Nifty Views

NIFTY (4958)

Last week I had mentioned, to show slight bullishness, Nifty needs to clear its first hurdle of a close above 4961 and then its second hurdle, which would be a close above 4956 on next friday which is its 50-WMA. Those figures during course of the last week has changed to 4943 and 4987 respectively. Hence it has cleared the first hurdle and came very close to clearing the second one as well.

Pivot Point trading levels for 21st APR is as under.
S2 S1 PIVOT R1 R2
4845 4900 4945 5005 5045

Pivot Point trading levels for the Week 21st-25th APR is as under.
S2 S1 PIVOT R1 R2
4605 4780 4885 5065 5169

Pivot Point trading levels for the Month of APR is as under.
S1 PIVOT R1 R2
4450 4755 5039 5335

200-DMA 5133
50-DMA 4943

This on going Major correction can be termed as 100% over, only when Nifty closes above 5377.

5133 is a strong hurdle and hence any kind of consistant bullishness can only be seen, if we close above 5133. I shall be cent percent bullish on a close above 5133.

Low & Medium risk traders can enter once Nifty closes above 5133 while
High risk traders can enter now keeping a stoploss of 4884 weekly pivot.

Whether there will be sharp downward jerks or not, is hard to say, specially after the CRR rate hike by RBI. But looking at the overall market from domestic and global point of view, I feel that the bottom hit on 18th March will hold.

Last year the yearly low was made on 16th MAR (sensex). This year also, low is made on 18th MAR (sensex) and it looks like it will hold. In case of any adverse opening bell movement, one should use it as an opportunity for going long. This is for high risk traders. It has also made a double bottom (22nd Jan & 18th Mar). An inverted H&S formation has been formed with a break above the neckline which is considered bullish. Hence all these indicators are pointing that, yearly low has been formed.