Update at 11:35 AM:
Nifty opened gap up and started moving up and reached its 50 point target as I mentioned in the pre market analysis.
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Nifty Chart - Daily:
Nifty formed a candlestick doji bar and also an inside bar with minor error. Yesterdays high and low may play an important role for today.
Nifty Intraday Chart - 5 mins: Nifty may form possible head and shoulders pattern, with neckline at 4684 level. If Nifty breaks that resistance with volumes or opens a gap up above the resistance and starts moving higher then it may go up for another 50 points.
Nifty Chart - Hourly:On the higher side Nifty has resistance at 4684 level, above which 4708 is possible. Nifty may move up to 4730 to close the gap, which it opened yesterday.
On the lower side 4630 is an important support level to watch out. Below which Nifty may go down to 4593 level.
6 comments:
hm...but still not downside?
I don't understand, can u elaborate what you meant?
asked for 4630 mam, ur target both sides achieved (over crossed) I rightly booked @ 4630, (first time too) but breaking that also...
Thanks a ton..
Regards
Hi Sujatha,
Today morning I gave only one upside target which has reached.
Those levels which I am mentioning everyday are Support/Resistances where Nifty might halt or reverse. so one may look for the reversal signals at those levels but not to be treated as targets for reversals.
If we get a reversal signal at these points we take the trade and exit as per the exits given by the entry signal.
For example today it gave reversal signal as I explained in the Intraday analysis one may exit depending on the triggered pattern targets but not hold till the next side support/resistance is reached. Hope this is clear.
-Doji
Hi Doji,
I like your site and the analysis. Just quick questions..
1. How does it differ to join by giving email subscription to your site versus browsing your site by navigation.
2. Is there a RSS feed, which I can use, for fast viewing and getting popups when day trading?
3. Do you continuously keep posting during trading hours ?
Thanks and appreciate your great work !
Ramani
Hi Ramani,
1. Email gives you one email per day in the morning around 9:30 am with all the previous posts. Browsing site has advantages with instant updates on refresh, read comments, browse labels, search and other features.
2. Rss Feed: http://feeds2.feedburner.com/TheChartReader
3. Depends on my free time and mood :) I dont have a rule to post a certain number of posts per day or some thing. I only post when there is a clear signal.
Doji
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