After a break, indices May resume uptrend
by Pritesh Mehta May 09, 2016 07:19 IST
On the intra-day charts, Nifty is also on the verge of breaking out from the falling wedge pattern. Index has provided pullback from cluster of important support placed between 7670 and 7710. i.e. gann support. So the recovery seen from Friday’s low is likely to continue in the near term.
Nifty at 7973: Back where it all began!
by Pritesh Mehta April 21, 2016 17:59 IST
On the monthly charts, the Nifty needs to close above 7973 above which Nifty could get into a turbo mode and head towards 8410.
Night is darkest just before the dawn! Waiting for a new dawn?
by Pritesh Mehta February 10, 2016 12:26 IST
When index gets into freefall zone, sanity suggests that traders should not punt on support levels. Let the market decide where it wants to stabilize. Our historical study of corrections in Indian markets, gives us an interesting observation i.e. Fractal nature of Indian markets.
Nifty view: Good things come to those who wait!
by Pritesh Mehta October 17, 2015 11:47 IST
Nifty made a low of 7,540 on 8th September and provided a strong pullback. Traders who showed nerves of steel (those who were not sucked into bearish bias on the street) got a perfect opportunity to come back into markets. So far we have witnessed a rally of more than 7% and the way broader markets have participated in the current pullback, it seems that serenity is back on Dalal Street.
Where is Nifty headed now?
by Pritesh Mehta August 28, 2015 10:44 IST
The sharp rebound aside, despite the destruction on daily and weekly chart patterns, Nifty is trading comfortably above the rising trendline on the monthly chart. It always makes sense to always look with a broader perspective, whenever a rare event occurs (eg: Monday’s crash). As long it sustains above the same, we need to consider any declines as just a correction in bull market.
The rage is on! Action to shift to mid-caps, small-caps
by Pritesh Mehta July 02, 2015 08:52 IST
If bulls are able to cement their position above the breakout levels of 8,450 for at least four trading sessions, we could see index get into a turbo mode. In a bull markets, corrections are more unrestrained. However, recoveries tend to be equally swift. For Nifty to attempt previous highs, spring bottom (support of 7,950) needs to be defended.
Random Ramblings: Don’t lose hope!
by Pritesh Mehta June 18, 2015 15:11 IST
With strength in Oil & gas and pharma sector, the decline in Nifty has got arrested while broader index like CNX 500 is yet to confirm a bottom (though the selling pressure has stopped). Hence the composition of Nifty turns out to be better in assisting quick recovery and we feel that the stage is set for the key indices to surge higher towards 8,400.
Random Ramblings: Bulls defy Sell in May adage!
by Pritesh Mehta May 30, 2015 15:32 IST
The old adage Sell in May seems to have been ignored largely in second half of the month as the market left behind the carnage of March & April. . A move above the downward sloping trendline (above 8,550) would prove to be icing on the cake and market looks poised to see further build up after the gains of May.
Random Ramblings - Are bulls coming back?
by Pritesh Mehta May 19, 2015 09:39 IST
Strength of every market is judged on corrections. After Monday’s turnaround it is important to observe that if the recovery turns out to be sluggish and market starts to give up gains, will it find support around 8,200 or not? As of now, it will act as a new support line for the bulls.
Random ramblings of a technical analyst
by Pritesh Mehta May 16, 2015 13:25 IST
Barriers in life come and go but 8,350 is acting as a tough one since the third week of April. This consolidation at the bottom has taken shape of a bullish H&S pattern. A move above the same could result in reversal of the trend.