Nifty Chart - Daily:Nifty formed an outside bar with high volumes, after 3 months at last Nifty could see high volumes again. Volumes where gradually increasing from past 10 days. On the price chart Nifty may form an Ascending Triangle.
Nifty Chart - Hourly:Nifty has broken the important support level of 4630 yesterday with confirming volumes. Also it formed a double top and gave a breakdown, target for this pattern can be 4550 level.
On the higher side Nifty may take good resistance from the 4630 levels. 4660 may act as next resistance level.
On the lower side 4593 may act as support. Below which Nifty may slide up to 4550 level which is the target for the double top and also the Gap formed on 24th Aug would be closed. 4500 may act as next important support for Nifty, if it is broken then bears may gain strength.
2 comments:
hi...
appreciated performance...as usual ure the best in charting..keep it up.god bless u
doji,could u plz tell me--which type of charts are best prefered to get best interpretation and which one u recomended(candlestick or bar).and which timeframe is best in intraday,(5 minitue,or tick by tick data or any other).plz recomend which timeframe is best used by professionals while intepreting charts in intraday basis..
2) also to understand weekly chart intepretation which timeframe is good..
Hi Art,
1. Candle or bar chart is personal preference and both the same. I like bar charts than candle charts because I find it neat even when you zoom out a lot.
2. In intraday I use 5m, 1m and tick charts. It totally depends on the system you trade with. eg, if you are trading pivot based trading, 5m would be ideal etc. For intraday beginners, I think 5 min charts provide the right no of bars to focus on day trading.
3. When you are viewing weekly charts or any charts over a large time frame, use log scale.
Doji
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