Retracted yet again from the resistance LevelCan most likely head to 8275-8000 zone.
A very outside chance of a truncated termination around 8600 is open too.
CNX500 trade ideas
Analysis of Nifty 500 on a monthly timescaleConsidering the current market scenario where the broad based indexes and the headlining Nifty 50 is behaving a bit differently, I believe Nifty 500 will provide a better picture of the market scenario. Nifty 500 broke out of a channel earlier and currently taking support on the breached resistance and EMA 34 (which has acted as a long term support). A rebound might be expected from the current levels, however the pitchfork indicates some possible downside. Currently Nifty 500 is moving in a wedge pattern. any breakout or breakdown may clarify on further market direction.
A Move down before the next UpSo this is the Nifty 500 chart, looks similar but it doesn't exactly do the same thing that Nifty 50 does. In fact I think this reflects the actual market movement more closely. Anyway, looking at the 60 min chart, we see that Nifty 500 is at one its highs. There is divergence on the MACD. We might be in the middle of a correction and there could be one move down in the 60 min before it moves up.
Divergence CNX500 sv Nifty50Seems the broader base mkt is much more sanguine.... maybe due to recent FII fire sale in front liners... Can be seen on the chart clearly
NIFTY 500, May reverse from 161.8% Fibo Extension (9500)NSE:CNX500 Monthly Chart: Nifty 500 may touch 161.8% of Fibo = 9500 or it may just reverse from current "D" zone of AB=CD. Price action (Candlestick pattern etc) to be watched closely. First support 7500. Next resistance (200% Fibo Extension) @ 10800. This level comes to play only if Nifty 500 crosses 9500 & holds for a month.
NIFTY 500 CNX500 - Broader Market StableNIFTY 500 CNX500 - The broader market is still not showing breakdown signals, however it is critical to know that we are in supply zone from where we have corrected twice in recent months. It is increasingly becoming a traders paradise rather than an investors market. Having said that there are still pockets where investors can find gems based on fundamentals , technicals and recent changes like GST etc.
Few of them posted are as below:
Investment Pick - TATA MOTORS LTD. 'A' INR2 TATAMTRDVR
Investment Pick - GLOBUS SPIRITS LTD GLOBUSSPR
RLBANK @CNBC_Awaaz NavRatna
FORTIS - Good Pick for coming Quarter
