May 8, 2010

UPDATED CHART

ASHOK LEYLAND DAILY
ASHOK LEYLAND MONTH CHART
  • ASHOK LEYLAND has given a huge volume break out.
  • the stock has gone pass the resistance of 2008 high (57.5)
  • a daily close above the previous resistance area confirms the break out.
  • the stock may move to 65 in the coming weeks.
UPDATED CHART

SAIL DAILY CHART
SAIL WEEK CHART

  • SAIL has formed an M pattern 
  • Break of trend line can bring it down to 200. Break of  197 means more bearishness for the stock.

UPDATED CHART 
CNX IT WEEKLY CHART
  • CNX IT weekly triangle has broken 
  • has immediate support at 5850 region. A break and close below the small triangle means more bearish news for stocks like INFOSYS.
UPDATED CHART

BANK NIFTY TRIANGLE
  • BANK NIFTY has formed a triangle.
  • there is clear negative divergence
  • the index is making new highs but at the same time the smoothed %D line has dropped below the 80% line suggesting an imminent correction.
  • but the price has not confirmed yet breaking the bottom line of the triangle will confirm the correction.

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