A dedicated space for discussing Nifty. Index details, intraday levels, trading ideas, support & resistance, F&O contracts, Open interest, etc. After all, Nifty is India’s most popular equity benchmark and is the second most heavily traded index in India. It’s a place for exchanging ideas, info, opinions only. Please make sure that you don’t encourage any tips or unsolicited advice here. Let’s keep it clean.
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Nifty at a crucial juncture with negative divergence. A close below this trendline can have a negative impact on index
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Hi
This is Ajit from Bhubaneswar
Very useful information.
Today Nifty has opened gap down.
Nifty is making higher highs and lower highs. If it breaks the previous lower high of 11111.45, we can say the trend is reversed.
Time to time a healthy correction makes the stock market look very interesting.
There are three types of gaps. Of which this one is “exhaustion gap.” When it forms it indicates the end of a trend. Here it is the end of bull trend. Can be identified by a good volume and, sharp price drop, thus shifting the mood from buying to selling.
significant is, the day it occurs, the gap also closes on the same day. But, it is not necessary that it will. Most significant is here you will not get any 'Support", “resistance” line. Result- a little mistake in calculation have to suffer a big loss, because of stop-loss marking.
Here, on the nifty chart, if we see, then it is not logical to say that on monday the gap will be closed. Firstly, till 11445 it is short covering and from there it is nearly another 50pts. That is total 150-170 pts to close the gap. On monday Pivot will be around 11385. A gap up opening? Moreover on a daily chart the last candle is a bear candle and low breached the previous low. So, I assume opening will be down and next support is at 11175. Gap close on monday? Finger crossed.
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That was very informative and thanks for the reply.
Nifty trading - it is such a subject that, no one will dare to measure its SL or, RL. For the past few weeks, there are murmurs in the air that Nifty will dive down. When no one knows. Only expectation which relates with Market Cap and GDP. Wow! I never thought at the fag end of life I will keep myself busy with all these! But, I love it.
Anyway, since the day I read the news that market will fall because of the world economy, pandemic, and so on I started reading all related articles. Buffet Indicator- the last one to explain, says Indian marketcap-to-GDP ratio-98%. Below 100%. If I look at the monthly nifty chart, currently Elliot wave 3.
Current bear market has fallen approx 40% in 2008 it was 61%. Experts statistics.
So, what to think? Nothing to fear?
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Trying to analyze Nifty movement on 8-09-20. My audacity? Maybe. But, I love this.
On Daily chart on 07-09-20 Nifty’s Open-11359.60 High-11381.15. Low-11251.70. Close-11355.05.
So, on 08-09-20 Open will be around 11328. R1- around 11406. S1 around - 11277.
In my opinion, the market will open down. 1st support at 11328 and close to Pivot Point be breached till 11310. From there market will reverse to Up. First it is Short covering till 11423(RL-1). That is 2nd up wave.
Then correction and finally gap close at 11510(RL-2). That is 3rd up wave.
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This has nothing to do with NIFTY. We request you to upkeep the spirit of the thread. Thx.
Has Nifty taken the support at 10727 after 6 consecutive days fall? Nifty bounced backed to 11000 levels on Friday and also showing strength today. Will Nifty again regain 11420?
What are the reasons behind the 400 point rally in 2 days?
In a little over 2 weeks, Nifty has rallied over 10%. Underpinning the rally have been banking stocks (17%) and IT stocks (16%). Do you foresee the rally continuing in the coming week? Or could we see some breather, profit booking?
It would be an audacity to sit in a row along with experts who are donned with olive branches of technical analysis. But, my curiosity to learn more brought me here.
If I look at the monthly chart of October’20 in my opinion it gives a clear momentum on up side. Today’s(09-10-20) market close with a big bull candle at 11914 by breaching the resistance at11890 and the next resistance is at 11973. Which is good for Monday’s morning session to breach, secondly, look at all those MA’s are following the uptrend from the bottom. Now if I go for wave then, currently it is wave 5th and having a lot of space to go up and touch and breach the 12000 barriers!! Therefore, with due respect, I dare to say nifty is on an up mood and the rally will continue till wave 5th is complete. Solicit analysis.
Nifty formed a very tall bearish candle in the last session. Yesterday’s candle looks eerily similar to the candle that formed on 31st August 2020. Subsequently, it took 27 sessions for Nifty to break above the high of the 31st August candle.
Given the magnitude of yesterday’s fall, do you see history repeating itself or do you expect Nifty to cross above yesterday’s high soon?
