Nifty in Consolidation - 01 Oct 09

Nifty Intraday Chart - 5 mins:

Nifty is consolidating in Sideways with declining volumes, pink lines may act as support and resistances. Breakout or breakdown with high volumes may give the next trend.

Bearish Wolfe Wave in Spot Nifty - 30th Sep 09

Update at 2:37 PM:

Pattern failed to reach the target. No long trade just now as Nifty is still looking bearish, and over bought.

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

Update at 1:50 PM:

Target is aqua line.

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

Spot Nifty Intraday Chart - 5 min:

Nifty formed a bearish Wolfe wave in spot Nifty, exited long trade taken in the morning after the break out from the channel. Short trade will get trigger below 5057 in Spot Nifty value(as the WW is formed in spot Nifty). Will again enter long if it breaks the high of the day in spot Nifty.

Opening Update on Nifty - 29th Sep 09

Update at 3:18 PM:

Exited all at 5008.

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

Nifty Intraday Chart - 5 mins:

Nifty opened just above the resistance line, which may act as a good support for today. I have entered long at 5000 with the stop loss below the support line. One may take long trade in dips with the stoploss below the support line..

Bearish Harmonic Patterns in Sensex and Nifty - 24th Sep 09

Sensex Intraday Chart - 5 mins:

Sensex formed a bearish bat, reversal not yet triggered. Targets are marked on the chart.

Nifty Intraday Chart - 5 mins:

Nifty has formes a bearish butterfly pattern, reversal not yet triggered. Nifty formed a rounding pattern in intraday and reached its target, but this may give some support for bulls.

Rounding Bottom in Nifty - 24th Sep 09

Update at 3:18 PM:

Exited at 4983

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

Update at 3:02 PM:

Target reached booked 75% at 4991. Still trailing with 25% but 5000 level is good resistance watch out.

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

Nifty Intraday Chart - 5 mins:

Nifty formed a rounding bottom/cup and handle in intraday, also it took support from 50% retracement of the up move from 4908 to 4957 level. Break out with confirming volumes may led Nifty to 4983 level.

Update on Bullish ABCD pattern in Tatasteel - 24th Sep 09

Update at 10:48 PM:
Exited Tatasteel at 507.

PS: exited punjLloyed at 254.5, I mentioned to enter in a small quantity. closing the call with 5% loss.

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

Update on Bullish ABCD pattern in Tatasteel, which was posted earlier. Moving Stoploss at 507 all the remaining long trades.

Nifty Technical Analysis For 24th Sep 09

Nifty chart - Hourly:

Nifty has broken the important support level of 5000. Like I have mentioned in yesterday's Pre-Market Analysis, Nifty showed its bearishness below that level.

On the higher side now this 5000 level may act as good resistance. Above which it can go up to 5045 level.

On the lower side Nifty has broken the 5000 level, 4920 may give next support which is a gap support. below which it may go up to 4890. 4845 and 4790 are the next important supports.

Nifty Intraday Technical Analysis for 23rd Sep 09

Nifty Intraday Analysis - 5 min:

Nifty continued its fall from yesterday and took support from 5000 level. Later on it bounced back with low volumes and formed a head and shoulder pattern. It gave a break down and reached the target immediately. Reversal at the break down at 4992 was good trade and gave almost 1% profit with in few mins.

Nifty Technical Analysis For 23rd Sep 09

Spot Nifty Intraday Chart - 1 min:

Spot Nifty formed a Bearish Wolfe wave in 1 min time frame and reached its target in intraday itself. Above is the 1 min Spot Nifty chart marked with bearish Wolfe Wave.

Nifty Chart - Hourly:

Nifty almost reached the second target of 5050 level yesterday, it missed with 2 points as Spot Nifty formed a bearish Wolfe wave it retraced back. But the retracement was on high volumes, which is giving a small hint that there may not be a smooth up move from here.

On the higher side Nifty may take resistance from 5100 level, but 5050 may act as intermediate resistance.

On the lower side Nifty may take support from 5010 - 5000 level, if Nifty breaks these support levels then it may show some bearishness. So moving the stop loss for the remaining holdings to 4992 level.

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.

Raising Wedge in Spot Nifty - 22nd Sep 09

Update @ 3:05 pm:

Break down did not happen, invalidating this.

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

Spot Nifty Intraday chart - 5 mins:

Spot Nifty formed a raising wedge in 5 min charts, also we can see it in futures too but it is not perfect. If it gives break down with confirming volumes, then I will exit the long trades at the break down and reverse the trade for intraday with small quantity.

Nifty Technical Analysis For 22nd Sep 09

Nifty Chart - Hourly:

On the higher side Nifty may move up to 4996 level, above which it may reach up to 5050 levels. I have mentioned earlier Nifty formed Bullish Gartley in 5 min time frame which is indicating some strength to the market. 50% of the holding was closed in intraday (on friday) and stop loss for remaining 50% may be kept at 4938 level.

On the lower side Nifty has good support at 4940 - 4930 level as I have already mentioned in the 18th Sep Pre-Market Analysis. Nifty took support from 4940 levels on last Friday. If 4940 level are broken then Nifty may show some weakness.

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.

Nifty Technical Analysis For 18th Sep 09

Nifty Chart - Hourly:

Nifty reached the targets of 5000 and 5010 level yesterday which i hav ementioned in the Pre-Market Analysis, but I skipped this trade.

On the lower side Nifty may take support from the lower levels, 4940 - 4930 level is important and may give good support for Nifty. If it is broken then Nifty may go up to 4900 level.

On the higher side 5000 and 5010 is the resistance, if it is broken then Nifty may go up to 5035 level.

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 Technical Analysis For 15th Sep 09

Update at 1:06 PM:

Exited all at 4885. Nifty is forming like a Flag and pole will enter at the breakout.

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

Update at 10.25 AM:

Booked 75% profits of swing trade here at 4866, and keeping trailing stop loss for the remaining. Nifty almost reached the target of 4868 level.

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

Nifty Chart - Daily:

Nifty moved in a very narrow range yesterday with low volumes, indicating that bears were not able to sustain. Also it formed an Inside Bar(with small error).

Nifty Intraday Chart - 5 min:

Nifty formed a narrow range channel and gave a break out after consolidating for almost a day. Target for this channel is 4842, which is almost reached yesterday itself. But I am expecting this move up to the next resistance level of 4855 and then 4868.

Nifty Chart - Hourly:

On the higher side Nifty has 3 levels of resistances in the narrow range, and they are 4842 - 4852 - 4868.

On the lower side Nifty has a good support at 4785 level, below which it may go up to 4753 level. 4740 is the next support for Nifty below which bears may gain some more strength.

Nifty Technical Analysis For 14th Sep 09

Spot Nifty Chart - Daily:

Spot Nifty formed a Gravestone Doji in daily charts on last Thursday, but on Friday It gave a gap up instead of opening gap down. Till 4886 is taken out supply may come in at higher levels.

Nifty Intraday Chart - 5 mins:

Nifty broke the resistance line in intraday, which may act as support for today.

Nifty Chart - Hourly:

On the higher side 4890 may act as an important resistance. 4867 may act as intermediate resistance.

On the lower side support trend line may give support which is at 4828 level, Below which 4800 - 4795 - 4785 levels may give good support for Nifty.

Nifty Technical Analysis For 11th Sep 09

Nifty Chart - Daily:

Nifty Showed weakness yesterday, after a gap up opening it came down and closed around 50% of the Thursday's up move. Cloud cover indicates weakness, but we need to take confirmation from some other indicator to validate this.

One more thing to observe is volume on the up move days is much less then the down move days.

Nifty Chart - Hourly:

Nifty has to break yesterday's high of 4890 to gain momentum. On the higher side 4840 may act as resistance. 4890 may act as next major resistance. 4860 may act as intermediate resistance.

On the lower side 4785-4780 may act as good support. As I have already mentioned in yesterdays Pre-Market Analysis, nifty has bunch of supports in the range. Below 4785 it may take support from, 4760 level and then 4740 may come into play.

Nifty Technical Analysis For 10th Sep 09

Nifty Intraday Chart - 5 mins:

Nifty formed a Channel/Trading range, and it gave a break out from it. Later on it formed a flag with declining volumes. As it did not form any bearish pattern later on after the break out it is not a Terminal upthrust, so Nifty may reach 4860 level.

Nifty Chart - Hourly:

On the higher side Nifty may reach up to 4860 - 4865 levels but 4840 may act as intermediate resistance. Above which Nifty may move up to 4880 levels, and 4920 may be the next resistance

On the lower side Nifty formed a bunch of supports, 4785 may act as good support. 4760 - 4740 mat act as next immediate supports.