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.

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TATA MOTORS in channel

TATA MOTORS

• TATA MOTORS channel may present a long opportunity if it holds the channel bottom.
• Keep 665 as strict stop loss and go long. One can rise the stop loss a bit to the channel bottom line itself.
• A move at least till the middle of the channel can be expected.
• Stochastic has come to the oversold zone. as you can see in this screen the last 3 times the stochastic entered this oversold zone it has given a good bounce.
• One can also see a large deviation from the 20 SMA. So the price need to come back to the SMA before taking the next direction.(NOT A THUMB RULE BUT HAS SEEN IT HAPPEN BEFORE).  
• CAUTION: REMEMBER YOUR STOP LOSS THE CHANNEL BOTTOM LINE.

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RENUKA SUGARS LTD positive divergence.

RENUKA SUGARS LTD DAILY CHART

• Renuka sugars Ltd has been showing divergence for quite some time now. 
• But no one knows when it will show its effect. So we have to go by the price action.
• There was one break out above the 20 SMA which did not last. 
• And with so much positive divergence the next break out may give a good long trade.

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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