Nifty Future update - Weeky Market (Volume) Profile

Nifty Future is near strong support base max downside may be 6090-6120/6135, highly oversold in the short term bounce eminent.

Banknifty Future update - Weekly Market (Volume) Profile

Banknifty Oversold and near strong support level which exits upto 10760, pullback likely soon.

Nifty Spot EOD Post

Nifty Falling with falling volume. Day RSI nearing 50 (Support Level).  Inverted H&S Neckline tested today.  5 Days of fall a fibbo number.  Hourly & even Daily is Oversold, suggesting a pullback soon.

Nifty Update

Down move seems to be over

Nifty Future Update

Nifty Future bounced 20 points from the strong support level given in Pre-Market.

Nifty Future Update

Exit the longs initiated near 6180 here @cmp 6195

Nifty Future

Buy Nifty Future 50% here @cmp 6180

Update

Market has some sellers at this juncture, exiting longs and waiting out  for the last hour is better. There will be an attempt towards 6079 once atleast it seems.

Update

Whole host of Support for Nifty Future exist between 6164-6180.  In case 6160 Nifty Spot is broken and price trades below it continuously longs may be exited and covered in the mentioned Nifty Future range with strict stop loss of 6150 Nifty Future. Though some caution may be required and decision may be taken after viewing the structure.  Nifty Spot has given a 45 point rally from the lows in the morning.

Nifty Spot update

If Nifty Spot is able to hold about 6160,  Longs are ok from here @CMP6170. 6195-6225 will be the next resistance for Nifty Spot.

Nifty Spot Intraday Chart for Last rise and fall

Nifty has risen a five and now correcting. the iird of c-leg will complete in the morning and we will see a pullback for ivth and the last downmove for vth is the likely scenario.  Now since the iiird is already extended the vth extension chances are less. But market will show bearishness once again may be in the 2nd half for vth. Chances of reaching 6079 is remote and hence the move is to be considered as corrective only.  We can expect a 200 point plus rally from the completion point of this downtrend. Nifty Spot has huge   support up-to 6130. So, buying in the morning for 40-50 points rally (Should not exceed 6245 spot) and exiting is advised and buying again towards EOD / Next Monday seeing the structure should be alright.