1st June: Closing above 4960 to trigger a fresh uptrend

• Nifty Futures closed at 4924 which is just 9 points lower than its previous close of 4933.
• Nifty Futures again opened with downward price gap of 33 points at 4900 and formed intraday low at 4880.
• Nifty Futures was successful to stay above the crucial support of 4870 keeping some hopes for bulls to regain upward momentum.
• Though Nifty Futures closed above 4900 the upward breakout is placed at 4960 and a fresh uptrend may be seen thereafter.
• The level of 4870 can be treated a stop loss on closing basis with a positional target of 5100 in next few trading sessions..
• Previous weekly close was seen at 4919 and current weekly close above this level will keep the weekly trend intact for upward momentum.
• Timing cycle day is showing 5th - 6th June for indicating the trend direction or trend reversal.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4930 & 4960 and support levels are placed at 4900 & 4870 respectively.

31st May: Crucial Support 4870 for Nifty Futures

• Nifty Futures closed at 4930 which is 52 points lower than its previous close of 4982.
• Nifty Futures opened with downward price gap of 31 points at 4950 and continued the downtrend to form intraday low of 4926.
• The 62% retracement of the previous rally (from 4782 to 5011) and crucial support is placed at 4870 below which bearish trend will be established on short term basis.
• A strict stop loss of 4870 is recommended for long trading positions as sharp sell off may be seen below this level.
• If Nifty Futures trades below 4870, then it is likely to test its earlier bottom of 4780 in next 3 to 4 trading sessions.
• Nifty Futures needs to surpass and maintain above 5000 mark for keeping the upward momentum intact.
• Timing cycle day is showing 5th - 6th June for indicating the trend direction or trend reversal.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4950 & 4980 and support levels are placed at 4910 & 4870 respectively.

30th May: 4900 - 4870 Strong support zone for Nifty Futures

• Nifty Futures closed at 4982 which is just 7 points higher than its previous close of 4975.
• Nifty Futures opened near 5000 and formed intraday high at 5011 but was not able to sustain above 5000.
• The immediate resistance is placed at 5020 from where intraday corrective trend may be seen.
• On downside 4900 - 4870 is a strong support zone where buying can be initiated with the stop loss of 4800.
• The positional target for Nifty Futures still remains at 5100 where multiple resistances are seen on the charts.
• Trading below 4850 will be initial sign of weakness but confirmation of downward momentum will be seen below 4800 mark.
• The bearish trend will establish only in the case of downward breach of 4850 on closing basis.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5020 & 5060 and support levels are placed at 4920 & 4870 respectively.

29th May: Nifty Futures upward breakout above 4950 is likely to test 5050 - 5100

• Nifty Futures closed at 4975 which is 56 points higher than its previous close of 4919.
• Nifty Futures opened at 4931 which was the day’s low and rallied more than 60 points in intraday to form a high at 4995.
• After a positive weekly close, Nifty Futures breached the level of 4950 on closing basis and now likely to test the next resistance of 5050 - 5100.
• The falling trend line resistance and 62% retracement level (from 5280 - 4790) are coinciding at 5100, Hence this is crucial level to watch.
• The intraday chart is showing price consolidation near 4850, hence this level can be considered as trend reversal level for current bounce back.
• The short term RSI on daily chart is in positive territory and also indicating Nifty Futures to continue the current rally towards 5050 - 5100.
• The bearish trend will establish only in the case of downward breach of 4850 on closing basis.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5030 & 5080 and support levels are placed at 4950 & 4900 respectively.

Sector in Focus: BSE Bankex

Sector Trend Reader - Weekly Report

28th May: Nifty Futures weekly close positive but 4950 is key level to watch

• Nifty Futures closed at 4919 which is just 6 points higher than its previous close of 4913.
• Nifty Futures is forming higher top higher bottom formation for last 3 trading sessions and showing a consolidation phase.
• The current weekly close is seen at4919 which is 30 points higher than its previous weekly close of 4889 and also a double bottom structure is seen at 4780 on weekly chart.
• Though the current week is positive after 4th consecutive negative weekly close, Nifty Futures needs to surpass and sustain above the resistance level of 4950.
• The short term RSI on daily chart is changes in buy mode but the confirmation will be seen once Nifty Futures closes above 4950.
• The crucial support is placed at 4800 levels below which again bearish trend will be seen.
• The Timing cycle is showing a higher probability of trend reversal in 4th week of May which will be confirmed after 2nd consecutive positive weekly close.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4950 & 5000 and support levels are placed at 4880 & 4830 respectively.

25th May: Charts indicating upbeat mood of Nifty Futures

• Nifty Futures closed at 4913 which is 98 points higher than its previous close of 4815
• Nifty Futures opened at 4820 and formed intraday low at 4812 but the rally pushed Nifty Futures above 4900 towards closing.
• Nifty Futures is expected to test the initial resistance level of 4970 from where a mild reaction may be seen towards 4900.
• Previous weekly close is 4889 and current weekly close above 4900 will indicate higher probability of trend reversal.
• The Short term RSI on daily chart has cut the trigger line and increase in daily volumes are suggesting that the bounce back is in offing .
• Nifty Futures needs to maintain the crucial support level of 4770 for changing the trend in upward direction.
• The next Timing cycle on weekly chart is suggesting a probable trend reversal in 4th week of the May.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4930 & 4980 and support levels are placed at 4880 & 4830 respectively.

24th May: Downside risk prevails till Nifty Futures trades below 4900

• Nifty Futures closed at 4815 which is 26 points lower than its previous close of 4841
• After breaching 4820 Nifty Futures moved near earlier bottom and formed intraday low at 4782.
• The daily and weekly charts are showing weakening trend and next important support is placed at 4750.
• If Nifty Futures is unable to maintain 4750 it may trigger a sharp sell off losing more 100 points.
• The short term trend reversal is revived downwards to 4960.
• The level of 4900 is likely to provide strong resistance if any intraday bounce back is seen.
• The next Timing cycle on weekly chart is suggesting a probable trend reversal in 4th week of the May.
• The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
• The intraday resistance levels for Nifty Futures are placed at 4850 & 4900 and support levels are placed at 4790 & 4750 respectively.

वंदन तुज अनिरुद्धा......