Nifty Technical Analysis For 16th Sep 09

Update at 3:29 PM:

Closed all at 4969 as Nifty is near numerical Resistance 5000. Will take fresh trade tomorrow.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Update at 3:18 PM:

Booked 25 % here at the intermediate resistance at 4963 also target is very near by.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Update at 2:20 PM:
Moving stop loss to 4927.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Update at 10:08 AM:

Nifty reached the first target of flag and pole at 4940 level, if it breaks into the gap with confirmation then book out 50% and keep stop loss at 4895.

~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~.~

Spot Nifty Chart - Daily:

Nifty has broken the high of the Gravestone Doji, Which again indicates strength.

Nifty Chart - 1 min:

Nifty formed a Bearish Wolfe Wave in 1 min charts, before reaching the target it formed another one but not perfect this time and almost threatened to break the stop loss for the first one. But targets are reached for both of them. Above chart is marked with Wolfe wave and the targets.

Nifty Chart - 5 mins:

As I have mentioned in the yesterdays update, Nifty has formed a Flag and pole. But initially it gave a break down with confirming volumes in order to reach the target for the Wolfe wave. Nifty pulled back into the channel again with almost equal volumes. It gave a break out later on Target for this may be 4980 level.

Nifty Chart - Hourly:

On the hourly Charts we can clearly see the bottoming tails, Which is indicating that every sell off is pulling back. On the higher side Nifty may reach the target of the Flag and pole at 4980 level. But 4860 may act as intermediate resistance.

On the lower side Nifty may take support from the 4900 level. Below which it may reach up to 4875.