Nifty Intraday Technical Analysis for 4th Sep 09

Nifty Intraday Chart - 1 min:

Nifty opened a gap up of 20 points, and formed a bearish Wolfe Wave in 1 min and started falling down and reached its target immediately.

Nifty Intraday Chart - 5 mins:

Nifty formed a Bullish ABCD pattern with small error while coming down and took support from the 4580 level which I have mentioned in the pre-market analysis. Also Nifty closed the gap which it has opened at the opening and started moving up. This Bullish ABCD pattern gave good reversal signal at the support, Nifty broke all the resistances and moved up with good thrust.

Nifty Intraday Technical Analysis for 1st Sep 09

Nifty Intraday Chart - 5 mins:

Nifty opened a Gap up of 25 points which was above the Neckline of the Inverted Head and Shoulders and it started moving up. As I mentioned in the Pre-Market Analysis target for the Inverted Head and Shoulders(Right shoulder is not fully developed) was at 4730 and it reached the target. After reaching the target, it consolidated with low volumes and also formed a double top with volume confirmation. Nifty gave a break down from the sideways range giving good reversal signal at higher levels, it reached the breakdown target immediately but by pure luck it managed to slide down so fast giving a profit of 80 points in this second trade.

Nifty Intraday Technical Analysis for 21st Aug 09

Nifty Intraday Chart - 5 mins:

Nifty opened a gap down of 25 points, and consolidated in a narrow range for an hour and just above the support level of 4400. Also, it formed a bearish wolfe wave in this consolidation, seen in 1 min chart below.

Nifty Intraday Chart - 1 min marked with bearish Wolfe Wave:

Nifty reached the target of Wolfe wave immediately. It tested the support level thrice and gave a breakout. Nifty formed a bullish flag and pole pattern and gave a good break out. It reached the target of 4485 level in intraday itself. After reaching the target of the flag and pole, Nifty formed another flag and pole which is shown in the first chart(5 min). In the flag it formed the bullish wolfe wave in 1 min time frame.

Nifty Intarady Chart - 1 min marked with Bullish Wolfe Wave:

Nifty reached the target of bullish wolfe wave immediately, and also the flag and pole target of4520 level. On the over all Nifty formed 2 flag and poles and 2 wolfe wave in intrady. all the patterns reached the targets in intraday.

Nifty Intraday Technical Analysis for 19th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty formed a channel from yesterday as marked in the above chart and broke with good volumes. After breaking the channel, broke the important support level of 4356 with confirming volumes. Nifty formed a double bottom at 4344 levels after breaking 4356, and reached the target.

Nifty Intraday Technical Analysis for 12th Aug 09

Nifty Intraday chart - 5 mins:

Nifty opened gap down, after consolidation it gave a confirming break down with volumes. It broke all the minor support levels. Nifty did break the major support of 4370 levels yellow line which I have mentioned in the pre-market post, but not with good volumes. It consolidated for some time below the support levels but couldn't breakdown with volumes. Which gave a good signal to buy when it bounced back above the support level. It retraced exactly from the 127.2% projection of yesterday's up move from 4388 to 4513.

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 Intraday Technical Analysis for 6th Aug 09

Nifty Intraday Chart - 5 mins:

Nifty took support from the 78% of the ABCD pattern and moved up with low volumes. At the trading range resistance, it started consolidating and moved sideways for an hour. It made an attempt to move up with low volumes but couldn't succeed. Later it tested support with moderate volumes which succeded in 5 min time frame and formed a long legged hammer. Also Nifty formed an Wolfe Wave, which is not a perfect one though. When the support of the consolidation is taken down with filter, entry trade was triggered to ride the whole down move of 110 points. Nifty drifted down with high volumes, reaching the target of the Wolfe wave in between the down move.

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 3rd Aug 09

Nifty Intraday Chart - 5 Mins:

Nifty Formed an Ascending Triangle from last Friday, today it gave a breakout. Today it retraced exactly up to 61.8% of the first wave of the Ascending triangle, forming a good harmonic Triangle pattern. But the spread of the bar and volumes at the breakout are not very convincing. Nifty consolidated just above the resistance line of the triangle and gave the breakout from the sideways move to push the prices upwards.

Nifty Technical Analysis For 3rd Aug 09

Nifty Chart - Weekly:

On weekly charts Nifty formed a candlestick hanging man near the crucial resistance levels. If we carefully observe the last 3 candles, the body size of the candles is reducing gradually, giving a little hint that it may not move upside as easy as it moved initially, with out a small retracement.

Nifty Chart - Daily:

On daily charts Nifty has clearly formed trading range. Resistance of this range is at 4600 to 4700 levels and the support are at 4050 to 3900 levels. Break out or Break down from this range may give the mid term trend. But one must be careful with the terminal upthrust and the springs, with proper application of filters may avoid wrong trades.

Nifty Chart - Hourly:

On last Friday Nifty swung in wide range. It opened Gap up of 60 points, tested the resistance level of 4680 and came back to close the gap, but finally it moved up with out closing the gap.

On the higher side Nifty may take minor resistances from the pivot highs of 4670 - 4680 levels which it made on last Friday. Above which 4700 levels may act as good resistances.If a break out happens at 4700 levels with good volumes then the initial target may be 4900 levels.

On the lower side Nifty may take support from 4585 - 4570 levels. Below which it may move up to 4530 levels. Next support may come at 4475 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 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 :)

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.

Intraday Analysis of Nifty - 24th Jul 09

Nifty Chart - 5 Mins:

Nifty opened a gap up of 32 points, exactly at 4570 levels, took resistance here and moved down and took support from 4520. Both these levels were mentioned in the morning post. Later on bears tried to crack this 4520 levels with big volumes. They succeed for a brief time but the happiness never lasted for them, as nifty immediately took support from yesterday's pivot levels of 4510 and bounced back.

On the higher side, 4540 levels were very hard to break for the bulls. But after some sideways consolidation, the break out happened with good volumes. Later on with increased demand, market moved up very fast towards the resistance levels. The red resistance trend line held very well.

Intraday Analysis of Nifty - 23rd Jul 09

Nifty Chart - 5 mins:

Due to strong global scenario Nifty opened a gap up of 46 points. As it opened a gap above 4440 which was a bear border, bulls became strong smacking down the bears. Nifty retested the gap twice and succeeded to move up. Every time when it tested the gap bottoming tail candles are clearly visible, showing the strength.

Nifty formed a symmetric triangle near the gap support, coiled inside around 2 hours with lower volumes. Due to Thrust developed by the pattern it busted out with big volumes and the spread of the bar is also big. It reached the target of the pattern in 1 min but important point to note is this consolidation will give good support for bulls in near future.

Nifty Opening Update - 16th Jul 09

Hourly chart of Nifty Futures:

Nifty opened just below the resistance level( yellow line). Booked 50% of my swing long trades here, Total 200 points profit . Holding remaining with the stop loss at 4120- filter levels.

Nifty Futures Intraday Analysis (26th May)

Nifty futures formed Diamond pattern in 5 min charts, continuing from past 2 days. Volumes were draining while the pattern is forming and gave break down with good volumes in the early hours of trading today. After the breakdown, Nifty did a retest and formed a small Bearish Wolfe Wave at the peak of the retest move, signaling the end of the weak bulls. Below is the bearish Wolfe Wave in 1min bars

With the bearish Diamond cloud supporting bears, price couldn't bounce back and just drifted down till end of the day.

Intraday Analysis of Nifty (Futures) on 21st May 09

Nifty opened gap down today and price started moving sideways. A channel is formed, with draining volumes and gave a break out with good volumes and reached the target. After retracing to some point price started moving up again, but with low volumes compared to previous up move. And the shooting star is indicating some bearish signals, so this is surely a double top hence we go short below the support trend line. Below is the chart showing Channel and Double Top in Nifty futures on 5 min time frame:



In an Ideal head and shoulders, while price is moving upwards in head volumes should not be very high as this indicates bullishness. Here we got good volumes while moving up, but later we saw a double top which is bearish sign and while moving down from the second top volumes increased nicely as compared to the up move. In the right shoulder volumes declined while moving up and increased while moving down, which is good. Though we got higher volumes in while moving up in formation of head, double top is negating the bullishness and nice volumes in right shoulder is telling us this is a good head and shoulder pattern. And the big volumes and wide spread at the break down confirm the head and shoulders pattern. Below is the chart showing Head and shoulders in Nifty futures on 5 min time frame:

Intraday Analysis of Nifty (Futures) on 20th May 09

Nifty futures formed a nice head and shoulders pattern in intraday, with draining volumes. Small Head and Shoulders formed inside, right on top of the head indicating the bearishness and is the highest point of the day. Volumes increased as soon as the breakdown happened and price dropped down reaching the target. Below is the chart of nifty futures in 1 min time frame:

Again towards the end of the day, Nifty Futures formed a Bullish Wolfe Wave. Symmetry is good and higher volumes at 5 are supporting the pattern. Long trade is already triggered and I am long since 4272 with the stop loss at 4247.

Update: Bullish Wolfe Wave in Nifty (Futures) on 19th

Update on Bullish Wolfe Wave in Nifty (Futures) that I posted yesterday.

Trade triggered as 1-3-5 line is taken upside. But nifty faced still resistance up side and started moving down, forming head and shoulders, which is reversal to our long trade. So when the neckline is taken down, I exited the long trade in profit. But target is not reached for this pattern yet and the price broke the low of the day thus spoiling the pattern.