SENSEX UPDATE

QUICK UPDATE :  SENSEX HAD MADE A HIGH OF 18309 ON 9tH AUGUST  WHICH IS 8 POINTS SHY OF MY LEVELS MENTIONED ON 8th AUGUST 2010 POST


REFRESH : THEORY POST

NIFTY 11.08.10

NIFTY DAILY CHART :

RETRACEMENT: NIFTY  HAS RETRACED 50% OF THE RALLY FROM 5349 TO 5492  AND CLOSED AT 5420


DMA : NIFTY HAS CLOSED AT 5420 WHICH IS EXACTLY AT 20 DAY SMA

SUPPORT  : NIFTY HAS SUPPORT AT  5405 , 5370
          

SENSEX 08.08.10

WEEKEND EDITION

SENSEX QUARTERLY CHART  :

THEORY : 

1)  JAN QTR HIGH 17530

2)  MARCH QTR HIGH 17793 ( HIGH OF JAN QTR + 1.5% = 17793)


3) JUNE QTR HIGH 18047 (HIGH OF MARCH QTR +1.5% = 18059)


4) SEPTEMBER QTR HIGH  18317 ? ( HIGH OF JUNE QTR + 1.5%= 18317)



IF  WE FOLLOW THE ABOVE THEORY  THEN SENSEX HAS STRONG RESISTANCE AT  18317 IN THIS QUARTER

NIFTY 08.08.10

NIFTY DAILY CHART :

"TOLD YOU SO" : NIFTY MADE A HIGH OF 5481 ON  4th  AUGUST  WHICH WAS THE EXACT LEVEL I HAD MENTIONED IN MY POST ON 26rd JULY WHERE NIFTY WOULD FACE RESISTANCE

FLASH BACK LINK  : RESISTANCE AT 5481

ON 5th AUGUST NIFTY MADE A HIGH OF 5487  WHICH IS NEAR TO THE LEVELS MENTIONED ABOVE AND CLOSE TO NEXT RESISTANCE OF 5500 &5520

NIFTY 03.08.10

NIFTY DAILY CHART: 

TRENDLINE: NIFTY HAD TAKEN SUPPORT  AT AROUND 5350 ON 30th JULY AND ON 2nd AUGUST WHICH IS ON THE TRENDLINE , WHERE ON PREVIOUS OCCASION WE HAVE SEEN NIFTY FINDING SUPPORT AT VARIOUS POINTS

NIFTY 25.07.10(D)

NIFTY DAILY CHART :

RETRACEMENT THEORY:NIFTY WILL FACE RESISTANCE AT 5481 WHICH THE 76.8 % RETRACEMENT FROM ALL TIME HIGH OF 6357 ( 8/01/08) TO ALL TIME LOW 2252( 27/10/08)

NIFTY 25.07.10 (C)

NIFTY DAILY CHART:

CLIMAX ZONE: AS CAN BEEN SEEN FROM THE ABOVE CHART WE ARE SEEING CONVERGENCE OF 2 TREND LINES ( BLUE AND ORANGE TREND LINE) AT AROUND 5500 

THUS 5500 WOULD BE IMPORTANT LEVEL TO WATCH WHERE WE HAVE MULTIPLE RESISTANCE WHICH WOULD BE DIFFICULT TO BREAK