Nifty

#128 Nifty Update: NIFTY less volatile in performance than Indian Cricket team.

“BULL Shit”…”F*** off”….Blah Blah is what you couldnt have controlled after watching india’s performance at the 2cd ODI vs Sri Lanka. India’s batting performance range was vast from 314-138 so is NIFTY’s range from 4903-5317. On last friday i did recommend to Sell Below 5145 and we almost got 45 points on board in 2 days. Nothing has changed fundamentally except that pranab mukherjee is our new president. Anna Team is opposing but i dont think it will have much affect on the decision. Market reacted negatively on monday opening to RIL’s weak performance. But technically i have found a “acute triangle” on monthly chart which is a sign of consolidation. If you have been trading actively in market , you might have been bored of hearing from operators that NIFTY’s range is getting narrower that is what actually a acute triangle/symmetric triangle is in technically terms. You could notice in the adjoining graph what exactly triangle looks like.. Whats the implications??? It means when the triangle breaks on the either side on closing basis, it defines the trend of market. Right now, taking broader picture, we are in consolidation phase or say in-decisive phase on monthly chart. July’s breakout range is 4905-5317 while august range is 4952-5265. So long term traders wait for the breakout of either level. Just for an update..today we have closed with a Doji and market has taken support around 5103 on last 2 days which is a 200 SMA. So if we see markets opening above 5130 and closing above that level tomorrow then we may see short term recovery but blindly go short below 5102. This thursday being expiry be cautious in trading…Cya guys…

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