some chart observations...

nifty spot chart.

nifty futures chart.

nifty chart shows although price is downtrending and bearish on macd, it shows positive rsi divergence and falling on low volumes now but getting resisted by the falling trendline(a falling wedge-type pattern).

so a bounce is due and any short term upmove, if comes, may get resisted by the previous support trendline and converging moving averages which are currently near 2875. immediate downside may be limited near 2600. nifty support is 2525.

trading lvls for today...

nifty slipped in late trade yday below the very imp support lvl of 2700 giving a scare to traders but on closing basis stayed above 2700, as such also due to bullish closing of US mkt could give cheer atleast during first half trading session today.

trading lvls
nifty(spot): 2631/2654/2690/2748/2785/2807.
nifty(fut): 2622/2640/2668/2714/2744/2762.

nifty futures chart...

वही चॅनल और ट्रेंड लाइन का मज़ा !
:)

pullback continues..

from 2700 nifty is witnessing a pullback which may go upto 2872/2925/2980 if supported by global mkts. so far volumes have been lower on the downmove, the pullback is also is on low volumes/short covering.

there are indications of 5th downwave running due to brk of eod trendline earlier, but this confirms only below 2500. in such case the second sub-wave of 5th downwave should not exceed 3042 and get resisted by the previous eod support trendlines. if its just a pullback, then it would offer great shorting opportunity on positional basis.

mkt has to be observed closely in coming days, any weakness will be an invitation to sell, 2700 holds the support currently.