Charts for the Day

[anil_s_trivedi]

Nifty update:

Spot - 5592
Nifty hourly into still in downtrend.
volume absence making the fall suspicious.
Only for risk traders to enter here that too with SL of 5-10 points.

Aggressive trade : Go long here with SL 5580-85

 

[anil_s_trivedi]

Hi,

Yesterdays 10 point trade was a real trap for long traders. The way it held up 5580 first then got a bounced and then broken 5580 with volumes, to take away stoplosses of bottom finders like us.

Anyways Hourly trend still down on all three momentum frames. Although positive divergence appearing very much, but until short term turns up we will stay from it.
on 5min too +ve divergences are appearing, but we know from our earlier experience divergences fail if its a impulsive '3'rd down or 'c' down as Elliott traders trade it.

So whats the plan.

First sign of strength is spot holding 5560 levels. coming above 5580 is added confirmation that a short term bottom is in.

A solace to long holders is rupee starts appreciating towards may be 58.5-59 levels.
As yesterdays daily bar got rejected at resistance zone.So trade with caution, as market will be more news driven, as govt got their men on topmost job.

15 days to go for expiry, and friday is a holiday so 2 days for weekly closing.
A closing above 5595 on weekly is like bulls want to defend badly.

we will watch it and update will be posted here.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

This is no way a trade advisable chart, just highlighting the TDST levels, which never got broken are tend to act as support/resistance later.

 

[anil_s_trivedi]

Nifty on 5min timeframe had turned momentum UP, more strength if sustained above 5551.
Weakness below 5512 for next hour.

 

[amibrokerfans]

THE MARKET MATRIX of Steve Copan, based on delta phenomenon (Neutral market cycle) by Welles Wilder ... showing NIFTY reversal from 8th aug'13 till 5th sep'13.

will it work?

 

[nac]

THE MARKET MATRIX of Steve Copan, based on delta phenomenon (Neutral market cycle) by Welles Wilder ... showing NIFTY reversal from 8th aug'13 till 5th sep'13.

will it work?

Sure it will, if I short here :lol:

 

[anil_s_trivedi]

Its a no suggestion to go long or short here. Just analysing the pace of fall and equality targets to be covered. Here the 5486 was of a perfect equality TGT of earlier downfall.

Now much will lie in the intensity of rise, that need to be watched for further clues.

 

[anil_s_trivedi]

Nifty update:

Need to clear yesterdays high of 5561.45 for further upmove...
watch it...

 

[anil_s_trivedi]

Todays Closing Bar Characteristics:

Open=Low
Close>Close(Yesterday)
Close>High(Yesterday)

In candlestick its a engulfing bar, as body of previous bar is engulfed by body of current day bar.

Also a remarkably todays closing is above closing two days ago.
So all in all on standalone basis its a bullish thing.

But trend on daily still down, in hourly momentum on short and inter term is UP while long term still down on hourly.
So trade carefully coming week, a lot of volatility on corner.