Nifty Futures Support level

CHART-II

• Support line mentioned below has been violated.

CHART-I

• Nifty Futures 4 hour time frame with 200 period moving average and the trend line support.
• Nifty Futures does get support below the 200 period moving average in four hour time frame.
• So if NF has to go down more it should break the trend line shown in this time frame. Twice we had good up move from this trend line So it may happen again. 
• One has to be cautious while going long because counter trend trades are the most riskiest so keep a tight stop loss. If the trend line breaks one should get out of the long trade.

Nifty Daily Analysis

• In the weekly chart nifty's previous resistance levels did gave support to nifty when it fell last time followed by a bearish engulfing pattern in weekly chart. This time nifty has finished a bearish engulfing pattern in weekly chart again, So will the support line shown in weekly chart be held, only time can give the answer. But seeing the ease at which price broke below 50 DMA things are favouring bears for a larger correction. 
• There is a possible triangle pattern in daily chart shown in the second chart If the support line of that pattern is held Correction will be small. If the support line gets broken on closing basis price may test the 200 DMA.
• MACD and Stochastic are looking negative. Stochastic in daily has not yet reached the oversold region. MACD just gave a negative cross.
• CNX - IT BEARISH ENGULFING PATTERN
  
• BANK NIFTY WEEKEND UPDATE

BIDU breaks above 50 day moving average

• Bidu has closed above its 50 day moving average.
• Stock has one more resistance line to cross in the daily chart before it can turn really bullish.
• Breakout can give fresh high's for Bidu. 
• Supporting Trend line in weekly chart too looks strong .
• Stock if unable to sustain above 50 DMA it will be negative in the short term.
• CISCO TRYING TO FILL THE GAP
  
• FALLING WEDGE OF CRUDE OIL
  
  

CISCO Enters the GAP

DAILY CHART

DAILY CHART

WEEKLY CHART WITH FIBONACCI LEVELS (CLICK TO ENLARGE)

WEEKLY CHART WITH STOCHASTIC INDICATOR

• Two daily charts and two weekly charts of Cisco systems.
• First chart shows price entering the GAP in daily chart.
• 2nd chart shows price closing above its 50 day moving average.
• Weekly chart shows good support at 19 levels that is the 61.8% Fibonacci level in weekly chart. Price has gone up from there, broke above 50% level and closed above 50% fibonacci level. If price sustains above 50% Fib level then the next logical target would be the 38.2% Fibonacci level which is at 22.34. For this level to be achieved price should stay above its 50 day moving average.
• Weekly stochastic is also looking positive.
• FALLING WEDGE OF CRUDE OIL
  
  

CNX IT - Bearish Engulfing candlestick pattern

WEEKLY CHART

DAILY CHART

• CNX-IT weekly chart has given a bearish engulfing pattern.
• MACD Indicator in daily chart has given a bearish cross.
• Price has stopped at the 20 dma line of the Bollinger band. Price breaking and closing below it will be negative.
• BULL FLAG OF CNX-IT

BANK NIFTY Weekend update

• Bank nifty has broken an important trend line in its weekly chart.
• With yesterdays lower close price has confirmed yet another bearish engulfing pattern in weekly chart.
• Next support is seen near 10730 levels.
• Problem for bank nifty is that if 10730 level breaks on closing basis there is not support seen in weekly chart till 9870 levels.
• FALLING WEDGE OF CRUDE OIL
  

SPY Support and resistance levels

CHART-II

• Range of SPY mentioned in the below chart has broken at 127.01.
• Next support in this time frame is the recent low at 126.19.
• Break of this level will be negative it will fill the remaining GAP in this time frame.

CHART-I

• SPY 30 minutes chart is showing support at 127.01 and resistance at 127.83
• Price is also developing a consolidation pattern which will give good movement on a breakout.