Nifty Chart - Daily:
Nifty formed an Inside bar with low volumes in daily charts yesterday, and closed at day's high. If high of 4571 is taken out today, then this 4571 level may act like good support. Nifty formed a tweezer top at 4608 levels which may give good resistance for today.
Nifty Chart - Hourly:On the higher side Nifty may take resistance at 4608 levels, also the trend line joining the peaks of 12th June and 28th July which is at 4623 levels may give immediate resistance. If Nifty breaks above then it may reach up to 4680 levels. If 4700 is broken decisively then bulls may ride the market further up.
On the lower side yesterday's low of 4475 is important, If it is broken then we may see Nifty moving towards 4416 levels. If the support line at 4416 level is broken we may see bearishness in the market.
PS : Moving my Stop loss for 25% of my holdings to 4475 - filter from 4387 levels. If 4700 is taken out decisively then will add to my present holdings.
10 comments:
DOJI
I HAVE CHARTED MY VIEW..!!
HAVE A LOOK..!!! AND PLEASE TELL ME IF ANYTHING WRONG THERE
http://i931.photobucket.com/albums/ad157/webmanoj/Untitled.png
ALSO HAVE A LOOK @ MY BLOG...
http://intermarketanalyzer.blogspot.com/
hi manoj..congrats
@ doji.. Doji thanks for the data that u provide here daily.great appreciations for that..Doji, have to read abt the 123 pattern.. its a simple pattern in nature but due to my limited coding abilities I am unable to create a AFL for the same.If possible would u do it.u may have ur own librty if time to complete it.. but do try ..till then i will comb the net for it :)
THANKS KURICHH
HAVE A LOOK @ MY BLOG...
http://intermarketanalyzer.blogspot.com/
Manoj,
I think you are trying to imitate my blog layout, including some of the change I made to the original template. May be you should try and reflect your individualism in your blog.
Doji
yup manoj sir.. ur and doji's blog look verfy vey similar..please do change the layout and the colour scheme..
hi,,dis is YogesH..
first of all im a recent visitor of ur blog.im higly addicted to technical analysis and charting,and hungry to learn as much as possible...i found ur posts and blog to be very much helpful..thanks for ur views and analysis u post daily.Aprreciated.
hi...i recently analysed a formation of (h & s)in early formation..according to me the left shoulder is formed,like from 19th july nifty moved from 4400 to a high of 4698(high of left shoulder)then came back to 4400 around ,and bounced back abv 4600 this time...So the neckline comes at 4400.and now nifty moving to form head which i believe will go to high 4740-or even to 4840.where it will move in channel for somedays .then will decline to form right shoulder.im just predicting the formation before happening..plz correct me,and tell me am i going on correct lines.and according to u,plz refine the lvls and formation.my mail id --yav1@ymail.com.do reply ur comments..
i also wanted to know how to get the graph of say 1 week or 1 month nifty for analysis..i use software but it gives me only intraday nifty graphs.can i ask u whch software do u use in getting charts of 3-5 days.or 1 month chart.plz if u could help meout..im a new beginer of technical analysis.in need of right and good software,for charting.
@ art ...Welcome to this mysical world :)
Regarding the graphs that u want for nifty there are a few options available :-
1- u may to icharts.in, register urself there and use their charting faciity.they provide charts for any stock or index over a pretty long period of time.
2- u may use a software like amibroker or metastock.The only issue is that we will have to update the daily data of stocks at the end of the day
3- u may open an online account with a brokerage firm in which their software would provide the charts.
Hope that helps...
One tip from my side :- Don't ever predict,specially the markets :)
Thanks for the write up Kruichh.
Art, market is dynamic and so should be a trader. When estimating targets on rightful patterns also fail, how can we estimate how it will move to form a pattern? However, it is good to note the possibility and keep an eye on it.
Next time, please upload your chart if possible, so its easy to understand each other.
Cheers,
Doji
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