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.

Short Term Market View - 10 Sep 09

Nifty Chart - Daily:

Nifty formed an Ascending Triangle pattern in Daily charts. But, the breakout of the previous highs (resistance) is not very convincing to launch fresh longs and start expecting more upward move. Low volumes reflect week supply and not strong demand. Its wait and watch period in my view. I am hoping that after some up move, market would come back for a re-test of this resistance line (around 4760-4770). A break out or breakdown from the re-test levels may lead the trend. This point may be a safe entry for fresh longs or even for shorts on a breakdown, which may convince this up move as a false breakout.

Sensex Chart - Daily:

On the contrary, Sensex has formed a Raising Wedge, which is bearish. If the resistance line is broken up, then wedge would be invalid. Interesting times!

Nifty Technical Analysis For 8th Sep 09

Spot Nifty Chart - Weekly:

Spot Nifty retraced exactly to the 61.8& of the total down move from 2008 Jan to Oct.

Spot Nifty Chart - Daily:

Spot Nifty managed to cross the Resistance and close anove it, but looking at the chart its clear that we may need some more confirmination in next couple of sessions.

Sensex Chart - Daily:

Sensex just closed at the previous pivot high, no breakout here too.

Nifty Chart - Daily:

Nifty has broken the resistance of the trading range decisively. But volumes are not confirming the move, also spread of the bar is not good to conform it as a break out. Break out with thrust didn't happen, one must be cautious with taking new longs. Nifty may reach the height of the Ascending triangle/Trading range as price pattern in indicating.

Nifty Intaraday Chart - 5 mins:

Nifty formed a Flag and Pole pattern on Friday, as I have mentioned in the yesterday's pre-market Analysis. Nifty moved up exactly the same distance as the previous move, instead of moving from the spiking volumes range. The above chart is marked with the Flag and Pole continuation pattern with distance measurement. Trailing strategy from the Target 4740(given target) may have given 60 more points in the intraday.

Nifty Chart - Hourly:

On the higher side Nifty may take resistance from the 4840 levels. Above which it can reach up to 4890 level. 4920 may act as next immediate resistance.

On the lower side Nifty formed a good number support levels, it may take support from the 4760 levels. Below which it may reach up to 4740 levels. If nifty breaks 4740 levels then bears may come into play.

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.

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Update at 11:00 PM :

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

Morning Doji Star In Sensex - 14th Jul 09

Sensex made a Morning Doji Star in daily charts as marked in the above chart. The Morning Doji Star is a possible early indication of the trend change. This can be taken as change in trend by confirming with other indicators.

Ideally this pattern forms at the market bottoms at the end of the bear run or at significant retracements. As volumes are not available in Sensex so I am considering the Nifty futures volumes with this pattern. Nifty Futures volumes are not surging in todays up move of 4.2% in Nifty Futures. One must be carefull with existing shorts and adjust stops accordingly and may take swing-term longs based on other entry confirmation (indicators, lower-time frame patterns etc)