May 24, 2010

NIFTY HOUR in a triangle formation

UPDATED CHART

NIFTY HOUR
  • NIFTY hour has formed a triangle.
  • The trend line is holding for now. If it breaks nifty may go below 4900 again.
  • But if the triangle breaks on the upside(5030). We will go to 5080.
thank you

8 comments:

  1. hey san
    thanks for the timely call
    bravo

    ReplyDelete
  2. has it broken the trendling as per u, please guide, thanks

    ReplyDelete
  3. traingle is broken means tomorrow nifty trade below it ?

    ReplyDelete
  4. @ gopi Triangle was broken @5067 and we already had a good down move. If world markets ends in negative territory we should get a gap down tomorrow.

    ReplyDelete
  5. dear san, thanks for response

    ReplyDelete
  6. IMHO, I wouldn't short at this price. Worst case Nifty will retest Friday's Low which may not happen at all as we have good divergence. This is a short buying opportunity. We will not go DOWN for few days. Play with smaller sizes.

    ReplyDelete