Charts for the Day

[Bewinner]

Anil ji...

joined on which side? long?

 

[anil_s_trivedi]

Nifty update:

Hourly short term now down, so longs are risky here. And sustaining below 6030 is a first sign of weakness. On upside a resistance placed at 6055 zone. A sustain move above 6055 will have another high till 6090-6100.

As of now, 5min charts too are overextended and needs cooling down. A compelling weakness in momentum now coming in.

 

[anil_s_trivedi]

Nifty update:

Daily:

A close below yesterdays low or rather 6020 will bring sideways to downtrend till 5960 zone. Closing below 5960 on daily is a sign of bigger correction to whole rise from 5550 level.

Hourly:

Hourly short term trend momentum loosing strength. Resistance at 6076 if resisted then its a sign of weakness creeping in. Weakness confirmed below 6050.
6015 is the support zone, if failure to hold will invite lower levels.

 

[anil_s_trivedi]

Nifty update:

If bulls wanna take higher this is the time, else weakness creeping in.
sustaining below 6050 not good for bulls.

 

[jain.er]

@Anil ji do you see some kind of a bearish divergence in Nifty ?

Also please give us some gyan about divergence when you have some time...

 

[timepass]

@Anil ji do you see some kind of a bearish divergence in Nifty ?

Also please give us some gyan about divergence when you have some time...

Here you are...

Dear Tharu,

For you...

 

[anil_s_trivedi]

@Anil ji do you see some kind of a bearish divergence in Nifty ?

Also please give us some gyan about divergence when you have some time...

Dear jain.er,

Thanks to tp for the prompt reply to jain.
Nifty on hourly is under -ve divergence. And i am referring to momentum indicators. I am also seeing on RSI too.

Divergences are only forewarning of loss in momentum in that direction, it doesnt mean reversal.
If you shift to hourly chart, you will see rise from 5860-6011 is a lot steeper than rise from 5928 - 6084. This itself implies rate of advancement is taking a beating here. But does it mean a reversal.
For this its price only which can confirm, and we can refer to two or three confirmation for the same. like trendline breach, moving below a key average, or some solid reversal bar pattern.

Then one can act on that with tight stoploss, as momentum can keep going in that direction till the exhaustion sets in.

Watch how its struggling to move above 6076 but on the same time holding 6050 tightly. Now more it stays here, now it will be difficult for bulls to maintain that up momentum.

Rest you can refer chart reposted by timepass ji, its a referal table. Many also followed type-1 and type -2 divergences. I just the follow uploaded chart.

 

[anil_s_trivedi]

Nifty update:

Hourly trend short term down, intermediate too shifted too down.
Next level in sight 6015-20 zone.

 

[manojborle]

Close below 6025 will be a bearish engulfing on daily chart sir

 

[anil_s_trivedi]

Nifty update:

Daily:

Short term momentum down. And its reflected in hourly momentum too.

Hourly:

Short term and intermediate both down.With long term too indicating a topping sign. Its a significance since the rally till now hasnt any topping feature, but now the stage is perfect set for the same.
Weakness will set below 6045 zone. The fall may be till 5986 zone for first phase.

5min:

As expected nifty is struggling near to our resistance zone of 6076.
The sustaining below 6062 is a sign of weakness.
Remember our least expectation was at 6015-20, once down there a bounce restricted near to 6045-50 will invite 5986 zone.

I will be worried only if nifty sustained above 6076.

Remember, its a weakness on lower timeframe and it doesnt mean we will go to 5900 in one go. On daily matter of concern only if it closes below 5980-86 zone.