Nifty is inching towards 2 year resistance line, whose value today is 11160. The bull run since Gujarat elections (December) has also broken out of its channel and is likely to take support from earlier resistance. These two cross at 11245. Reaching the resistance is expected to take anywhere between 1 and 14 days, giving a return opportunity of 0.9 - 1.6% over yesterday's close.
Depending on foreign funding situation, the 2 year resistance may be broken and Nifty may try 11500 levels at the top of channel drawn in parallel.
Entire width of channel covered within the day ! Interesting times ahead !!
Support taken at bottom of channel. Expect the index to be range-bound, as predicted before.
DushyantAM
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@damahadik, bottom of the channel being tested, and broken momentarily.
DushyantAM
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Next support at 10400-10500, however, current support (10850-900) seems to be still holding up.
DushyantAM
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10400 broken, close below will confirm it. It will then become new resistance for days to come. Good opportunity to buy - may be half of your reserves. Keep 50% of arsenal intact for subsequent dips.
DushyantAM
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Market has been holding the bottom end of the channel, whose value tomorrow would be 10480. Looks like we have bottomed out ! Another 25% can be invested at this point, keeping the remaining in cash for future dips.
DushyantAM
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Closed below the channel on Friday and then took another dip today. Medium term top confirmed at 11,160, unless the Nifty comes back in to the channel at 10500.
Opportunities to buy at next support - 10100 / 9500. Balance 25% could be used at that point, considering new opportunities will arise only in new financial year.
DushyantAM
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All eyes on Budget !
DushyantAM
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On 25th, the support taken has confirmed the break-out. Next resistance for Nifty at 2 year resistance around 11200.
DushyantAM
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@damahadik, Wrong reading is coming on chart on this page. It is about 11166, which was touch and go this morning.
DushyantAM
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11166 attempted two times yesterday. Resistance from 2 years line confirms short term top. I would not sell yet, and instead hold on to Nifty. There is a support at 10850-10900 (1.4% opportunity). Tomorrow Open and Close below 11100 will confirm going back in to original channel.. likely to stay range bound in that case, in spite of budget.
Support taken at bottom of channel. Expect the index to be range-bound, as predicted before.