NIFTY 29.04.10 (B)

MOVING AVERAGE: NIFTY FACED RESISTANCE AT 5295 WHICH IS 20 DAY SMA

NIFTY 29.04.10

NIFTY DAILY CHART:

NIFTY CLOSED AT 5278 WHICH IS 50% RETRACEMENT OF THE FALL FROM 5399 TO 5161

RESISTANCE: NIFTY HAS RESISTANCE AT 5300, 5308 AND 5320

NIFTY 28.04.10

"BLOODBATH"

NIFTY DAILY CHART:

RETRACEMENT THEORY: NIFTY TODAY CLOSED AT 5215 WHICH IS AT 23.6% OF THE FALL FROM 5400 TO 5161

THUS CRUCIAL SUPPORTS ARE AT 5185 , 5160 AND 5150

NIFTY 27.04.10 (C)

BLOODBATH : THIS COULD BE MY TITLE OF MY POST FOR TOMORROW

GLOBAL UPDATE: Standard & Poor's has cut its rating on Greece to "junk" territory (i.e BB+)

S&P has also cut credit rating of Portugal

US MARKETS : DOW*:- 112 POINTS (-1%)

EUROPEAN MARKETS* : FTSE 100 :-150.33 ( -2.61% ) DAX 30 -172.59 (-2.73% ) CAC 40: -152.79( -3.82%)

*up till 11.45 pm IST

MOVING AVERAGE SUPPORT: NIFTY TOOK SUPPORT 20 D SMA AT 5300 (BOX) AND CLOSED AT 5308

LEVELS TO WATCH : 5265 , 5235 , 5215 and 5200

NIFTY 27.04.10 (B)

NIFTY DAILY CHART:

RETRACEMENT THEORY: AS MENTIONED IN MY PREVIOUS POST , WHERE NIFTY HAD RETRACED ITS 61.8% OF THE ENTIRE FALL AT5308

IN TODAY'S TRADE NIFTY CLOSED AT 5308 WHICH BANG ON 61.8% FIBO LEVEL( ARROW)

NIFTY 27.04.10

NIFTY DAILY CHART:

RESISTANCE LINE : AS MENTIONED IN MY PREVIOUS POST NIFTY WILL FACE RESISTANCE AT 5335 -5340 , WHICH IS WHAT HAPPENED TODAY WHEN NIFTY MADE HIGH OF 5330 (BOX)

NIFTY 23.04.10 (C)

NIFTY DAILY CHART :

61.8% RETRACEMENT: NIFTY HAS COMPLETED 61.8% RETRACEMENT (BOX)OF THE ENTIRE FALL FROM 5399 (07/04/10) TO 5160(19/04/10)

NIFTY 23.04.10 (B)

NIFTY DAILY LINE CHART:

LINE CHARTS ARE NOT USED REGULARLY BY TECHNICAL ANALYST AS IT DOES NOT SHOW THE VOLATILITY OF A PARTICULAR STOCK DURING THE DAY (i.e open ,high , low)

BUT AS SHOWN ABOVE NIFTY HAS TAKEN SUPPORT AND FACED RESISTANCE AT VARIOUS POINTS ON A LINE CHART

SUPPORT LINE: ON 19/04/10 NIFTY CLOSED AT 5204 (PURPLE DIAMOND) WHERE ON PREVIOUS 2 OCCASION ALSO IT HAD TAKEN SUPPORT AT SIMILAR LEVELS

RESISTANCE LINE: NIFTY CLOSED AT 5304(BLUE ARROW) WHICH IS EXACTLY AT THE UPPER TRENDLINE