Upen1973

Upen1973

This trend line (red line in chart) has been tested thrice before and it is the fourth time Nifty is trading almost at that line. Now Nifty should be watched closely to see whether this time it can break the resistance or comes down after touching this line.

Upen1973

For the last five sessions Nifty price is in a downward slope but look at the Stochastic; it is steadily going up. It usually indicates a very sharp fall in near future which possibly will start within next 1-2 sessions. It is a very interesting observation. I have never seen this to fail in the past. Watch this out. And usually the momentum is high when falling.

Upen1973 Updated 

Last week (see my 4th October post) we predicted 17951 on the upside and 17113 on the down side based on the weekly volatility index and this week Nifty made a high of 17941. The up side target was missed just by 10 points. Volatility index only indicates the implied movement of an instrument on either side. Trade should be taken with help of other tools as to...

Upen1973 Updated 

Weak minds do not believe what they see, they believe what they are told to, or believe in an imaginary labyrinth which feeds their ego.

Upen1973 Updated 

According the VIX (01/10/2021 close was 17.21 which is calculated to 2.39 as weekly volatility) analysis of Nifty, it may trade between 17951 and 17113 in this current week. Decision should be taken wisely with the help of other indicators and tools. Disclaimer: It is just a personal view.

Upen1973 Updated 

Nifty is making higher highs but indicators like RSI, MACD, Stochastic are making lower highs. Apart from that the rising channel support line is broken and is now working as a resistance. Now 17950 stands as a huge resistance. From here within next one or two sessions Nifty will start a moderate correction. Disclaimer: It is just a personal view.

Upen1973

Daily RSI is near 60 level from where it may take a U-turn and again go up to 70 level but if it fails to take support at 60, then it will go down more toward 50.

Upen1973

The red line first worked as a good support and Nifty took support at this line for thrice and ultimately broke it and now it is working as a resistance.

Upen1973

RSI has made a huge wide divergence and has almost touched 70 which on all time frames is overbought. Apart from that the divergence is also quite significantly big. Nifty has to give a gigantic effort to nullify this divergence and scale higher. On daily chart also RSI is at 69 which also shows overbought condition. Nifty is now in such a stage where a reversal...

Upen1973 Updated 

In Nifty Future the resistance and support lines are working fantastically. The main support line which is touched three times and is respected so far. The line A which is a horizontal resistance line and later turned into a support line. The line B a channel line which first acted as a resistance line but later turned into a support line. Until the main support...

Upen1973

As long as the bullish trend line is intact the market will make new highs. The trend line is touched three times and every time a good bounce is seen. Short can only be initiated when the trend line is broken decisively.

Upen1973

The Stochastic (which is marked with red line) and the price highs (which also are marked with red line) in such formation often gives an interesting outcome. Recent price high is much lower than the previous high but the Stochastic highs depict different picture. For the last price high it shows a lower high but the recent price lower high it shows a much higher...

Upen1973

11694 may be a trend-deciding level. This level has played a crucial role in the past too. History may repeat itself this time also.