Praveen Pathiyil’s Forecasts

Nifty Daily Chart : Nifty resisted at 5875 levels yesterday, and as we expected there were wild swings due to FNO expiry. Looking at the chart, I feel that nifty will start moving down in a day or two and will try to fill the gaps formed during last week; before it resumes the move upward. I feel nifty would make a move towards 5610. Nifty Intraday Chart : Nifty broke the positive trendline for the first time yesterday, however it turns back quickly to the trend channel. We need to wait and watch whether, a new negative trendline would be formed.

Nifty Daily Chart : As we expected, Nifty reversed from the resistance level of 5872. If Nifty manages to closes below 5875 then we can see further fall in Nifty over the days to come. RSI is turning its head down. Only Risky Positional Traders hold long in nifty, or keep a SL at 5740.   Nifty Intraday Chart : As we expected we see wild sings in the daily chart in the late afternoon session. On the chart we see sluggishness in the upside movement in Nifty. I think this will drag nifty further down in days to come.

Nifty Daily Chart : On the daily chart, Nifty failed to trade above the 5800 mark yesterday. RSI still provides room for little move upside, may be upto the next resistance level at 5875. We expect wild swing in the late sessio due to FNO expiry.

Nifty Intraday Chart : Nifty fails to move higher than 5804 the resistance level for the session. However the momentum towards downside is still lacking. We will get clear direction on Nifty in a day or two. Tomorrow being expiry, we expect Nifty to be volatile and provides good opportunity to go either way. Only Risky Positional Traders hold Long on Nifty, the rest can remain neutral in the market for the day.

Nifty Daily Chart : Nifty still have some room for upside movement before it turns down. RSI also supports this view. There is a stiff resistance seen at 5801. Volumes are not picking up and this leaves us with a question whether the upside movement is just another correction.

Nifty Intraday Chart : Nifty is moving well along the positive trendline right from morning session. One can hold long in nifty for the night as overnight position. On the intraday chart we can see some correction before nifty can move forward.

Nifty Intraday Chart : On the intraday chart we see little negative divergence, and this make prices to move south in the morning session before it resumes its rally.     Nifty Daily Chart : We can expect some price correction to sideways movemnt before the prices continue to rally further. Nifty might try to fill the gaps before it resumes northward movement .