Reliance Communication chart analysis

• Reliance communication has shown good price and volume change.
• Stock has got resistance at 142.50 levels and at 147.
• If this stock manages to close above 142 and 147 then we may see it move towards 155 level where the 50 DMA is at the moment.
• MCLEOD RUSSEL INDIA LTD CHART ANALYSIS
  

Bullish hammer of NFLX

• NFLX Has given a hammer pattern in daily chart. It has come near the support and resistance line.
• Hammer is a bullish reversal pattern. Like all candlestick pattern this one too need confirmation. Break of the resistance line will be the confirmation to go long. Bulls may gain momentum once they cross 189.76.
• Break of the support line will be negative. Bears will be stronger if price falls below 175.56.
• APPLE WEEKEND UPDATE
  
  

APPLE Weekend update

• First chart shows a triangle shaped price consolidation in apples daily chart. What ever it is if price does not break above that resistance line apple will start to correct. Initially price may come down to the support line of that pattern.
• Breaking above the resistance line will solve the problem for the bulls.
• Correction may take apple to 318 - 320 levels  initially. Price is trading well above its 20 and 50 DMA. So weakness in price will be visible only if it starts trading below 20 DMA.

Nifty Futures intraday update

• The breakout candle is showing good momentum.
• Now real strength will be visible only if it manages to clear the recent high.
• Break and closing the day above the recent high will be positive.
• MCLEOD RUSSEL CHART ANALYSIS
  

MCLEOD RUSSEL INDIA LTD Chart analysis

• MCLEOD RUSSEL is forming a bullish engulfing pattern in weekly chart which will be confirmed with today's closing price.
• Stock has taken support at its 78.6% Retrace of its fall from 311 to 165.
• Resistance level is at 220 which is the 61.8% Fib level of the same fall mentioned above. Closing above 220 can lift the stock to 238 levels.
• Getting resisted at 220 will be negative.

Nifty Daily Analysis

• The range of nifty getting narrow as shown in the weekly chart. 
• This consolidation should give direction today or next week. As price is close to the apex of the pattern it will give good direction soon.
• Nifty tried to breakdown below the support line but came back to close within the range.
• INTRADAY PATTERNS AT WORK (DESCENDING TRIANGLE OF S&P 500)
  
  
  
  

S&P 500 Descending Triangle

CHART-II

• Descending triangle has given a breakdown.

CHART-I

• SPX 5 Minutes chart with a descending triangle pattern.