charts are shared for education purpose only and these are not some BUY/SELL tips.

Nifty View

Nifty is consolidating in very narrow range and trending move is just round the corner. We will soon see 100+ pointer move in either Thursday or friday :

Nifty trading in trendline and is currently stuck between upper trendline and 8090 level , the previous high. If broken 8090 then Nifty might head towards lower line otherwise we will again retrace till 8240-50 range now.

Mild Divergence also existing which is suggesting we might fall from this level. Let's see.


Note: The above chart is shared only for learning purpose and it's not some buy/sell tip.

Nifty Updates and Few Good Looking Charts

Lets see what we have in store from Nifty point of view.

The above is Hourly chart of Nifty. Nifty is trading in a channel and its near channel resistance area. Break out above this range will bring Nifty to longer channel resistance which is near 8350-8400 zone.

If not able to break recent high of 8230 zone then it can retest bottom of channel.

Moreover , Nifty just retraced 61.8% retracement at 8225 zone which is mentioned in previous post.

Few more interesting charts:

ADF Foods:

South Indian Bank:

Bliss GVS:

Note: Above charts are shared only for learning purpose. These are not BUY/SELL tips.

Nifty and Dollar Updates

Nifty managed to cross 50% retracement today after 3-4 failed attempts. If we look closely, Nifty did breakout of Inverse HnS pattern as well.

So logically Nifty has targets as
T1 8229
T2 8325
T3 8417

It can reverse from any levels above. It would be good to take small profits at above levels who are long from sub 7600 levels

NIFTY:

  Breakout above 8060-8097 Range is positive and it may test now 8229, and 8325 levels. Major long only above 8417. Earlier also mentioned that new buy only above 8060. It seems gap up will reward the trend followers who longed above today's breakout :).


USDINR:

Dollar is nearing strong support zone or previous breakout zone. It may give good bounce from support zones. Generally rise in USDINR brings fall in Nifty and both are approaching support and resistance zones. It would be interesting to see how things turn out.

64.8 and 64.5 is strong support zones. Watch out :).


Mostly all previous chart learning are working well as per expectations except Alpa Lab where volumes are lacking. One can book partial profit or trial SL on these positions now.

Reliance 835 to 890
OBC 130 to 138
VIMTA 64 to 70
Gruh 253 to 270
JK still waiting for move
Alpa Lab follow up move missing
DCB 129 to 142+

Note: Above charts are shared for learning purpose only and are not intended for some BUY/SELL tips.