April 24, 2010

BANK NIFTY Week bullish engulfing

BANK NIFTY WEEK
  • BANK NIFTY week chart has given a bullish engulfing candlestick pattern.
  • Keep 9650 as an intra week stop loss and go long. 
  • target for a minimum of 500 points from the current rate.

7 comments:

  1. can you advice on tatamotor???
    best regards
    punam

    ReplyDelete
  2. Hai punam.

    I will take an analysis on tatamotors. i have posted a chart yesterday please visit the below link.

    http://niftychartsandpatterns.blogspot.com/2010/04/tata-motors-triangle-break-out.html

    thank you

    ReplyDelete
  3. Dear San,

    First accept my congrates and thanks for bringing various stock charts and your updates on stocks trends...

    I saw your chart on SUZLON and it is with in triangle and yet to break..

    I would like to take long position at CMP but NIFTY is at higher level and if NIFTY started correcting will it follow to break Traiangle on down side? But seems to be 68 is great support for this stock now.

    Thanks,
    Ramesh.

    ReplyDelete
  4. hi san..
    just saw the engulfing pattern u explain above...but as i read about this pattern it says the body of stick should engulf the other stick,,
    and in above case long body is not completey engulfing..but lower shadow of long stick engulfing.and engulfing pattern if occuring at top of trend are usually bearish.
    plz clarify..if i m wrong.
    thnx n regards.

    ReplyDelete
  5. @imran
    in case of engulfing pattern the body of the current stick should engulf the body of the previous stick, don't need to consider the shadows. of course if it completely engulf the previous stick it is very bullish.

    a bearish engulfing at the top of the trend is bearish.

    bullish engulfing at the bottom of down trend is bullish.

    this one is bullish engulfing but has occurred at the top of the trend. this is kind of neutral to bullish, seeing the chart's of SBI, ICICI etc this pattern will give some points.

    @Ramesh

    i will take analysis of suzlon and update the charts soon.

    ReplyDelete
  6. @ punam
    i have updated tatamotors chart.

    @ ramesh
    i have updated suzlone chart.

    thank you

    ReplyDelete