September 22, 2010

  • A Double top is possible in Nifty Futures at 6044.
  • If NF starts trading below 5934 we can expect big correction.
  • But for now i am expecting 5934  level to give support for the index.
CLICK THE CHART TO ENLARGE
  • Nifty futures hits 6045 the high made on monday and retraces. 
  • More upsides are possible only when NF breaks and trades above 6044.
NIFTY SPOT CHART
NIFTY FUTURES CHART
  • First chart is  the nifty spot daily time frame which shows the narrowest of channels. Nifty is moving up steadily without violating the channel. 
  • Second chart is the 30 minutes time frame of nifty futures which was posted yesterday. This one shows how easy it is to make money in a trending market, provided you are going with the trend not against it.
  • S&P 500 is trading above 1131 which is the recent breakout zone
  • Immediate resistance for the Index is 1150.
  • Today There was one attempt to go above 1150 which was met with resistance. Index went up till 1148 and then retraced back and closed at 1140 level.

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