THE WEEK ENDING 22TH NOV MOVED EXACTLY AS WAS MENTIONED IN THE WEEKLY ANALYSIS FOR THE WEEK BELOW. THE WEEK SAW NIFTY FUTURE MAKING A FRESH LOW OF 5984 AROUND 3 PM ON FRIDAYS AFTER BREACHING THE EARLIER 13TH NOVEMBER SWING LOW OF 6009 BUT THE LAST HALF AN HOUR OF FRIDAY SAW NIFTY FUTURES RISING SHARPLY FROM THE LOW OF 5984 TO 6033 TO FINALLY CLOSE AROUND 6033 THUS BRINGING SOME CHEERS FOR THE HARASSED BULLS TO AT LEAST HAVE THE WEEKEND IN PEACE. THE FACT THAT IN SPITE OF THE SAVAGE FALLS, SPOT NIFTY INDEX DID NOT DECISIVELY BREACH THE 13 NOV SWING LOW OF 5973 AND JUST BOUNCED FROM 5972.95, WAS A SUPERB JOB DONE BY THE INDEX MANAGEMENT DACOITS TO FOX THE FUTURE TRADERS BUT KEEP THE MAIN SPOT INDEX AS A HOPE GENERATOR FOR THE BULLS, WHO ONLY TO BE FOOLED AGAIN BY THESE FOREIGN DACOITS. THE LAST HALF HOUR SHORT COVERING RISE HAS PUT THE BEARS IN A FIX WHETHER TO RESUME SHORTING AGAIN FROM THE VERY START OF NEXT WEEK STARTING 25TH NOV OR WAIT FOR ANOTHER DECEPTIVE RISE TOWARDS THE RESISTANCE LEVELS OF 6050 TO 6060 SPOT LEVELS TO UN-LEASE THEIR ENTIRE SHORTING POWER BY HAVING STOP LOSS ABOVE THURSDAY 21ST NOV OPENING GAP HIGH OF 6096 TO 6107 SPOT ZONE.
IN THE DAILY CHART OF SPOT NIFTY BOTH THE 50 DAY EMA & THE SMA LOOK LIKE HAVING GOT MARRIED AROUND THE LEVEL OF 6040 TO 6050 SO ALSO ARE BOTH THE 200 DAY EMA & THE SMA AROUND THE 5858 SPOT LEVELS. SPOT NIFTY NEEDS TO MOVE UP AND DECISIVELY CLOSE ABOVE THE MARRIED COUPLE OF 50 DAY EMA & SMA ABOVE 6050 SO THAT THE +VE DIVERGENCE INDICATED BY SOME OF THE DAILY INDICATORS LIKE RSI, CCI, MACD HISTOGRAM & STOCH CAN ENJOY THE MARRIAGE PARTY TO ENERGIZE THE BULLS TOWARDS SOME MORE RISE. THE RESISTANCE LINE COMING FROM DIWALI’S DECEPTIVE HIGH OF 6343 JOINING THE 19TH NOV HIGH OF 6213 SLIDES DOWN TO MEET SPOT NIFTY AROUND 6161 LEVELS & THIS RESISTANCE LINE CERTAINLY WILL BE THE MAJOR HURDLE FOR ANY FURTHER UP MOVE.
A DECISIVE BREACH OF THIS RESISTANCE LINE WILL CERTAINLY GENERATE MASSIVE SHORT COVERING & EVEN HARD CORE SWING SHORTERS MAY RETHINK WHETHER TO QUIT THE SHORTS ON A BREACH OF THIS RESISTANCE LINE ON A CLOSING BASIS OR STILL HOLD THEIR SWING SHORTS TILL SPOT NIFTY BREACHES THE 19TH NOV HIGH OF 6212 TO CLOSE ABOVE IT. SHOULD THIS HAPPEN THEN BEARS MAY NOT BE VISIBLE AT ALL & EVEN THE DECEPTIVE DIWALI HIGH OF 6343 SPOT WILL BE ENTIRELY SKIPPED TO SEE SPOT NIFTY MAKING A NEW LIFE TIME HIGH BEFORE THIS YEAR END ABOVE THE 6 YEAR OLD 8TH JANUARY 2008 HIGH OF 6357 SPOT. A FAILURE ON THE PART OF THE BULLS TO LIFT SPOT NIFTY ABOVE THE RESISTANCE LINE OR MORE IMPORTANTLY ABOVE 6161 WILL CONFIRM THE CONTINUATION OF THE DOWN SIDE A,B,C CORRECTION THAT HAS STARTED FROM DIWALI HIGH OF 6343 SPOT TOWARDS 5878 TO 5858 SPOT LEVELS TO AT LEAST SAY A HELLO TO THE MARRIED COUPLE OF 200 DAY EMA & SMA HIDING THERE FOR A VERY LONG TIME.
IN THE WEEKLY CHART OF SPOT NIFTY, THE WEEKLY CANDLE HAS MADE AN OUT SIDE CANDLE FORMATION WITH THE WEEKLY CANDLE OF WEEKENDING 11TH NOV. A BREACH OF THE LOWS AROUND 5973 WILL CONFIRM THAT THE BEARISH ENGULFING CANDLE FOR THE WEEK ENDING 8TH NOV HAS MORE VENOM TO BE INJECTED INTO THE BULLS. THE ONLY SAVING FACTOR IN THE OVERBOUGHT LOOKING WEEKLY CHARTS IS THAT SPOT NIFTY HAS NOT YET BREACHED THE 20 WEEK EMA AROUND THE CRITICAL LEVEL OF 5959, BELOW WHICH COMES THE CRITICAL ZONE OF 5878 TO 5890 WHERE POLYGAMY IS BEING PERFORMED BY 34 WEEK EMA,34 WEEK SMA,20 WEEK SMA AND THE 50 WEEK SMA.. SO, EVEN THOUGH MOST OF THE WEEKLY INDICATORS LOOK OVERBOUGHT YET WILL FIND SUPPORT AROUND THESE AUSPICIOUS MARRIAGE PANDALS LOCATED AROUND 5959 & 5878 SPOT.
SUPPORTS & RESISTANCES FOR SPOT NIFTY DURING THE COMING WEEK ARE AS PER THE LEVELS INDICATED IN THE 2 HOURLY CHART OF SPOT NIFTY ABOVE. BREACH OF EACH OF THE UP SIDE OR THE DOWN SIDE STEP WILL TAKE NIFTY SPOT TO THE NEXT STEP MENTIONED. THE MOMENTUM INDICATOR STOCHASTIC AS CAN BE SEEN IN THE TWO HOURLY CHART ABOVE HAS NOT YET MOVED UP ABOVE THE 20 MARK ALTHOUGH IT DECEPTIVELY LOOKS OVERSOLD. HOWEVER SHOULD SPOT NIFTY MOVE UP TO BREACH THE INITIAL RESISTANCE AREA OF 6050 TO 6060 THEN ONE CAN NOTICE COMMENCEMENT OF THE INITIAL BOUT OF SHORT COVERING TO START A CHAIN REACTION IN FAVOR OF THE BULLS TO AROUSE FRESH BUYING INTEREST OR ELSE IT WILL BE THE CONTINUATION OF THE BEARS HONEYMOON PERIOD OF SHORT ON RISE TO SEE MUCH LOWER LEVELS.
IN THE DAILY CHART OF SPOT NIFTY BOTH THE 50 DAY EMA & THE SMA LOOK LIKE HAVING GOT MARRIED AROUND THE LEVEL OF 6040 TO 6050 SO ALSO ARE BOTH THE 200 DAY EMA & THE SMA AROUND THE 5858 SPOT LEVELS. SPOT NIFTY NEEDS TO MOVE UP AND DECISIVELY CLOSE ABOVE THE MARRIED COUPLE OF 50 DAY EMA & SMA ABOVE 6050 SO THAT THE +VE DIVERGENCE INDICATED BY SOME OF THE DAILY INDICATORS LIKE RSI, CCI, MACD HISTOGRAM & STOCH CAN ENJOY THE MARRIAGE PARTY TO ENERGIZE THE BULLS TOWARDS SOME MORE RISE. THE RESISTANCE LINE COMING FROM DIWALI’S DECEPTIVE HIGH OF 6343 JOINING THE 19TH NOV HIGH OF 6213 SLIDES DOWN TO MEET SPOT NIFTY AROUND 6161 LEVELS & THIS RESISTANCE LINE CERTAINLY WILL BE THE MAJOR HURDLE FOR ANY FURTHER UP MOVE.
A DECISIVE BREACH OF THIS RESISTANCE LINE WILL CERTAINLY GENERATE MASSIVE SHORT COVERING & EVEN HARD CORE SWING SHORTERS MAY RETHINK WHETHER TO QUIT THE SHORTS ON A BREACH OF THIS RESISTANCE LINE ON A CLOSING BASIS OR STILL HOLD THEIR SWING SHORTS TILL SPOT NIFTY BREACHES THE 19TH NOV HIGH OF 6212 TO CLOSE ABOVE IT. SHOULD THIS HAPPEN THEN BEARS MAY NOT BE VISIBLE AT ALL & EVEN THE DECEPTIVE DIWALI HIGH OF 6343 SPOT WILL BE ENTIRELY SKIPPED TO SEE SPOT NIFTY MAKING A NEW LIFE TIME HIGH BEFORE THIS YEAR END ABOVE THE 6 YEAR OLD 8TH JANUARY 2008 HIGH OF 6357 SPOT. A FAILURE ON THE PART OF THE BULLS TO LIFT SPOT NIFTY ABOVE THE RESISTANCE LINE OR MORE IMPORTANTLY ABOVE 6161 WILL CONFIRM THE CONTINUATION OF THE DOWN SIDE A,B,C CORRECTION THAT HAS STARTED FROM DIWALI HIGH OF 6343 SPOT TOWARDS 5878 TO 5858 SPOT LEVELS TO AT LEAST SAY A HELLO TO THE MARRIED COUPLE OF 200 DAY EMA & SMA HIDING THERE FOR A VERY LONG TIME.
IN THE WEEKLY CHART OF SPOT NIFTY, THE WEEKLY CANDLE HAS MADE AN OUT SIDE CANDLE FORMATION WITH THE WEEKLY CANDLE OF WEEKENDING 11TH NOV. A BREACH OF THE LOWS AROUND 5973 WILL CONFIRM THAT THE BEARISH ENGULFING CANDLE FOR THE WEEK ENDING 8TH NOV HAS MORE VENOM TO BE INJECTED INTO THE BULLS. THE ONLY SAVING FACTOR IN THE OVERBOUGHT LOOKING WEEKLY CHARTS IS THAT SPOT NIFTY HAS NOT YET BREACHED THE 20 WEEK EMA AROUND THE CRITICAL LEVEL OF 5959, BELOW WHICH COMES THE CRITICAL ZONE OF 5878 TO 5890 WHERE POLYGAMY IS BEING PERFORMED BY 34 WEEK EMA,34 WEEK SMA,20 WEEK SMA AND THE 50 WEEK SMA.. SO, EVEN THOUGH MOST OF THE WEEKLY INDICATORS LOOK OVERBOUGHT YET WILL FIND SUPPORT AROUND THESE AUSPICIOUS MARRIAGE PANDALS LOCATED AROUND 5959 & 5878 SPOT.
SUPPORTS & RESISTANCES FOR SPOT NIFTY DURING THE COMING WEEK ARE AS PER THE LEVELS INDICATED IN THE 2 HOURLY CHART OF SPOT NIFTY ABOVE. BREACH OF EACH OF THE UP SIDE OR THE DOWN SIDE STEP WILL TAKE NIFTY SPOT TO THE NEXT STEP MENTIONED. THE MOMENTUM INDICATOR STOCHASTIC AS CAN BE SEEN IN THE TWO HOURLY CHART ABOVE HAS NOT YET MOVED UP ABOVE THE 20 MARK ALTHOUGH IT DECEPTIVELY LOOKS OVERSOLD. HOWEVER SHOULD SPOT NIFTY MOVE UP TO BREACH THE INITIAL RESISTANCE AREA OF 6050 TO 6060 THEN ONE CAN NOTICE COMMENCEMENT OF THE INITIAL BOUT OF SHORT COVERING TO START A CHAIN REACTION IN FAVOR OF THE BULLS TO AROUSE FRESH BUYING INTEREST OR ELSE IT WILL BE THE CONTINUATION OF THE BEARS HONEYMOON PERIOD OF SHORT ON RISE TO SEE MUCH LOWER LEVELS.
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