May 21, 2010

NIFTY DAILY CHART - I
NIFTY DAILY CHART - II

  • NIFTY has reversed from the day's low formed at 4850.
  • A hammer has formed in the daily candlestick chart. It has formed close to the bottom of the channel.
  • The descending broadening bottom also is in place.
  • Trading above 4980 will help the bulls and the reversal patterns will become stronger.
  • Now if the world markets help the nifty bulls might attempt to put a bottom in place.
thank you
NIFTY 5 MINUTES CHART
NIFTY HOUR CHART
  • NIFTY 5 Minutes chart shows the down trending line broken today.
  • We may get up to 4980 if we trade above 4931 tomorrow.
  • The hourly chart shows resistance at 4980. So for any strong up move to happen we have to close above 4931 and 4980.
thank you
NIFTY HOUR CHART
  • NIFTY HOUR CHART MACD SHOWING POSITIVE DIVERGENCE.
  • POSSIBILITY OF A REVERSAL IS HIGH.
  • CAUTION: STRICT STOP LOSS AT4854
THANK YOU
NIFTY HOUR CHART
  • NIFTY hour chart is showing a falling wedge kind of patter. 
  • A reversal out of this pattern is possible only if we close above 4935 today.
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NIFTY 5 MINUTES CHART
  • IF nifty tries to fill the gap 4907 and 4926 will be the immediate resistance.
  • Breaking day's low 4853 means we will see bigger correction in the coming day's.
thank you
NIFTY 5 MINUTES
  • NIFTY 5 minutes which broke a triangle yesterday has opened with a gap down
  • Now the gap should be filled at least partially and close above 4875 for the bulls to be alive.
thank you
NIFTY DAILY CHART
  • NIFTY daily line chart shows that the price is near the bottom of the channel on a closing basis.
  • So today after the noise of the gap down opening if nifty manages to come back and close above 4875 it is ok.
  • otherwise we will break the channel on a closing basis.
  • And a large correction can be expected.
  • One pattern that can save bulls is the Descending broadening wedge that i have posted in this blog.
thank you

Disclaimer

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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