October 14, 2010

Nifty Intraday update

  • Nifty Futures hour chart with a failed breakout.
  • If 6165 - 6175 range holds NF will make another attempt.
  • Below 6165 NF may get back to 6090 levels. But the larger trend is still up.

  • Nifty futures hour chart with the two major breakouts that happened recently.
  • First breakout from 5958 - 6091 from the bottom of the range took 3 candles to breakout above the range. In fact the 3rd hour candle broke above the range and closed well above it which shows high momentum of price.
  • But the current breakout took longer to complete which shows not so strong momentum as the first one. But every breakout or situation is unique in stock market. So if key levels are not broken price may achieve its target in a different manner.
  • This breakout although it reached the first target of 6300 i mentioned in yesterdays intraday update, The rules of the range Breakout says 6400 and above. Nifty futures should trade above 6233


  1. Ur blog design, color combination and your chart representations are very artistic. Are u an artist too? I think so..
    I think one day ur blog will be one of the best trading related blog due to your clear, correct and artistic representation of charts.
    Best Wishes.

  2. One who appreciate others hard work is not NIL at all.

    Thanks for the appreciation