Nifty resisted at 5740

Upmove is intact. But Nifty got resisted and made a high of 5735 and closed at 5703. It could not cross 5740 range. Any upmove from here will confirm the bullissness.
Nifty SAR is now at 5618. On the lower side breaking 5630-40 range will be decider.

Nifty May try to break range

On upside closing above 5670-5700 is crucial. While on downside 5630-5600 is crucial. SAR is also at 5600. On upside hurdle is at 5740.

Nifty in a range

Nifty has not been able to cross 5700 on EOD basis. But still holds 5630-50 range. Weakness below this range. Nifty SAR is at 5570 and BankNifty SAR at 10942.

Nifty at 52 Week High

Nifty closed at 52 Week High at 5691. It climbed past 61.8% retracement (5654) convincingly. Next immediate target to cross will be July'11 High of 5740 and then 5950 area i.e Apr'11 high & 78.6% level.

 

Nifty bounces from the trendline today

A closing above 5630-5650 will give the thrust to achieve new highs.

Fibo Targets (Calculations)/Elliot wave

Current upmove has started from 4th June's Low of  4770.
Wave 1.   4770 to 5348 = 578 points
Wave 2.   5348 to 5032 =  -316 points (Retraces just above 50% of 1)
Wave 3.   5032 to 5448 = 416 points 
Wave 4.   5448 to 5215 =  -233 points (Retraces just above 50% of  3)
Wave 5.   Wave 1 to 3 = 678 points
Wave 3 cannot be shortest. If wave 5 is minimum of Wave 3, then target will be,
        5215 + 416 = 5631 achieved today.
ELSE, if nifty goes above this  level, the moves has to be relebelled. Then Wave 3 continues.
Then current position will be wave iii of 3 (an extended one, most likely). Then likely targets for iii of 3 will be
Wave i X 1.618 i.e 416 X 1.618 = 673 points from 5215 i.e. 5888 and more.      

NIFTY SAR AT 5348

NIFTY SAR is at 5348. Bank NIFTY SAR is at 10100. Last time Bank was around 10500-600, with Nifty at this level. This shows the weakness in banks.

NIFTY SAR at 5329

Nifty SAR for today is 5329. Bank Nifty is still hesitant.

BankNifty below its SAR

Bank Nifty has opened below its SAR (10070). Bank is not showing any strength.

NIFTY SAR at 5305

NIFTY has crossed 10,20,50d EMA convincingly. NIFTY SAR now stands at 5305, so hold it till it remains above the SAR. Bank Nifty closed just below its 20D EMA.

Bank Nifty Chart

Bank Nifty has bounced from the trendline in todays opening trade and has given a gap-up opening. A clear buy signal.

Nifty above SAR in buy mode

Nifty has opened gap up above the SAR and is in buy mode.

Nifty approaching 5200

Nifty could not sustain 5250 yesterday. Watch out for Downside support at 5190-5200, and upside resistance at 5260-5300.

Nifty Breaks 50D SMA

Nifty's attempt to recover did not sustain yesterday. It finally broke 50D SMA and closed below it. Now 5200 is the level to watch. India's rating downgrade news may be a trigger now.
Fibo Targets:
From     To                50%          61.8%
5032     5448            5240          5191

Nifty is currently at 50% retracement.

Nifty Closes at 50D SMA

Nifty closed just at 50D SMA. Major supports are at 5250 and then 5200. Both 200D EMA & SMA falls in this range. Below 5200, 4800 is visible. On upside resistance starts at 5300, and then 5350.
Two drops of news to watch: 1) Panel wants GAAR to be extended by 3 yrs. 2) Diminishing hopes for ratecut, diminishing growth rate leading to rating downgrade.