September 29, 2010

  • S&P 500 Futures 4 hour chart is showing a triangle pattern with price trading near the resistance line of the pattern.
  • From yesterday the index is not able to sustain above 1143 levels. although the bulls tried to close above 1143 it was met with stiff resistance at this level.
  • Only a high volume breakout above 1143 level can take it to 1150 where it will meet the next resistance. 
  • NF daily candle is showing a bearish engulfing.
  • If price opens and starts to trade below this candle it can give good correction.
  • NF also closed below 6000.
  • Nifty futures hour chart with fibonacci levels.
  • The zone between 50% and 61.8% level should give support for Nifty Futures.
  • Failing to take support at 61.8% level should bring NF down to 5970 - 5980 levels at least
  • Nifty Futures is showing a range of 5942 - 6091 With 6001 as the main support level within this range.
  • A Bullish zig zag is possible Provided 6001 the higher low is protected.
  • Reliance industries has good support at 993 level. 
  • 50 DMA of the stock is also situated around the same  level.
  • So we can expect some action from here. If 50 DMA gives support we will see 1007 and 1030.
  • If 50 DMA breaks we will see 960 levels in RIL.
  • If the bulls have to avoid a big correction they should push the price above the shooting star pattern created day before yesterday.
  • Yesterday Nifty gave some correction followed by the inverted hammer but the bulls managed to make a good comeback.
  • So Real weakness is not yet visible. Price is yet to hit the 5 day low ema after the breakout. Weakness only when nifty closes below 5 day low ema.
  • Hour chart is showing an ascending triangle formation with upside breakout possibilities.
  • If the ascending triangle breaks out on the upside it can break the strong resistance shown in weekly chart. 1150 is the level in weekly chart that looks very strong.
  • S&P 500 Futures 15 minutes chart with resistance area.
  • 1142 is the level to cross for the index to make the next up move.
  • Till then 1142 will act as resistance as it has done recently.
  • Apple today violated its 50 hour moving average after a long time.
  • But an hour candle is yet to close below its 50 hour moving average.
  • Current fall is followed by a rising wedge pattern formed in hour chart.


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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