July 11, 2010

  • Bank nifty is trading close to its resistance zone of 9726-9874
  • It seems it will enter this area on Monday. The index has faced resistance for several times from this area.
  • And it will be tough this time too for bank nifty to close above it. A successful close above this with high buying volume can push the index to new high's.
NIFTY DAILY CHARTS
  • Let me start from the last chart which is my favourite combination 5 day ema and 20 sma crossover along with macd crossover. After giving 4 consecutive profitable trades the MACD seems to have given a whipsaw. But i have to say the 5 day EMA and 20 day SMA crossover did not happen this time.
  • The third chart shows nifty closing above 5 day EMA high which is positive. and the day also closed near the high of the day.
  • on Wednesday nifty closed below 20 day moving average. But it quickly came back above it and is now trading well above it.
  • The first chart shows a break out from a flag pattern which should easily take nifty above 5400.

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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