Short Term Trend analysis of nifty future

NIFTY nicely jumped from expected range of 5150 as I have written in my previous post on March 26, 2012. Presence of 2 harmonic structures at the same time was the strong technical reason of this bounce back. I have already discussed about 0-5 pattern on nifty daily chart and as per that pattern 5150-5080 was potential reversal zones. Later we found a bullish butterfly harmonic structure on harouly chart of nifty which also completes between 5130-5080. In respect of these harmonic structures nifty has jumped nicely as per our expectations. Now 5410 will remain important to watch, nifty closed at 5353 at the same time stochastic indicator was in overbought territory that is suggesting higher fluctuation during the next trading session. Now we will avoid fresh longs and will wait for our target of 5400 to reach. Till nifty trading below 5410 our outlook will remain neutral. Due to overbought reading on stochastic indicator on hourly chart very short term reversal from 5410 zones is likely. Consolidation above 5410 would offer 5470-5520-5620 as target area for nifty bulls.

Recommendation: our outlook will remain neutral and waiting for our expected target of 5400

Comments

LIC Housing Finance; time for bulls?

LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...

Nifty Struggles Near 24,500: Key Resistance and Support Levels to Watch

Nifty Update (CMP: 24,439) After a strong opening rally, Nifty hit a high of 24,589 but then faced sharp selling pressure, dropping to a low of 24,305. It is currently hovering near the 24,400 zone, which has acted as a recent consolidation area. Technical Outlook: As long as Nifty holds above 24,300, there remains potential for an upward move toward the 24,700–24,800 levels. However, the 24,850 zone is expected to act as a strong resistance, with possible selling pressure near that area. Immediate support lies at 24,305, followed by 24,190. A break below 24,190 may negate the bullish momentum created by today’s early rally. Options Data Analysis: Call Side: 24,500 CE has the highest open interest (OI) at 80.52 lakh contracts with 9.58 crore volume and 54.5 lakh OI addition, indicating strong resistance. 25,600 CE also saw significant activity with 8.13 crore volume and 46.93 lakh OI addition. Put Side: 24,500 PE recorded 8.84 crore volume and 29.55 lakh OI additi...

Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

LET THE MARKET TELL WHO WE ARE

Search This Blog