April 9, 2010

  • We have a clear triangle break out in bank of india.
  • one can go long keeping a stop loss of 345.
  • if the stock closes above 390 within next week it can go till 460.
  • Keep 5 EMA on daily chart as stop loss.
NIFTY WEEK 
Look how simple it is with channels and trend lines. for nifty the price is nearing a point were it has to go through the roof or break the trend line. 
Reliance after touching 1150 went down on thursday, But managed to retrace so if reliance break 1150 convincingly we may have a channel breakout  or else we will have a trend line break.

I will give my views on nifty daily chart during sunday

take care everyone.
Nifty has reversed for the third time in seven months from the resistance line of what seems to be a triangle pattern thats developing in the monthly chart. For this month i feel the top has formed at 5400 and we have already started the downward journey 

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore