On March 2 We had discussed about the two possibilities of Long term GANN chart. In that post i had observed 4800 as the long term support in first kind of long term GANN Chart and 5050 as a resistance in second kind of long term GANN Chart. As of now the market is confortably trading above 5100 for the past three days. So I prefer the Second Possibilites of Long term GANN Chart

Shorter term GANN Shows resistance near 5040-5050 region. And when looking into the long term GANN Charts I’ve had drawn the charts with two possibilities. The first chart is by drawing from the lows of march 2009 to the major supports which shows that the long term supports are near 4800. And the second long term charts are drawn between march 2009 lows to dec 2009

Chart shown is the Shorter term GANN Chart which shows that next shorter term GANN lines are near 5020-5040 levels. Fibonnaci retracment levels 38.2%, 50%, 61.2% are shown in the chart(Brown Lines). Just check out how market respect those zones.

Nifty GANN FAN falling Hourly chart of Nifty is shown and currently nifty is still hanging around the falling resistance line(Brown line) as shown in the chart and also trading below

Nifty is trading in a rangebound zone between 5EMA(High)-5EMA(Low) zone for the past 4 days. 13 EMA is added along the 5 EMA(High-Low) strategy. After applying we could find that additional EOD resistance zone is near 4853. A Strong overhead resistance is near to this point.

High Open Interest Seen in 4900 CE and 5000 CE which indicates strong call writing. As of now call writiers are confident of the resistance level 4900.
Related Posts:
Open Interest Sentiment – 6,Feb2010

Chart shows the shorter term GANN Fan charts of Nifty nearing the shorter term resistance line near 4800. Failure to breakout above
4800 is bearish for shorter term trades

Nifty Long Term GANN Chart shows that Long Term GANN Supports are at 4650-4680 zone.
This is the important zone to watch out. Also today’s closing below 4800 invites an official
confirmation of long term Bear market.
Source:
www.marketcalls.in

Chart shown is the Defty chart – Dollar Adjusted Nifty.
Aint it good holds at long term GANN Resistance.
Source:
www.marketcalls.in

One thing is clear if we close below 4800 then it is a cloud breakdown as per ichimoku weekly charts. And also the Cofirmation of 5/13 Week EMA crossover. All the above factors indicates a long term downtrend confirmation if Failure to Close above 4800 and also above 5000 by tommorow(As the week ends tommorow!)

Related Readings and Observations
5/13 EMA Weekly Crossover likely to happen in Nifty – 3 Feb 2010
Ichimoku Weekly Cloud Chart for Nifty, Shangai Composite and Hang Seng -2 Feb 2010
The Original Path of Nifty is …