NIFTY Hourly chart near resistance and support areas

UPDATED CHART

NIFTY HOUR CHART

• NIFTY hour chart showing a trend line and a resistance line.
• Holding the trend line as support nifty may try to close above 5100 in the coming day's. 
• Bearish scenario would be a break of the trend line and support and a retest of the lows formed during this week.

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NIFTY 5 minutes chart

UPDATED CHART - III

UPDATED CHART - II

UPDATED CHART

• Nifty 5 minutes chart shows nifty at an important trend line and near resistance line.
• Break of either line will give direction for the short term.
• If the trend line holds it will break the resistance and will go above 5100.

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DESCENDING Broadening Wedge in NIFTY daily chart.

• We can see a Descending Broadening wedge pattern in nifty.
• Break out can be on either side..
• Broadening patterns are usually negative and breaks on the lower side. 
• But the statistics for descending Broadening wedge shows that this particular pattern has given more successful upside break outs.
• For target see the break out side. see the highest and lowest point within the pattern and add it to the break out point for going long, and opposite for going short. 

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NIFTY Weekly chart trendlines

NIFTY WEEKLY CHART

• It seems a close below today's low will take nifty to 4850 levels. 
• 2nd trend line was violated briefly but managed to close above it. So only a weekly close above the 2nd trend line can save nifty.
• If it breaks and closes below the 2nd trend line nifty will surely go down till 4850 minimum.
• Breaking the 3rd trend line(around 4853 for this week) will be very negative news for the bulls.

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ABB strong down trend

UPDATED CHART -1

ABB DAILY CHART

• ABB falling like a knife
• may get some support at 687. If that is taken out 658 will give some hope. May get a rally from these two levels.

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TATA STEEL trading near support levels

TATA STEEL DAILY CHART

TATA STEEL DAILY CHART - II

• TATA STEEL is showing down trend in daily chart.
• It is close to its support zone at 520.
• The daily MACD is showing a positive divergence developing.But the down move may not have ended. The stock may test 520 levels before bouncing back to break the down trend line.
• If the down move from 540 levels to 520 levels is accompanied by the developing positive divergence we can take a long trade from 510-520 levels with 500 as stop loss.

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IDFC weekly chart in a triangle

IDFC WEEKLY CHART

IDFC WEEK IN A TRIANGLE

• IDFC weekly chart is in a triangle.
• 178-180 region is a big hurdle for the stock to cross.
• for now the stock will move in a range of 150-170.
• Break out traders should wait for the Triangle break which  will give better trade in this stock.
• Short term players can use the triangle bottom line and resistance line to trade.