Simple Moving Averages - is it so simple?

 20day SMA 5522.75*, a first hurdle for the bulls.

 200day SMA 5627.54*, if at all we are in bull market, nifty should take out this level and stay  above it.

 50day SMA 5786.64*, nifty moving above this can add bulls to the party and bears can start  covering shorts.

 100day SMA 5925.28*, above this level bears may go into hybernation.

 100week SMA 5040.67*,can be a good immediate support.

 50week SMA 5553.09*, can be a good resistance.

 200week SMA 4691.63*, can be a deep panic support.

 50month SMA 4662.23*, can be a second line of defence after 4691.63* for the bottom fisher.

 100month SMA 3400.38*, if there is some extra ordinary situation and market gives lower  circuit, near this level market can get some stability.

 200month SMA 2253.82*, in case of total collapse market can rush towards this level.

 * These levels are variable as the days passes.

 These levels does not suggest the entry or exit point. One has to look at the market condition very carefully.

Point & Figure chart suggests that above 5350 Nifty might give a low pole reversal.

Nifty - Now what?

* Writing after a good gap of time.


* 6281 can be one of the resistance. Nifty closing above this level can add further bullishness.


* 5587 can be a good support. (May sound funny, looking at where we are now).


* BB on eod and monthly chart are contracting. Rallies can be sold and corrections can be bought, till expansion starts.


* RSI 2 period on monthly chart is 98+. One needs to hedge long positions.


* Nifty gave a break out above rising wedge, which usually is followed by a throw back which can be a good buying opportunity.


* One can hedge long positions by buying deep out of money puts.

* Happy Navratri. Play garba and daandiya dil se !

NIFTY - Weekly outlook.

* 5345 to 5365 is an important support level for this week.

* 5475 to 5500 can act as a resistance zone.

* 5356.90 is a Monthly Floor pivot.

* For forthcoming days, 5236.30 can be interesting level to be watched if we get weekly closing below 5356.90.

* Buy and hold in panic !

* Move above 5500 can bring in short covering.

NIFTY - weekly out look.

Great Bhalooji gave one level of Nifty long back, that is 5479 as a very important one. Despite of good rally in US market, nifty did not go above 5477.50. I was having overnight short position in Nifty, and still have short position. I added more short at gap up, and covered it at lower levels. Stop loss for pending short position is 5485 spot.

* Last week, 5345 was not breached. Nifty showed good bullishness.

* If the positive break out in Nifty is not a false one, Nifty can immediately hit 5499.87.

* If it is a false break out, Nifty can go down up to 5375.97.

Nifty - weekly outlook.

* One can go short below 5345, with the target of 5275.

* Stop loss for shorts can be above 5350.