April 29, 2010

BANK NIFTY
  • BANK NIFTY is trading near resistance line.
  • rising support line should support any fall and the bullish engulfing should also support the bulls view.
  • breaking the support line will bring the index down to 8000 levels.
  • breaking resistance line will propel the index to 10000 levels.
Thank You


  • HDIL is trading near the bottom of the channel.
  • one can go long with a stop loss of 258 for a target of 285 minimum.
  • channel lower boundary should be the stop loss. The reason for this trade is the channel, If the reason is not valid don't stay in the trade.


  • NIFTY has broken down from the triangle formation.
  • Now smart traders will look to sell on every rise. Safe trade will be to short near the 5300 area with a stop loss of 5330.
NIFTY HOUR CHART
  • NIFTY hour has formed a triangle 
  • MACD may give a buy signal this can be confirmed with the break of the trend line.
  • keep 5210 as stop loss.

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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