July 5, 2010

UPDATED CHART OF NIFTY FUTURES SHOWING TREND LINE BREAK
NIFTY FUTURES 30 MINUTES CHART
  • 30 Minutes chart of nifty is showing positive momentum a small up trend.
  • now if the trend line holds a break of the resistance line is possible.
  • If the trend line breaks it will be followed by good correction.
UNITECH WEEKLY CHART
  • Unitech is trading in a channel shown in weekly chart.
  • One can use the range to trade or can wait for the break out to happen out of the channel.
DAILY CHART
WEEKLY CHART
  • Reliance power is showing a triangle in daily chart.
  • I am expecting a break out  on  the upside. A break out and close above the triangle should be an opportunity to go long for a target of 191 and above.
  • For the up move to happen the weekly charts trend line is very important .
  • If the trend line does not hold then the long trade becomes invalid.
ABAN WEEKLY CHART
ABAN DAILY CHART
  • ABAN weekly chart shows a rise from inverse head and shoulders and break down from triangles and trend line break
  • in the second chart it is shown with 50 DMA and fibonacci retracement levels. And also a trend line. If the stock becomes weak below 50 DMA make sure that the stock gets support from the trend line.  One can remain long as long as the trend line holds. If 50 DMA and the trend line gives support the first target should be 880 and then 1033.

NIFTY SPOT DAILY CHART
NIFTY FUTURES DAILY CHART
NIFTY SPOT WEEKLY CHART
  • Nifty spot daily chart is relatively weaker than nifty futures.
  • The lower trend line seems to be broken in nifty daily chart.
  • Nifty futures daily chart is still within the resistance and support lines. If the futures chart too breaks the lower trend line nifty will start its downward journey.
  • The nifty weekly chart is showing a gravestone doji. and this has come at the top of the range which should put an end to this up move. And one more interesting thing to note is the upper shadows which is forming a lower high pattern. One more long shadow which is lower than the current one should be very weak and has taken nifty to lower levels the previous 2 times this has happened.
  • As far as daily trend is concerned nifty is in an up trend and making a sideways consolidation. The trend has not changed yet. Next week should give a direction.


  • EUR/USD pair is meeting its 50 Hour moving average for the first time after its break out.
  • And the pair is also near its hourly ichimoku cloud.
  • Since the hourly trend is up it should move up any time now. One can keep a close below 50 hour moving average as an exit point for the long trade.

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