• Gainers 16, Losers 28 Unchanged 59

The NSE ASI closed down by 92.89 points and only slightly lower as WTD stands at 0.10%.

Looking at intraday charts shows the bears were largely in control for the first half of the morning before the bulls fought back brought major indices back to 20,959 points barraged by another set of Selling taking the market below Tuesdays open.

I would expect a full scale buying power to occur along 16th January support levels of 20,824 points as the Index may not be ready to give up without a fight, because a breakout below this level on heavy volume will hit 20,600 levels.

I look forward to a positive next week Monday.

Have a Nice weekend

TA SIGNALS FOR JANUARY 20 2012

Advertisement

Due to NLC, TUC strike today, the NSE ASI experienced skeletal trading today recording an all time Low trading in terms of volume and value.

Only 28 securities were traded with 11 Gainers, 3 Losers and 14 Unchanged.

Today’s rally is mainly technical in nature as the 20,775 level, which was the seemingly unbreakable resistance level of the neutral channel of December 24th and 29th was broken though on Low volume as traders accumulate within these levels after some intraday losses closing the NSE ASI at 20,802.33.

Dropping volume, declining short term bullish momentum, None of these sound right for a “bullish breakout”. We should see a retest of the 20,775 levels soon…

Unless  it holds this levels on good volume tomorrow.

We need to see more participants to show true reflection of the Market.

For now the NSE ASI is trending above 5,50 & 100 Days moving Average (Bullish in Short, Medium & Mid-Long term).

TA SIGNALS FOR JANUARY 09 2012

Looking at NSE ASI charts for 9th January 2012

• Broke resistant levels after 2 attempts of 24th & 29th December 2011 of 20,775 points
• Next levels will be October Highs of 20,935 points

NSE 30 closed 934.50 points

• The only healthy sector trending above 3 Moving Averages- Short,Medium & Long-term.
• Broke out of resistant levels of 931.87 points after 3 attempts in October, December and 1st week of January.

NSE BANKING closed at 269.64 points

• Trending below all Moving averages (Bearish in all time frames)
• Broke 29th December support levels of 271.82 points
• Next entry levels to watch is 266-269 points level within its Symmetrical Triangle.

Advertisement

• Gainers 9, Losers 30, Unchanged 63

I must admit I didn’t see this coming. I wasn’t expecting the day before the weekend to be explosive!

Today’s market reaction rally seemed to have begun and ended sadly loosing 96.94 points and ended where I hate most,below October lines Making a New Low breaking  a 7 year support level in a continuation of their primary bear trend.

In fact, all of the gains by the NSE ASI since 29th Dec 2003 have been wiped out. Yes, the 2003 level. Its like 7 years rally never happened.

That being said, the market is indeed in a deep oversold condition right now and totally due for a slight pullup. Since there are no clear support levels in sight, we will have to monitor and make assessments as it goes.

One look at the charts reveals this final capitulation has not affected the NSE 30 and NSE  Oil & Gas October Lows support levels which are still intact for now and need to see if they will act as the rebound catalyst in jump starting a New rally.

TA SIGNALS FOR 8TH DECEMBER 2011

NSE 30 support levels still intact for now

NSE OIL & Gas support levels still intact