Expiry ended with No fireworks: Rollover Done With Hefty Premium Bull’s Will Be Back Above 5995 support 5915 and 5883 Banking Sector Entering In Oversold

Nifty Technical Update:

Ø  Nifty fresh structure is as under:

Ø  On weekly chart: swing up from 5118 to 6142 and swing support is at 5798 spot basis. Below 5798 expect fresh weakness up to 5751 and 5630.

Ø  Daily Chart: a swing started from 5804 to 6142 is almost reversed. A sub wave is in progress and has a possible to move up with TGT of 5937, 5976 and 6015. Close above 6075 should turn +ve.

Ø  Below 5810 expect 5700.

Ø  4 hour chart: support 5943 and resistance 6016 future. Below 5918 expect weakness up to 5883, 5849 or 5817.

Ø  Hourly Chart: Buy above 6000 for TGT of 6048. Sell below 5915 TGT 5883. 

Ø  Rest of the detail is same as per previous mail.

Strategy: COVER SHORT AND create long above 5995

Sell short below 5880 only.

·          EMA is turned in bullish mode (yet direction is not changed) with 5981/5983 lvl. 10/10

·          STK% is now at 26.22 from 34.56 in daily and at 75.42 from 74.25 in weekly from previous day.  

Very strong RESISTANCE is at 6103 and trade fresh long only and only above 6103 lvl. Todays range is 5934, 5980 and 6037 and support 5832, 5875 and 5729 key supports.

Bank NIFTY:

Closed at 10212.85 UP BY 0.32% on day basis and -5.43% on week basis.

  

Ø  Update: ADX daily is in BUY MODE while 4hr chart is in sell mode.  

Ø  Also EMA is turned weak and prices are below its EMA and now at 10485/10497.

Ø  THE ST is now at 10790 and 10892 which is likely to be strongest resistance in the next up move.

Ø  A subwave formation is in the making while daily chart is entered in oversold area. Reversal lvls are 10350, 10530, 10690 and 10850

Ø  While trading below 10000 will open fresh weakness and sell of will come.

Ø  SO trading or close above 10330 should give extreme short term buy. While major buy will render only above 10550. On last trading day we observed pattern called “counter attack Bear” so more downside is possible.

Ø  BN is now near its previous bottom support area where we have large number of cluster as support. So bounce is expected now.

Ø  FROM HOURLY CHART IT IS CLEAR THAT LVL OF 10000 IS MORE IMPORTANT AND NOT LIKLEY TO BREACH.

BANK NIFTY: IS IN SELL MODE AND COVER SHORT ABOVE 10330 LVL.