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March 22, 2010 by | No Comments
S&P sovereign outlook revision for India helped Nifty close in green for yet another day and post a positive weekly close for the sixth week in a row. The aggressive target of the inverted head and shoulders pattern has been achieved and so is the five-wave rise on the hourly charts, as Nifty just missed [...]
March 12, 2010 by | No Comments
After couple of days of dullness, the Nifty showed some action in the final hour of today’s trading session, breaking the range of 5147-5068 and also the high of the pop gun candlestick pattern formed yesterday—this is a positive near-term signal. Going ahead, the upside target of 5180, the 78.6% retracement of the fall from [...]
March 11, 2010 by | 1 Comment
The Nifty is above 5100, but the momentum is weakening, and the high of yesterday proved to be a resistance today. The index had come below the upper Bollinger band in yesterday’s session, which is also acting as a resistance in the near term. On the higher side, 5147 is a resistance above which the [...]
March 10, 2010 by | No Comments
After remaining sideways for two days, today, Nifty moved down and closed below the upper Bollinger band. From here 5049 is the minor support and if Nifty breaches this level it will be an early signal of a next move down. The index was moving up holding its upper Bollinger band and had a high [...]
March 8, 2010 by | No Comments
Nifty opened on upside after two days of consolidation. So the pullback is still extending on upside with target being the 78.6% retracement of the fall from 5310 to 4675, which also coincides with the aggressive target of the inverted head and shoulders pattern. The daily momentum indicator continues to be in buy mode and [...]
March 8, 2010 by | No Comments
Nifty traded in a narrow band for the second consecutive day after a sharp pullback post Union Budget. The market is struggling to sustain above 61.8% retracement level. Being incredulous at this juncture, it is safe to maintain a reversal at 4992 level, as a break below will be an early sign of the next [...]
March 2, 2010 by | No Comments
The Nifty closed above the 5000 level after retesting the Head-and-Shoulder (H&S) pattern and has achieved the conservative target for the pattern, retracing over 50% of the fall from 5310 to 4675. Now, above 5000 the next resistance is at the 61.8% retracement level. The strong resistance area for the Nifty was the 20-WMA, which [...]
February 25, 2010 by | No Comments
Nifty has closed with a perfect candlestick pattern–Doji- -before the most-awaited event of the year, clearly indicating the confusion among the bulls and the bears in the triangle formed, which took a week to get completed. Now, with the daily momentum still in buy mode and 4805 still holding, it seems that the short-term momentum [...]
February 24, 2010 by | 1 Comment
Nifty spent another day below 4900 and witnessed strong selling pressure above the level. The index failed to breach the high of 4930 but so the low of 4805, which is the low of the right shoulder of the inverted head and shoulders pattern formed above 200 daily simple moving average (DMA). The momentum indicator [...]
February 23, 2010 by | 1 Comment
Nifty opened up smartly but ended lower forming an inverted hammer candlestick pattern, signaling selling pressure at higher levels. Now, on both the daily and hourly charts, the setup of an inverted head and shoulders pattern looks clearer with the right shoulder just getting completed today. So, from here on the swing low of 4805 [...]
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