Performance of Bse All Sector Indices from Recent high to Friday closing

Update of 6th November 2009

Stop loss(4936) Triggered for Positional trader as given,
exit all short position and wait in the sideline till a clear trend is emerged -
since we feel market can be volatile on both the side until next trend is clear known.

6th November 2009 - update

Nifty Spot- 4765.55

Support 4742 /4724 /4707 /4690 /4673
Resistance 4799 /4816 /4833 /4851 /4868.

Buy Nifty only if opens low @ 4724 best @ 4690,
Stop loss 4673 or 4657,
Target 4784/ 4799 /4816 /4833 /4851.

If opens high sell @ 4840, Best sell @ 4860 stop loss 4868,
Target 4780/4742 /4724 /4707.

Positional traders,
Buy 4700 pe or 4800 pe or even 4600 pe with stop loss 4936,
Target later if stop loss not triggered.

Best to exit all long positions once and re- enter, if Nifty closes above 4950 to 5000.

Nifty with Gann Fan line - Support levels

Nifty update with chart

Nifty for this week closed more than 5.75% in negative compared to the previous week. The weekly chart indicates, Nifty has broken the wedge with good volumes, targeting the 4350 levels. Immediate support zone is around the 4636 to 4580 level.
Nifty trading below 13 WEMA (4797) and 26 WEMA is around 4512.
RSI – as clear from the chart the, is at crucial support levels (yellow Line), break would signal stall in uptrend and could test 4350 levels.
MACD has turned negative and giving weak signal.
Nifty levels for this week
Support 4685 4617 4550 4482
Resistance 4738 4808 4878 4947

Nifty daily chart indicate that the downward trend line should act as immediate resistance levels, it’s around 4865 levels.
Moving Averages – Nifty trading below 21 DEMA-4935 and 55 DEMA 4823, indicating the uptrend losing the strength and weakness to persists for the days to come unless closes above the sloping trend line.
RSI is in oversold zone.
MACD is indicating weakness in the Nifty.

The strategy for this week,
Buy Nifty 4700 Ce at dips with stop loss 4630 on closing basis for a bounce back up to 4800 to 4860 levels.
Closing below 4580 would indicate the termination of the uptrend and more weakness would persist and could test the immediate previous low 4350.