April 24, 2010

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.
NIFTY WEEK
NIFTY DAY LINE CHART
  • NIFTY WEEK selling stopped at 5160 and went up to 5304 closed above 5300.
  • NIFTY has broken the weekly trend line last week. So it should come down to the channel bottom. Before going to the bottom line nifty may retest the trend line or channel top. In that case we will see 5400 and higher. But since there is a trend line break chances of nifty coming down to the channel bottom is higher so keep stop loss at 5200.
  • The upturn in nifty daily chart is still intact. 
HDIL CHANNEL
  • HDIL is trending down within a well formed channel.
  • the current down move may find support between 260 and 265.
  • Look for a break out on either side of the channel will be a good buying or selling opportunity.
  • Break out on either side can give at least 50 points on either side. 
  • Those who like to play the range can look for a bounce from the channel bottom line to buy.

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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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