- Nifty has closed above 5 day high ema after a long time. Now it may be safe to buy the dips with proper stop loss.
- One can also wait till nifty makes a close above 20 dma to make sure that the trend has turned completely in favor of the bulls. In trending market 20 dma works well so if price gets resisted here a correction is possible.
- Nifty spot has not yet given a breakout above the trend line. But futures has closed above the trend line shown above.
- Four hour chart of nifty futures CLICK HERE
- Apple hour is moving up in an ascending channel formation
- But Stochastic indicator is hinting of a possible correction towards the support line of the channel.
- If price takes out the recent high another up move towards the resistance line can be seen
- CUP AND HANDLE PATTERN OF GOOG
- ES Hour chart with a rising resistance line that is acting as resistance at overbought levels. Break above 1330.25 will take ES to the resistance line once again.
- Support levels are at 1322.25 and 1308.50.
- GOOGLE CUP AND HANDLE PATTERN
CHART-II
- NF Closed above the resistance line mentioned below. NF may target 5510 levels from here.
CHART-I
- Nifty Futures swings in favor of bulls.
- But has it the resistance line. NF will face its first line of resistance at 5540 level.
- Closing above this level will keep the bullishness intact.
- NIFTY WEEKEND UPDATE
- Price of DLF is at a crucial place. It is near the down trend line which acting as big resistance for the stock.
- Breaking above this line can give a good bounce for this stock.
- But as shown in the next chart any bounce above 20 DMA is not sustaining.
- So once should watch the Fib level carefully. If price sustains above 38.2% (246.4) we may see an initial rally towards 256 (50%) Fib level and then towards the 50 Day moving average.
- Price action of DLF suggests that many people are long from 214 levels. They should keep trailing stop loss in order to lock in profits.
- NIFTY WEEKEND UPDATE
- There is a Cup and Handle pattern forming in Google's weekly chart.
- Price is getting support from 20 week moving average. Sustaining above this moving average will result in a breakout.
- Breaking above 630 and sustaining above this level may give the cup an handle effect to google.
- Considering the size of the pattern a successful breakout can give good upward momentum for the stock.
- CISCO WEEKEND UPDATE
- First chart is the weekly chart which shows the long shadow of the weekly candle. This was the candle pattern which so many analyst have been waiting to see. This set up has worked well in the past as shown in the chart.
- Weekly line chart too shows a possible trend line support. Price has made an upward turn from this trend line in the past.
- Resistance band in weekly chart is between 5350 - 5530 this band has the main levels which were broken during the down trend which may act as resistance now.
- Bears will be comfortable to hold on to the short positions till price does not close above 5 week low ema.
- For bulls they have given a bullish engulfing pattern in daily chart. This set up was failed once during this down trend. We have to see if this works this time.
- DLF CHART ANALSYS
- RELIANCE CHART ANALYSIS
- SBI CHART ANALYSIS
