Abhijit_Paul

Abhijit_Paul

Now a 3-day bounce back from the benchmark Nifty with yet another positive session in yesterday’s trade. We did however observe some decent degree of intra-day volatility which is primarily led by profit taking at higher levels. The index on the daily time frame has now defined two new rising channels. Resistance can be expected from the upper border of these...

Abhijit_Paul

A 6-day correction is well taken care off by just a 2-day bounce back from the Nifty index … guess the rules of the game are getting redefined. Nifty futures have managed to post a new life high in yesterday’s session after which there was some degree of profit taking and momentum slowdown. Apart from the opening hour, volumes throughout the rest of yesterday’s...

Abhijit_Paul

Thanks to no steps towards direct taxes and financial markets from the budget today morning, benchmark Nifty rejoiced with a sharp bounce back recovering a major part of the recent correction. Literally a vertical rise from the index if you take a look at the 75min chart. But it’s the sustainability of this rise which is now more important. We should not forget...

Abhijit_Paul

Nifty fails to hold onto the positivity with which it opened during last Friday’s session - a sign that selling is very intact in the market and sellers are not hesitating to reduce/exit positions even at a lower price. At current close, the index is at a short-term support zone of (13,700-13,850) a confirmed break below which opens up levels of 13,500 and then...

Abhijit_Paul

Nifty loses ground for the fourth successive trading session. The short term down trend is now extending itself further with every intra-day bounce back getting sold into. We have a confluence of supports at the (13,700-13,900) zone. Yes, it is a wide 200-points range, but considering the nature of momentum with which the index is selling off, we need a wider...

Abhijit_Paul

Fortis is yet again playing out its 5-year cycle. A look at the left-hand chart which is the monthly time frame, clearly shows this cyclicality of 5years. It has been a long-term under-performer and is now dealing with some serious resistances. Last session we had a fine high-volume breakout which should continue further up unless the short-term supports of 160 is...

Abhijit_Paul

A definite sign of selling as Nifty fails to hold on to a strong opening on the last trading session. Thanks to this recent sell-off, the index has now clearly broken below two rising channels and moved into a short-term down trend. (14,100-14,250) is a wide cluster of price which ideally should offer some support to the index now. However it’s 13,900 that seems...

Abhijit_Paul

Nifty slips 400 points in the last two trading sessions. This comes in exactly at a time when Sensex scaled a new psychological mark of 50k which followed a lot of celebrations and optimism. Do not sound to be very bearish, but both the benchmark indices have corrected sharply which should bring in some cautiousness amongst traders. Short term support is around...

Abhijit_Paul

Well … the Nifty50 index decided to cool off a bit amidst all the celebrations attached to cousin Sensex’s 50k mark. I guess no trader would have expected the volatility which was experienced - losing over 250 points from the day’s high and then bouncing back 120 points. Shaken and stirred, I guess market participants will be a little cautious until a new high is...

Abhijit_Paul

Benchmark Nifty50 index continues to rally further to hit a new life-high. The index has now recouped all of the recent price weakness in style and proved a point that Bulls are still very much in charge. Immediate range of resistance is (14,600-14,650) which should offer some momentum slow down, especially considering the fact that the index had a one-way rally....

Abhijit_Paul

A gutsy bounce back from the benchmark Nifty50 to recover whatever it lost in the recent 2-day correction. So the expected zone of (14,100-14,250) worked well as supports and going forward will continue to act as one. If you had noticed, once 14,420 was taken out, there was no looking back from the index and so from a short-term perspective this 14,420 will now...

Abhijit_Paul

Finally some degree of price correction as benchmark Nifty index corrects for two consecutive trading sessions. Today’s sell-off was quite dramatic at the end wherein the index wiped-off whatever there was as an intra day bounce back. At a close of 14,250, the index enters an erstwhile small price congestion between (14,100-14,250). We can expect some selling slow...

Abhijit_Paul

Nifty breaks below yesterday’s low to confirm a series of lower high and lower lows on the daily charts. This does not necessarily mean that we have a trend reversal, but definitely a sign of slow down to the recent buying momentum. On the 75min chart we have prices at the lower border of a rising channel, a close below which will definitely set in more price...

Abhijit_Paul

Since 23rd Dec’20 for every single trading session the benchmark Nifty index had posted a higher high on a day to day basis. Except yesterday. On yesterday’s session, the index yet again managed to bounce back from its intra-day lows to post marginal positive gains and an Inside Bar, but a lower high. Not much clue can be derived from momentum indicators apart...

Abhijit_Paul

Nifty finally faces some intra-day selling pressure as the index failed to hold onto the day’s strong opening. There was some degree of selling which was again countered by a sharp intra-day bounce back to end the day flat. Now if we look closely, we will observe that since 22nd Dec’20 the index had managed to bounce back from its intra-day weakness on 5...

Abhijit_Paul

Nifty continues to rally higher with no sign of any threat for a price correction. In fact the rally is slowly turning out to be a little boring without any degree of price volatility. Nevertheless, the underlying trend is strong and resilient and we should see a test of 14,700 which is the higher border of red rising channel. On the downside, immediate supports...

Abhijit_Paul

Benchmark Nifty continues to rally ahead with another positive daily close to inch close to 14,500 in yesterday’s session. Prices on the 75min charts have very well now entered back inside the rising channel, a recent break below which has raised possibilities of a correction. There is no signs of reversal or negativity from prices at the current juncture, but...

Abhijit_Paul

Bulls are in full charge as they do not allow prices to slip below 14,100, which could have triggered some selling impetus. But that possibility is now behind us and the underlying momentum should help the index rally further upward. The index has just nudged itself within the red rising channel on the 75min chart of Nifty Futures. On the upside, 14,500 is the...