Nifty Technical Analysis For 17th Sep 09

Nifty Intraday Chart - 5 min:

Nifty opened a Gap up and due to profit booking it came down but took support form 4920 level. It has consolidated in a narrow range till late noon and gave a breakout. Nifty reached the first target immediately, Second target is at 5000 - 5010 level.

Nifty Chart - Hourly:

On the higher side Nifty may go up to 5000 - 5010 level. As 5000 is a numerical resistance I am little skeptical about this target. Above 5000 level, 5040 is the next resistance.

On the lower side Nifty may take support from 4950 - 4940 level. 4920 may act as good support, if it is broken Nifty may reach up to 4900 level. As Nifty is moving up after consolidation in a ranges, they may act as good supports for it.

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.

Nifty Break out from Trading Range - 9th sep 09

Nifty Intraday Chart - 5min:

Nifty did break out from the trading range, but it is forming like shooting star. Watch out if it moves up from here then the target is 4860(4840 is intermediate resistance) else if it is Terminal Upthrust then nifty may go to 4785 levels. Watch out price action for next 3 to 4 bars.

Nifty Technical Analysis For 4th Sep 09

Nifty Intraday Chart - 5 mins:

As I mentioned in the Flag and pole post, Nifty is moving in a narrow range from past 2 days, and yesterday it did break 4600 triggered a short entry for high risk traders.
Nifty is finding good support at 4581 level, if that level is broken then it may reach up to 4550 level.

Nifty Chart - Daily:

On daily charts Nifty formed a narrow range bar with low volumes, indicating the indecision.

Nifty Chart - Hourly:

Nifty has to fill up the gap formed on 24th Aug, as the gap would close at 4550 and the trend line support is falling in the same range. And also 4445 is the 50% retracement of the total up move from 4340 to 4750. This level 4450 may act as good support level. Below which 4500 may act as next support

On the higher side 4646 - 4660 may act as good resistance, above which Nifty may go up to 4700 - 4710 levels.

Flag and Pole in IVRCL - Infra

IVRCL Infra Intraday Chart - 5 mins:

It formed a Channel after the sustained up move with increasing volumes. If this channel gets a breakout then it can move up to Rs.400. If the channel gives breakdown then it can fall up to Rs.325

IVRCL Infra Chart - Daily:

On daily charts it formed a descending triangle and gave a break out(volumes are not confirming the breakout but the gap may give good support) On the longer term horizon it is looking good till it holds Rs.280 levels.

Update: Bearish ABCD and Wolfe Wave pattern in Tata Motors - 1st Sept 09

TataMotors Intraday Chart - 5 mins:

Bearish ABCD pattern and Wolfe wave, TataMotors is showing strength and in intraday basis it formed a channel. If it gives break out above the channel then conservative traders can exit the short trade. High risk traders can hold it with Rs.510 as Stop loss.

Nifty Intraday Technical Analysis for 11th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty opened gap up and started moving up with out closing the gap with good volumes. At the first resistance of 4470 levels, it started consolidating in sideways for an hour. Nifty gave good break out from the narrow range, but it didn't get enough thrust to zoom up instead it started moving in another narrow range. After consolidating for an hour it gave a week, low volumed break out, which gave a little hint for the negative bias. Later on Nifty formed a Narrow ranged Channel and gave good breakdown, which gave added some more weight for bearishness.

Later Nifty formed a Right Angled Broadening Triangle (not perfect), with a big space in between the last two waves. But with the bearish signals which it has generated earlier pushed to go short at the breakdown. Target for this pattern is missed with 8 points. As I have mentioned in the post, trade must be taken with trailing stop loss, which avoided the pinch from the up move with less effort.

Nifty Technical Analysis For 5th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty retraced exactly from 78% from the high of 3rd Aug to yesterdays low 4638 also it the support line of the channel gave resistance it drifted down to 127% forming a Bullish Gartley pattern(Formed with perfect Fibonacci ratios. Symmetry is not good, but it followed harmonic pattern in time intervals). Also the support line of the Expanding triangle gave support for it to move the prices up. First target for this pattern is reached yesterday itself.

Nifty Chart - Hourly:

On the hourly charts Nifty formed Hammers in the lower levels, today they may give good support.

On the higher side Nifty has to break the highs of 4726 to move some bullishness, above 4726 it may reach up to 4760 levels.

On the lower side Nifty formed a good support range near yesterdays low of 4622 - 4610 is important. If it is broken gap may give minor support which is at 4586, belwo which nifty may go down to 4537 levels.

Nifty Technical Analysis For 5th Aug 09

Nifty Chart - Daily:

Yesturday was another sideways day, Nifty Swung in a narrow range breaking highs and lows forming an expanding triangle in intrday basis. On daily charts it formed an inside bar (Harami). Yesterday's high and low levels are important for deciding the trend today.

Nifty Intraday Chart - 5 mins:

Nifty Formed an Expanding Triangle in price pattern, volumes are not expanding though. It initially took support from the Ascending Triangle resistance line and moved up to touch the Expanding Triangle resistance line. But while coming down it formed 2 channels one is upward and one is downward moving channel as plotted in the above chart. It broke the Channels with moderate volumes but finally reached the support line of the Expanding Triangle.

Nifty Chart - Hourly:

On 3rd Aug Nifty broke above the trading range but with very low volumes, also it formed an Ascending triangle in intraday basis target for which is 4760 levels.

On the higher side, if yesterdays high of 4715 is broken then it may go up to the 4760 levels. The Expanding triangle resistance may give initial resistance which may fall in the same 4760 levels at present. If the resistance line of the expanding triangle is broken the Nifty may move up for the target of the height of the triangle.

On the lower side If Nifty breaks yesterdays low of 4637, then it may go down to 4615 - 4610 levels. Below which bulls may weaken for some time leading Nifty to move down to 4530 levels.

Nifty Intraday Technical Analysis for 30th Jul 09

Nifty Intraday Chart - 5 mins:

Nifty formed a channel from yesterday, which I have posted in the morning. It didn't give clear break out from Channel, but it managed to move up with low volumes and sustained above the distribution zone. When ever supply was coming, it nicely took support from yesterday's resistance zone of 4533 - 4525 levels. Though there was no clear breakout from the pattern it reached the target with its dizzy moves.

Nifty Moving in a channel - 30th Jul 09

Nifty Intraday chart 5 mins:

Nifty is moving in a channel, break out or break down with good volumes may give 42 points. Watch out this channel is forming near the resistance zone. Nifty has to take out the resistance zone too with confirming volumes to reach the target.

Channel in Spot Nifty and Sensex - 28th Jul 09

Spot Nifty Intraday Chart - 5 mins:

Sensex Intraday Chart - 5 mins:

Both the sensex and spot Nifty are moving in channel, break out or break down of which may give the direction the next trend.

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

Update at 11:00 PM :

Both Sensex and Nifty gave break down and reached the targets immediately

Nifty Intraday Technical Analysis for 27th Jul 09

Nifty Intraday Chart - 5 min:

Nifty opened gap up of 25 points but it cracked down in the opening itself, as it didn't managed to break above the resistance zone. It tried to move up but bulls failed to sustain above the resistance zone.

Nifty gave a good break down for the channel and the support trend line which I mentioned in the morning. After Retesting the channel with low volumes and broke down again to reach the target of the channel which was 4546. It formed a symmetric triangle after reaching the target of the channel, but it didn't give the break out with good volumes. For a trend reversal triangle, the break out volumes are very important which was not visible to take the reversal trade.

Channel in Nifty Futures - 9th July 09

Nifty is moving in an channel, now at channel resistance below is the 5 min chart of Nifty Futures:

Update 12:20PM :

Did not get a clearcut break out, observe volumes at the retest of the channel

Nifty Technical Analysis For 8th July 2009

Nifty moved in a narrow range with decent volumes today, forming a nice trading range, with 4220 as resistance and 4150 as support. Breakout or breakdown with volumes confirmation may be traded with the height of the channel (70 points) as the target. Below is the 5 min chart of Nifty Futures:

On the higher side Nifty is may still face resistance at 4220 levels, next resistance is at 4260 levels. Above 4260 levels, it can go up to 4300 levels which is the target of the channel formed yesterday.

At present Nifty is taking support from 4150 levels, next support for it is at 4121 which is low of 6th July as well as an old gap-open. Below 4121 levels next support is at 4055.
Below is the hourly chart of Nifty Futures:

On Daily charts Nifty formed an inside bar, Range of the bar is narrow and the volumes at this bar is good which is indicating 2 things:

1. Market is unable to move up, due to supply (Demand is unable to take over the supply)
2. Buying or an attempt to move up with high effort (volumes) has happened today, which is indicating that if this up move fails then we may see more bearishness, as supply overtakes the demand.

Below is the Daily chart of Nifty Futures:

Nifty at Resistance Zone - 26th June

Nifty is at the resistance of the important pivot resistance level as i mentioned before and also at the resistance of the channel. Booking profits here as today is Friday. Below is the 5 min chart of Nifty Futures:

Bearish ABCD pattern in Nifty - June 25th

Bearish ABCD in Nifty Futures. Secondary harmonics in play, need to take with pinch of salt

Update at 11:45 AM:
Nifty is at ascending triangle's resistance line. Below is the latest chart

Nifty Opening Update - June 25th

Nifty opened right at the Channel Resistance.

Nifty Technical Analysis For June 25th

Yesterday’s Recap (June 24th):
Nifty opened near June 23rd high, which is inside the up sloping Channel. After opening it showed weakness and started drifting down and threatened to breakdown from the Channel. It gave false breakdown with low volumes, but the breakdown was very small can be considered as minor error. Then price took support form the support line of the Channel and moved just above support line to sustain. At mid of the day it zoomed up and broke the Ascending Triangle resistance line with volumes but it stayed inside the Channel till the end. Below is the 5 min chart of Nifty Futures:

Cues For Today (June 25th):
As I already mentioned longs could be hold with Ascending triangle's support line as stop loss, and Nifty broke the resistance trend line yesterday convincingly and successfully retested it.

On the higher side, Channel resistance is now at 4330/4340 levels (moves up by time). Bearking that may take Nifty to 4390/4400 levels. If 4400 levels are broken convincingly then it may reach the resistance line of the Expanding Triangle!!

On the lower side now Nifty formed good number of support zones

1. Upper line of Ascending triangle at 4278
2. Support Line of Channel
3. Gap Support at 4160, may not break today.
4. Support Line of Expanding Triangle, which is too far, may not reach today.

For today channel support and Ascending Triangle Resistance line fall nearby which may become good support zone for Nifty. If it is broken down the Nifty may show weakness. On the overall Nifty may show some strength today ,if it breaks above the channel resistance line. Below is the 20 min chart of Nifty Futures:

Update: Ascending Triangle in Nifty - June 24th

Update on Ascending Triangle in Nifty. Ascending triangle breakout was confirmed with good volumes, but after that Nifty saw stiff resistance near Channel resistance line. A clear increase in volumes are visible after the break out, which signifies accumulation and supoprts the Ascending Triangle's breakout. Nifty may reach the target of the Ascending Triangle 4390 levels, when the Channel resistance is broken up. Will update the macro view on Nifty as usual later tonight. Below is the 5 min chart of Nifty Futures:

Update on June 27 10:30 PM:
Target for Ascending Triangle is reached on 26th June. Below is the 5 min chart of Nifty Futures: