Intraday Analysis of Nifty - 18th Jul 09

Nifty Futures 5 min chart:

Due to strong global ques Nifty opened a gap up of 35 points. It started moving up and reached the Double bottom which has formed on 16th July. It gave a convincing break out from the Resistance trend line and 16th July high with good volumes and big spread. Due to the thrust developed by the partial pullback from the resistance line, Nifty moved up but with declining volumes. At 4350 levels there is another resistance from the trend line and the 78.6 % retracement of the down move from 6th July to 13th July, Nifty didn't give a clearcut break out from it but it had a successful retest. After the retest Nifty moved up with good volumes and closed near its highs.

Intraday Analysis of Nifty - 16th Jun 09

Nifty Futures 5 min chart :

Nifty Futures 15 Min chart:

Nifty opened gap up of 47 points due to strong global ques. But the opening was just below the resistance line and stared moving down. It took support form the previous resistance level of 4200, which is also 50% retracement of down move from 6th July to 13 July.It formed a double bottom and also a Symmetric triangle with declining volumes as shown in the above chart. Break out form the triangle didn't happen with conviencing volumes, but it gave a good break out from double bottom pattern.

Wolfe Wave in 1 min chart of Nifty Futures:

After the break out a bearish Wolfe wave formed in 1 min time frame which gave a good signal to reverse the trade at higher levels, as a result double bottom pattern didn't reach the target yet. as I have reversed to short with the wolfe wave and not holding longs for the target of double bottom. Lets see whether double bottom will reach its target tomorrow or not.

NF Patterns Review since last bottom on 3rd March 2009

I was reviewing the important patterns formed during last few weeks, what I traded, what I missed, false breakouts, etc. Here is the chart with the pattens on nifty futures on hourly time frame.

Double Bottom is formed on hourly charts of nifty from 6 th March low and on 9 th March 2009 low are the two bottoms. Price gave Break out on 12 th March and the target reached on 13 th March.

Diamond Patten is formed from 17 th March to 20 th March, Volumes are not convincingly increasing while triange is expanding in diamond. But while contracting volumes are draining and gave break out on 20 th March with big volumes. Target is reached on 24 th March 2009

Symmetric Triange is formed from 23rd to 25th March can see volumes draing in this consolidation patten and gave break out on 25th with big volumes. Target reached on 27 th March

Falling wedge is formed from 26th March to 1st April, breakout happend on the same day target is reached on the next day with big gap up opening.

Gap gave support on 8th April and moved up side

Triangle is formed from 9th to 15th April gave false break out on 13 th april with big volumes and took support from support line of triangle. Today it gave a break out again with good volumes target is yet to be reached.