NIFTY GMMA UPDATE 10%+ returns

BUZZING NIFTY : GMMA  UPDATE

 The indicator gave returns of more then 12.5% on the index after we spotted the formation.






pls refer the earlier post where the formation was spotted in the  WEEKEND ANALYSIS
 http://buzzingnifty.blogspot.com/search/label/GMMA

NIFTY ANALYSIS BEFORE OPENING BELL-Fibonacci Extention

BUZZING NIFTY: FIBONACCI RETRACEMENT

Today Nifty got resisted at 123.6% of the last fall from 5036-4727
Nifty Closed above 50SMA,  might target 100SMA @ 5278 Level
Immediate support for this up-move is at 5036, which was the previous swing high as well as 50 SMA
Fibo Extension Targets above 5110 are 5155,5192and 5228 on the way to 100 SMA.

NIFTY ANALYSIS AFTER CLOSING BELL

Today Nifty managed to keep up the good pull back of yesterday and gained 135 points, the support line of  V shaped recovery indicated yesterday was not even tested during the day

BUZZING NIFTY: V SHAPED RECOVERY

Yesterday nifty got resisted at 68% of the fall from 4930-4756, today after a good gap opening the bulls  took control of nifty and once 4930 was cleared there was no stopping the bulls , but nifty got resisted at 127% of the fall and manged to close marginally below it.

BUZZING NIFTY: FIBO EXTENSION

The global markets indicate another good start for nifty tomorrow, support for tomorrow are 4982 and 4955 resistance at 5036 and 5101 . a close above 38 DEMA at 5086 will turn the short term trend in favor of bulls,

Being the expiry day for the Sept series and  the pain is shifting to the bears camp expect short covering, to help nifty move up.Range for expiry as per VIX is 4853 - 5089

NIFTY ANALYSIS AFTER CLOSING BELL

BUZZING NIFTY:SUPPORT OF 200WSMA

Nifty found support at 200 week SMA at 4812 and bounced sharply,desperate attempt by the bulls to keep nifty above this level,


The Second chart shows that nifty got resisted at the 68% retracement from the fall 4930-4756

BUZZING NIFTY: FIBONACCI RETRACEMENT

The third chart of nifty in 5min shows V shaped recovery, holding above the trend line is the only hope for the bulls

BUZZING NIFTY: V SHAPED RECOVERY IN 5 MIN CHART

NIFTY TRIANGLE BREAKOUT/ STAYING ABOVE 38DEMA

 

 

BUZZING NIFTY: TRIANGLE BREAKOUT/ STAYING ABOVE 38DEMA

Nifty despite closing in red today(-7 Points)and closed at 5133, managed to sustain above 38DEMA at 5127 levels,in the process tested the triangle and bounced, mainly due to the strength in the banking stocks, staying above 5127 may target the resistance Zone of 5160-5190 levels, a fall below 5087 will confirm the sale

BUZZING NIFTY: TRIANGLE UPDATE

BANK NIFTY: Banking Stocks capitalized on the triangle breakout, and showed strength through out the day, as long as Bank Nifty Trades above its 31DSMA, the rally in nifty could continue.

NIFTY TRIANGLE BREAKOUT

BUZZING NIFTY: DAY TRIANGLE BREAKOUT

Nifty broke out of the triangle in day chart, the positive breakout has resistance at previous highs of 5196 and 5220, above that the possible target of the break is roughly 400 points, immediate support at 5126 level.


BANK NIFTY

BUZZING NIFTY:   BANK NIFTY TRIANGLE

Bank nifty is trading near the resistance of the triangle, trading above today's close would confirm the breakout, immediate resistance at 9958 and 10054, above that it may target 10387+

NIFTY ANALYSIS AFTER THE CLOSING BELL

Nifty is at a make or break zone, making it the most dreaded part for the traders, a lot of action today was near the break point of the fall from 6339 to 5690, however the level was not tested today , but the chances of breaking the same could not be ruled out.

BUZZINGNIFTY: TRIANGLE FORMATION

A symetrical triangle in nifty in 30 min time frame, a break in either direction would give around 65 points move.

BUZZING NIFTY: MAKE OR BREAK POINT

In the second chart we can see, the important price zone which could decide the course of nifty in short to medium term, the action today was inside this zone, a close beyond this channel will help take a trade in the direction of the break.

BUZZING NIFTY: SELL IN MACD/ TEST OF 200 DMA

Although the bulls managed a close above 200DMA, but most of the price action today was below this all important moving average, as long as this is protected the bulls can hope of some recovery, MACD a very reliable indicator turned down and gave a sell signal , a close below 200 DMA which is currently around 5733 will favor the bears.

BUZZING NIFTY: BEARISH FLAG

The hope for the Bears is the formation of a bearish Flag in the hourly time frame, price action below 5710 would only attract more selling, the target of this formation is roughly around 175 points.


Till the range is not broken out , trade light and book smaller profits, a sell around 5778/ 5805 and buy near 5710/5690 with small stop-loss ( not more then 10-15 points)would be a good trade till the direction of nifty is not clear.