Supports: Very short term trend seems uptrending. Supports for going long would be @ 4815-4790/85 zone. Below that 4740-4720 is important positional support zone.
Resistances: 4855-4875 as discussed. Above that 4915/20-4960 are very much possible.
We have been following the support zone of 4738-4689 for the last couple of weeks and the support seems to have held nicely so far. Not just that, S&P 500 seems to have taken a breather from the recent sell-off.
The big question for me is that whether this is a golden buying opportunity or a bounce from here should be used to fill your pockets with some short positions?
Technically, my central scenario is that Nifty could see a bounce up to around 5200 region (chart attached) and then we have to wait and watch to see if it takes resistance there or not. Looking at the Sensex chart and the way it has behaved at major levels (not shown), I am inclined to believe that any rally from here is a chance to sell. As a part of this scenario, there is some possibility that we could see a sharp sell off taking out last week's low (but hopefully not closing below 4738 for 2 days in a row) and then make a fresh intermediate high again.
In global indices, it is a similar kind of story - although S&P 500 has not made a break through the really crucial levels - charts from the much faster Dax (German Index) suggest that we are in for some prolonged bearish action. However, I have to add that all this analysis is from daily charts - in the weekly charts, the bullish formations are not quite over yet.
Nifty :: As per our last post, oversold region corrective bounce from low.. Nifty made Belt Hold line bullish candle, but again with low volume. Still Close below gap area resistance level and exactly touch our strong resistance 4844 and came down.. Now after bullish candle on 15th Feb. watch resistance 4831/4844 and support 4800/4795.. Above 4844 momentum once again turn strong for short term.. Our strategy for 15th Feb. As far as hold 4795, buy in deep (S.L 4766) sell at high (S.L 4912).. Resistance for up move at 4831/4844/4859/4885/4912.. Supports at 4800/4795/4766/ 4740.. 
The big question for me is that whether this is a golden buying opportunity or a bounce from here should be used to fill your pockets with some short positions?
Technically, my central scenario is that Nifty could see a bounce up to around 5200 region (chart attached) and then we have to wait and watch to see if it takes resistance there or not. Looking at the Sensex chart and the way it has behaved at major levels (not shown), I am inclined to believe that any rally from here is a chance to sell. As a part of this scenario, there is some possibility that we could see a sharp sell off taking out last week's low (but hopefully not closing below 4738 for 2 days in a row) and then make a fresh intermediate high again.
In global indices, it is a similar kind of story - although S&P 500 has not made a break through the really crucial levels - charts from the much faster Dax (German Index) suggest that we are in for some prolonged bearish action. However, I have to add that all this analysis is from daily charts - in the weekly charts, the bullish formations are not quite over yet.
Nifty :: As per our last post, oversold region corrective bounce from low.. Nifty made Belt Hold line bullish candle, but again with low volume. Still Close below gap area resistance level and exactly touch our strong resistance 4844 and came down.. Now after bullish candle on 15th Feb. watch resistance 4831/4844 and support 4800/4795.. Above 4844 momentum once again turn strong for short term.. Our strategy for 15th Feb. As far as hold 4795, buy in deep (S.L 4766) sell at high (S.L 4912).. Resistance for up move at 4831/4844/4859/4885/4912.. Supports at 4800/4795/4766/ 4740..
Just a quick chart :) .... Long weekend so did not check much on stock specific charts to update
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