June 20, 2011

Nifty Descending Triangle

UPDATED CHART
  • 5350 Level will act as resistance now.
NIFTY DAILY
  • Nifty daily chart with one big descending triangle pattern. Break and sustain below last weeks low can give good profits for bears.
  • But one also has to see the weekly chart which shows good support around this level. So if this level holds we may see an up move. and Up move will result in a big breakout if price manages to break above the Resistance line of the Triangle pattern.
  • Last chart is the weekly one which shows price hitting an important trend line, We have to see if this one holds this week or not.

By at

6 comments:

  1. chetanJune 20, 2011 at 7:34 AM

    good morning san sir,thank you for sharing.will you please tell your view for SBI.is it showing +ve div?

    ReplyDelete
  2. SanJune 20, 2011 at 7:40 AM

    @chetan
    Good Morning
    SBI looks like a buy. So keep stop loss at 2160 and go long. Daily close above 2250 will add to the bullishness. we have the 20 DMA near 2250.

    ReplyDelete
  3. chetanJune 20, 2011 at 7:50 AM

    thank you very much.have nice day,sir.

    ReplyDelete
  4. Real PilotJune 20, 2011 at 7:54 AM

    Good Morning San,

    How is RELIANCE looking?

    Regards.

    ReplyDelete
  5. SanJune 20, 2011 at 8:01 AM

    @Real Pilot

    No buy signal yet. But Last week's low has hit a support line in daily chart. If that holds we may see an up move. But lets wait for that green candle.

    ReplyDelete
  6. Real PilotJune 20, 2011 at 8:08 AM

    Thanks. Have a great day, Sir!

    ReplyDelete

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