CNX IT support zone

CNX IT WEEKLY CHART

• CNX IT MAY GET SUPPORT AT 5440. IF THE PRICE ACTION FAVORS BULLS ONE CAN GO LONG IN IT STOCKS LIKE INFOSYS. 
• BUT LOOK BEFORE YOU LEAP 5440 SHOULD BE HELD IF NOT THE DOWN SIDE TARGETS ARE HUGE.

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NIFTY Trading near weekly channel bottom line

• Twice in the past this trend line or the channel bottom line has given support and a turn around has happened from this line. So one should believe this will happen again.
• Keep the channel bottom line as stop loss.

THANKS TO SUJATHA FOR GIVING ME THE US MARKET IDEA. I DID SOME INTRADAY POST FOR DOW JONES, AND HAS SOME AMERICAN FRIENDS NOW. BUT DID NOT HAVE PROPER CHARTS. IF ANYONE OF YOU KNOW GOOD CHARTING SERVICE (FREE) FOR US MARKETS PLEASE LET ME KNOW.

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DOW JONES Weekly chart shows broadening formation

DOW WEEKLY CHART

• An Ascending broadening formation in Dow weekly chart.
• Break down of the below line can bring the index down to 9000 levels.
• Break of the upside resistance can push the index beyond 12500.

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DOW JONES 30 minutes chart shows inverted Head and shoulders

DOW JONES 30 MINUTES CHART

• DOW 30 minutes chart shows inverted head and shoulders break out.
• TARGET for this break out is around 10470 region

NIFTY daily chart with a hammer and Descending Broadening wedge

NIFTY DAILY CHART - I

NIFTY DAILY CHART - II

• NIFTY has reversed from the day's low formed at 4850.
• A hammer has formed in the daily candlestick chart. It has formed close to the bottom of the channel.
• The descending broadening bottom also is in place.
• Trading above 4980 will help the bulls and the reversal patterns will become stronger.
• Now if the world markets help the nifty bulls might attempt to put a bottom in place.

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NIFTY end of day analysis 5 minutes and hourly chart

NIFTY 5 MINUTES CHART

NIFTY HOUR CHART

• NIFTY 5 Minutes chart shows the down trending line broken today.
• We may get up to 4980 if we trade above 4931 tomorrow.
• The hourly chart shows resistance at 4980. So for any strong up move to happen we have to close above 4931 and 4980.

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NIFTY hour chart MACD positive divergence

NIFTY HOUR CHART

• NIFTY HOUR CHART MACD SHOWING POSITIVE DIVERGENCE.
• POSSIBILITY OF A REVERSAL IS HIGH.
• CAUTION: STRICT STOP LOSS AT4854

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