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NIFTY -- Technical analysis --100% accuracy

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December 21, 2015

18th December (Friday) — update for NIFTY. (This newsletter was written on 18th Dec morning by 7am IST & sent out to clients)

NIFTY spot closed at 7844.53, on Thursday 17th December. What a rally from Monday 14th December. Bulls came back with a big force. From 7550 to 7850 in just 4 business days. That was 300 points rally. Bears were forced to cover the shorts. Technically, this rally was possible, as by end of last week – Indian markets were in oversold category. And the FED news played its role for the big move


Ok let’s see what charts are saying


MEDIUM TERM trend – DOWN (yes even after the great rally of this week)



For Friday 18th December, one of the two scenarios can play out as given below

BULLISH SCENARIO: If the high of Thursday 17th December 7853 is taken out “convincingly” (it should not be like clearing & falling back immediately) then 1st target 7894, 2nd target around 7935 & 3rd target around 7950. Expect “solid resistance” at /between7935 & 7950. Stop loss 7810.


BEARISH SCENARIO: If the high of Thursday is not cleared, expect pullback. 1st support around 7810 (strong support); 2nd target 7796, 3rd target 7767 & 4th target 7734 (strong support). Stop loss 7867


CONCLUSION : This week so far has brought in huge rally, so I doubt if there will be further rally in NIFTY on Friday. However, it’s up to smart money. If they want to squeeze bears further, then Bullish scenario can play out. If I have to take a stand how Friday may play out then, I would go with Bearish scenario with a clear watch for FAKE breakout and pullback of Nifty  


Thanks & God Bless !


22nd December updateHow did the analysis perform ? — 100% Accuracy –  As per script given in Bearish scenario. First 3 targets were hit on Friday. We took short position in Nifty on Friday by taking 7850 put. The premium went up from 80 to 110 rupees.  That is almost 35% return in a single day with minimal risk. We will post the screen shot of position we took shortly as a proof. Total profits were booked & we were out of the position by day end on Friday. Nifty gapped down on Friday  & we played puts from 7830 to day low . Almost 80 points down.





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