Nifty is Bullish

•The Nifty has come out the range of 5700 to 6100
•A number of other patterns and studies in various timeframes are showing a bullish upmove for the nifty
•Western, European and Asian Indices all continue to be in uptrends so the global scenario is conducive for an upmove
•FIIs have been buying for the last few days so that is a positive sign
It is highly probable that the early months of 2011 should prove extremely strong for the market. Have a great yaer ahead!

Nifty 6080 key level for short term trend

6080-6100 is a key zone for short term traders in Nifty. A move above this should see significant short covering and also fresh longs being initiated. Watch this zone to see if the current uptrend in the Nifty is to sustain.

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Nifty Update

• Nifty has come out of the narrow range from 5880 to 5960..so the short term direction is UP
• We seem to be coming out of the larger range of 5700 to 6100…
• If you analyse the market from a Dow theory point of view we are still in a bull market…we have made a pattern of higher tops and higher bottoms. The last significant bottom was 5350 and now in this November crash a new higher bottom of 5700 has been made.
• Western, European and Asian Indices all continue to be in uptrends so the global scenario is conducive for an upmove
• If you put all these things together it is likely that the correction we saw in November was a pullback and the uptrend should resume.
• There is a strong probability that we cross lifetime highs of 6350 and once we cross that a 10% upmove from there is likely

Nifty sideways and rangebound

Overall the Nifty could be rangebound between 5700 to 6200…this is a sideways kind of market. It'svery difficult to say which way the market will move till we come out of this range. 5727 was the low we reached on 26 november so if that is taken out further bearish for the short term.

FIIs are selling which of course needs to be watched very closely.

5400-5500 should prove to be a strong support which is also the region of the 200 day MA

Keep an eye on Copper

Gold and Silver are in well established uptrends. For those who missed the trend keep an eye on Copper. As shown in the chart above Copper has overcome a key resistance which has contained prices many times in the past 5-6 years. If this breakout were to hold Copper could be the next trending commodity.