nifty ahead...in for a bounce?

nifty eod(daily) chart.

nifty approaching near rsi and price support/reaction lines as shown on chart.

if these are held then a bounce can be expected say from 4786 or 4764/4790 upward(support lines on price chart), after which it has to overcome the short term falling tline(not shown) to move up.

the rsi support line is quite significant as it marks the major bottoms on nifty price chart formed in march and july 2009.

some welcome nse website new features...

live market map(on the lines of moneycontrol market map):

basic tame lite charting tool(intraday/eod):

another useful feature is the stock quotes page which remembers the last 4-5 tickers that were entered before.

then there are these market tracker, fxtracker and interest rate futures and derivatives option chains and many pages with tonnes of useful exchange daily mkt data and info for further processing and daily analysis.

mkt ahead...

nifty closed at 4997.05 slightly below 5000 lvl but above the support tline. staying above closing 5054 will be better as the trendline from march low gets broken below that. however as pointed out earlier 4900 is a strong support for maintaining the short to medium term uptrend and should not be broken else further bearishness will come upto 4740/4790. my ew tgt 5142 already done. other technical tgts are 5250/5300/5388/5545 which nifty will try to achieve if the major supports on nifty chart are held in the medium to intermediate term. however in the near term nifty looks rangebound in 4900-5100 and a small bounce from 4945 lvl is quite possible.