Update2: Bullish Gartley in Nifty - 22nd Sep 09

Nifty Futures is very near to the 2nd target of the Bullish Gartley posted earlier, just 2 more points to hit the target. Booked intraday added quantity from last post at 5046. There is a small bearish Wolfe Wave in 1 min charts here in spot Nifty.

Still holding the other 50% entered from Bullish Gartley. Moving stop loss for this trade to 5008.

Update: Bullish Gartley in Nifty - 22nd Sep 09

Bullish Gartley in Nifty, posted earlier. Nifty reached the first target of 4996 level. As Nifty is moving sideways and no demand is coming in above 5010 level. Moving stop loss to below the sideways move at 4994.
Will add some more if it gives break out or above days high.

Bullish Gartley in Nifty - 18th sep 09

Update at 3:25 PM:

Booked 50% of the swing holdings here at 4975, as Monday is Holiday.

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

Update at 2:42 PM:

Moving stop loss to 4958. as Nifty is moving sideways.

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

Update at 2:27 PM:

Bearish ABCD in 1 min is not allowing futures to move above 4974. so moving Sl to 4962 for 50% of holdings

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

Nifty Intraday Chart - 5 mins:

Nifty formed a bullish Gartley in 5 min time frame, Long trade is triggered at 4956 with the stop loss below low of the day. Targets are marked on the chart. A descending triangle is also visible on the charts so trade with caution. Can keep trailing stop loss.

Update on Bullish ABCD pattern in Tatasteel - 16th Sep 09

Bullish ABCD pattern in Tatasteel posted earlier, reached the first target of Gartley at 507. I wanted to re-accumulate in the dips but couldn't do it as it didn't go down much for retracement. Now at 520 level which is exactly Rs.104 profit for each stock Booked 6.5% here.

Technical Analysis on Reliance - 14th Sep 09

Reliance Chart - Daily:

Reliance has formed an Ascending Triangle in daily charts (not a perfect one). It gave a break out from the Triangle, but the volumes are not very convincing. Today it took support from the Neckline of the Triangle. Long trade can be taken with the stop loss below the support trend line or 1918. Target may be the height of the triangle at 2500 level. 2270 may act as next immediate resistance.

I would not prefer to take new trade at this point of time. As Nifty is still in indecision so risk would be more then reward.

I have posted a long entry in Reliance when it formed a Bullish ABCD Pattern (Gartley with double bottom) at 1870 level. Which reached the targets of ABCD pattern immediately and reached the extended target of 2190 later on.
Reliance gave a wonderful opportunity to re-enter long trade on 4th Sep, But I didn't utilize it as I was holding some other scrips at that point of time.

Bullish Gartley in LITL - 11th sep 09

Update on 14th Sep 09, 4:00 PM:
Stop loss hit for LITL, but exited with 0.62% profit on the trade.

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

Update at 1:56 PM:

LITL missed the target with Rs. 1. Booked out 50% at 424 and moving stop loss to Rs.414

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

Update at 11.40PM:

Bought it at around 416.4 on avg. Till now it sustained nicely with the bearish Wolfe wave cum ABCD pattren in Nifty.

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

LITL Intraday Chart - 5 mins:

LITL formed a Bullish Gartley pattern. Targets are marked on chart. Those who have traded before and want to reenter, with small risk can enter now.( buy in small dips)

Update on Bullish ABCD pattern in Tatasteel - 11th Sep 09

TataSteel Chart - Hourly:

I have entered the trade with ABCD pattern which I have posted earlier. Now updating the extended targets for the Gartley pattern marked in the above chart with targets. I wanted to accumulate this scrip in the dips so I planed and booked out 75% of the holdings at each target, so that I would be in profit even if it hit stop loss. But even in a feeble day as yesterday, it managed to hold good.

TataSteel Chart - Daily:

On the daily charts it has broken the previous pivot, which again indicates strength. I would like to add in dips depending up on situation. Expect some updates.

Update: Bullish Gartley in LITL - 10th sep 09

LITL Chart - Hourly:

Update on Bullish Gartley in LITL posted earlier, it gave a good break out in intraday, from the resistance. It retraced around 50% of the previous up move and today it blasted with good volumes.

LITL Chart - Daily:

LITL formed a candlestick shooting star in daily charts, and it closed below the resistance line. As I have booked all the profits in this early, depending up on its performance, I would like to re-enter into this if it gives any good opportunity.

Update: Bullish Gartley in LITL - 8th sep 09

Update at 11:50PM:
Stop loss hit and exited at 420. Total 5.5% profit

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

Update on Bullish Gartley in LITL, posted earlier. Moving stop loss to 420. It is near to its first target of 428. If it hits will book out 50% and keep stop loss at 420 for remaining swing holdings.

Update: Possible Bullish Gartley in LITL - 7th sep 09

LITL Intraday Chart - 5 mins:

Update on Bullish Gartley in LITL. LITL has formed a bullish wolfe wave in 1 min time frame(not perfect one though). Will book 50% of my swing long holdings if it fails, moving stop loss to 405 level.

Possible Bullish Gartley in LITL - 3rd sep 09

LITL Chart - Hourly:

LITL formed a Possible Bullish Gartley. Point "D" is still underdeveloped, will update it when it triggers as usual.

Possible Bearish Gartley in LT - 28th Aug 09

Update on 31st Aug 11.55 PM:

It didn't give opportunity to enter short trade yet.

LT Chart - Daily:

LT formed a possible Gartley pattern in daily charts. Point "D" is still underdeveloped, that's why I am calling it as "possible". Will update on this, watch out for confirmation and entry.

Update: Bullish Gartley in Ranbaxy 25th Aug 09

Ranbaxy Intraday Chart - 5 mins:

High risk traders who have entered the long trade, in Ranbaxy would have gained much. They would have got 12% profits till now.

Update: Bullish Gartley in Ranbaxy 20th Aug 09

Ranbaxy Intraday Chart - 5 mins:

Update on Bullish Gartley in Ranbaxy, it opened at 305.2 and started falling down, so no trade is triggered on Ranbaxy. If tomorrow we take trade above 305.2 + filter then risk/reward would be too high. Hence only high risk trades can take the trade. Above is the updated chart.

Bullish Gartley in Ranbaxy 19th Aug 09

Ranbaxy Chart - 5 Mins:

Ranbaxy formed a bullish Gartely. It took support from the Fibonacci levels convergence is good, but the ABCD pattern is not perfect. So the trade must be taken with strict stop loss on good entry signal. If trade triggers would suggest trailing stop loss. If it breaks 298 then the chance of falling to 293 to 290 levels may become more.

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 Intraday Technical Analysis for 29th Jul 09

Nifty Intraday Chart - 5 mins:

Nifty opened gap down of 20 points, reaching the first target of Bearish Gartley. It took support from exactly 4527 levels which I have mentioned in morning post, and started moving up with low volumes forming a Head and Shoulders pattern. It gave a break down from the neckline with good volumes, and reached the target immediately. Also it reached the second target of Gartley in the same down move.

It took support by closing the Gap formed on 23rd July and formed an Ascending Triangle with trailing Narrow Range, target of which is reached in intraday itself. Over all a good day, got good reversal entry at the top most point of the down move yesterday :)

Update on Bearish Gartley in Nifty - 29th Jul 09

Update on Bearish Gartley in Nifty, first target of bearish Gartley was at 4544. Nifty opened below the firsts target.

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

Update at 12:10 PM:

Second target of the Bearish gartley is reached.

PS: Nifty formed a Head and shoulders and reached the target immediately

Nifty Technical Analysis For 29th Jul 09

Nifty Intraday Chart - 5 min:

Nifty formed a bearish Gartley pattern from 27th July, first target for this pattern is 4544 levels and the Second target is at 4505 levels. But the support line of the Symmetric triangle must be broken initially which I have posted on 27th July.

Nifty Chart - Hourly:

On the higher side 4610 may act as good resistance now, it must be broken with good volumes to resume the up move again. Also Spot Nifty Channel resistance line must be broken to strengthen the bulls. If Nifty breaks 4610 levels decisively then it may move up to 4640 levels, above which it may reach 4680 levels.

On the lower side support line of the triangle may give initial support which is at 4550 levels. 4527 may act as minor support, below which Nifty may move down to 4505 levels. If Support line of the channel in the spot Nifty is broken decisively, then we may see bearishness in next few days.

Nifty Intraday Technical Analysis for 28th Jul 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Symmetric triangle as I have mentioned in the morning post. It took support from the 4540 levels and moved up. It broke the resistance line of the symmetric triangle with not so good volumes and the spread of the bar was not convincing.

Nifty formed a good Gartley pattern near the resistance levels. BC projection was 127% and AB is perfectly equal to CD. As the resistance line is falling with the convergence level at 4608 levels, it became very stiff resistance. Reversal at this point was a good trade as risk/reward was very fantastically low. Booked 75% of my intraday holdings at the ABCD target. Gartley targets yet to reach, holding 25% for Gartley targets. All in all good day every thing went according to plan, support and resistances worked very well.