Update: Bullish ABCD pattern in Grasim 17th Sep 09

Update at 3:35 PM:

On the average 8% profit in this trade.

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Update at 2:25 PM:
Exited all at 2790. but it can go up to 2820 level. If any one want to hold can keep 2760 as stop loss.

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Bullish ABCD pattern in Grasim, It reached the second target, I have added some at the break out of flag pole, exited same quantity at 2778. It may go up to 2820 level. Will exit remaining 25% at the target or at 2800 level.

PS: PunjLLoyd long triggered for the symmetric triangle, entered with small quantity. Will more to it add later.

Update: Symmetric Triangle in GMR Infra - 17th Sep 09

GMR Infra Chart Daily:

GMR Infra has formed a Symmetric Triangle in Daily Charts posted earlier. But it didn't give any breakout or breakdown also it is nearing the apex. Now again it has formed small Symmetric Triangle in hourly charts. Below is the hourly chart marked with Symmetric Triangle.

GMR Infra Chart Hourly:

If GMR Infra gives breakout/breakdown with confirming volumes then it may give Rs.10. If it gives break out it may go much higher then the target, but if it gives breakdown there is a possible chance that the Triangle in daily charts may give support.

Symmetric Triangle in Punj Lloyd - 15th Sep 09

Punj Lloyd Chart - Hourly:

Punj Lloyd has formed a possible Symmetric Triangle, watch out for the Breakout/Breakdown with good volumes. Breakout or Breakdown may give Rs.25

Symmetric Triangle in NTPC - 3rd Sep 09

NTPC Chart - Daily:

NTPC formed a Symmetric Triangle in Daily charts, trade triggers after the breakout or breakdown with volume confirmation. Price nearing Apex, so go for big filters.

Update: Flag and pole in Rcom - 3rd Sep 09

Follow this previous post on Rcom. I have booked 75% at 290.25 and remaining 25% at 293 as mentioned, with an average profit of 4.65%

Rcom Chart - Hourly:

I think, I may be quick to book out profits early! On the retrospect view, zoom out to hourly charts, there is a nice Inverted Head and Shoulders pattern with a target of 297, which I missed to spot on time. Its shown in the above chart.

Rcom Chart - Daily:

A Symmetric Triangle can also be seen in daily charts, for which volumes are not supporting enough. But as we cross Inverted Head and Shoulders pattern target, we may revisit the strength and targets for this Symmetric Triangle as entry at this levels may increase the Risk/Reward.

Symmetric Triangle in RelCap - 3rd Sep 09

RelCap chart - Daily Marked with Symmetric Triangle:

Relcap formed a Symmetric Triange in daily charts, break out or breakdown with volume confirmation may give Rs.270. Volumes have increased before the breakout. If breaks out happens 1000 is the initial target for this.

RelCap chart - Daily Marked with Retracement Ratios:

Relcap formed this symmetric triangle with good harmonic retracements, I have marked them in the above chart.

Technical Analysis on Chambal Fert - 31 Aug 09

Chambal Fert Intraday Chart - 5 mins:

Chambal Fertilizer formed a Symmetric Triangle with lower volumes in 5 min time frame. Break out or break down with volume confirmation may give the target of the height of the Triangle, which is Rs. 2.50

Chambal Fert Chart - Hourly:

In hourly charts the triangle has formed like a pennant to the pole. As this Triangle formed after the sustained up move with spiking volumes, it acts like a pole and pennant (continuation pattern). If breaks out happens to the triangle in 5 min time frame then the extended target would be the height of the pole which is Rs.5

Symmetric triangle in Nifty - 28th Aug

Update at 1:30P.M:

out all at 4664

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Update at 1:05 P.M:

Target reached for the triangle.

PS: booked 25 % more in short trade.

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Update at 12:45 P.M:

Booked 50% profits at 4660, still only 8 more points to go.

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Nifty Intraday chart - 5 mins:

Nifty formed a symmetric triangle with declining volumes. Break out or break down with confirming volumes may give the target of height of the triangle(35 points).

Flag and Pole in GMR Infra - 27th Aug 09

GMR Infra Intraday Chart - 5 mins, marked with Flag and Pole:

GMR Infra formed a Flag and pole in intraday charts, break down with confirming volumes from this pattern may lead it to 138 and then to 136.9 levels.

GMR Infra Intraday Chart - 5 mins, marked with Symmetric Triangle:

GMR infra formed a Symmetric Triangle in Daily charts, a flag and pole is formed just on the resistance line. Break out from this flag and pole may lead price to Symmetric Triangle's target.

Symmetric Triangle in GMR Infra (Daily TF) 26th Aug 09

GMR Infra Chart - Daily:

GMR Infra formed a good harmonic Symmetric Triangle in daily charts, today it formed a bullish wide spread bar with high volumes but it didn't break the resistance line with confirmation. Will add longs to my present holdings, if it gives another big up move tomorrow above 146. One must watch out for a breakout with confirming volumes to enter the trade.

P.S : that is why I was waiting for 146 to book my 25% profits in intraday, but it didn't happen.

Update: Symmetric Triangle in GMR Infra - 26th Aug 09

Update at 27 Aug 09 -12:55 A.M:

Booked all at Rs.142.7

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Update at 3:25 P.M:
Booked 25% more at 143.60, don't want to risk more. Still holding 25% of long trades.

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GMR Infra Chart - 15 mins:

Target for the symmetric triangle in GMR Infra is reached, booked 50% here at 143 and keeping trailing stop loss from here. Expecting upto 146 in this up move lets see. Watch out the price action.

Symmetric Triangle in GMR Infra - 21st Aug 09

GMR Infra Chart - Hourly:

GMR Infra formed a symmetric triangle in hourly charts. Take the long trade with big filters to avoid the spikes or false breakouts. Watch out from conforming volumes at the breakout. Will explain in detail after market hrs.

Update on Symmetric Triangle in GMR Infra - 10th Aug 09

GMR Infra Chart - Hourly:

Update on GMR Infra Symmetric Triangle, it reached the target of 127 today at closing.

Symmetric triangle in Nifty - 10th Aug 09

Symmetric triangle in Nifty first target is 4433 and second target is 4380.
triangle is not perfect, trade with caution also breakdown happened almost at the end of the day.

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Update at 3:28 PM :

Booking profits here at 4400 for intraday, do not want to hold all the positions overnight.

Update on Symmetric Triangle in GMR Infra - 6th Aug 09

GMR Infra Chart - Hourly:

GMR infra gave breakdown from the Symmetric Triangle today with good volumes in 5 min break down bar and continued further till end of day. Short triggered at Rs.139 and closed the trade at Rs136, total 2% profit for intraday

Will take trade tomorrow again depending on the situation, target for this pattern is not yet reached which is at 127 levels. Caution1 on hourly charts volumes are not big at the breakdown also as I have mentioned in previous post volume pattern is not consolidating. Caution2 from present levels there is little chance of forming bullish ABCD is also there.

Symmetric Triangle in GMR Infra - 4th Aug 09

GMR Infra Chart - Hourly:

A Symmetric Triangle is formed in GMR Infra, but volume pattern is not consolidating. Trade must be taken with caution, confirming volumes at the break out is must. Strict stop loss must be followed with this trade.

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.

Nifty Technical Analysis For 28th Jul 09

Nifty Intraday Chart - 15 mins:

Looking at the above 15 min Nifty Chart, there are two possibilities outcomes, based on today morning's move:

(1) There is a potential Symmetric Triangle formation in play, if the market retraces down tomorrow to the lower trend line.

(2) At the same time, there is a possibility of forming a Head and shoulder pattern, if Nifty moves down and gives a break down near 4540 levels .

Nifty Chart - Hourly:

For today on the higher side yesterdays pivot highs of 4591 - 4610 levels may act as initial resistance, above which it may reach up to 4640 levels. Next resistance level comes at 4680.

On the lower side 4540 may act as good support. If nifty cracks down with confirming volumes, then 4509 levels may give good support. Below that, 4487 may act as next support taken from the triangle formed on 23rd July. 4460 may act as good support for Nifty because of the Gap and the Triangle support levels which I have mentioned on 23rd July.

PS: If Nifty breaks 4387 levels decisively, then I will exit my next 25% Nifty positions.

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 - 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.