Incisive Nifty Trend Analysis

[Rish]

Interesting, Rupee daily sell in BB after July, now nifty long s/l USD Dollar 64.81 closing basis.

Let us see how much nifty will move higher from here .....

Mr.Prada, I hope i am not disturbing your thread ! ! ! !

 

[prada]

Market Update:

Firstly, I must admit that although I got the bottom right, it proved to be a meaningful support and not brief support. My analysis in reading the bounce back proved to be horribly wrong. After all, " Its Human to err ". In any case, lets move on.

The lead indicator that I always track in case of uncertainity is USD/INR. USD seems to have found its bottom close to 63.50. The band between 63.50-63.55 is extremely good support. As long as this holds, we should see a sharp bounce back to test 66+ in the days ahead. The currency market clearly indicates that Nifty is extremely close to a top. Resistance now stands at 5930-5956-5970-(5990-6013 band)-(6040-6070 band). Market is very very interestingly poised. Bulls should remain cautious at the moment and the bears are advised to be in the sidelines until clear signal emerges. Having stepped into the 2nd week of September and moving into the 3rd week, expect high volatility going ahead.

BTW, @ RISH , @ Poortrader , @ DSM, please keep your good work going on.....

Have a wonderful trading week!

PraDa

 

[josh1]

about 450 points from Low of 5108 to Neckline at 5558. Therefore likely minimum tgt 5558 +450 = 6008. let us see

 

[SexyTrader]

Market Update:

Firstly, I must admit that although I got the bottom right, it proved to be a meaningful support and not brief support. My analysis in reading the bounce back proved to be horribly wrong. After all, " Its Human to err ". In any case, lets move on.

The lead indicator that I always track in case of uncertainity is USD/INR. USD seems to have found its bottom close to 63.50. The band between 63.50-63.55 is extremely good support. As long as this holds, we should see a sharp bounce back to test 66+ in the days ahead. The currency market clearly indicates that Nifty is extremely close to a top. Resistance now stands at 5930-5956-5970-(5990-6013 band)-(6040-6070 band). Market is very very interestingly poised. Bulls should remain cautious at the moment and the bears are advised to be in the sidelines until clear signal emerges. Having stepped into the 2nd week of September and moving into the 3rd week, expect high volatility going ahead.

BTW, @ RISH , @ Poortrader , @ DSM, please keep your good work going on.....

Have a wonderful trading week!

PraDa

Has the trend really changed and is sustainable OR is it a correction in a Bear market ?

I thought we were getting 7543 on the BankNifty in this very month !

 

[timepass]

Josh1, isn't this forming some kind of harmonic pattern ?? Butterfly or bat or something ??

about 450 points from Low of 5108 to Neckline at 5558. Therefore likely minimum tgt 5558 +450 = 6008. let us see

 

[josh1]

Josh1, isn't this forming some kind of harmonic pattern ?? Butterfly or bat or something ??

Hi Timepass,

I have not studied harmonic patterns. I know only traditional ones. However, nowadays I use only trend lines for trading. Patterns are secondary.

 

[a1b1trader]

Josh1, isn't this forming some kind of harmonic pattern ?? Butterfly or bat or something ??

NIFTY, lately, has formed following 2 Harmonic Patterns.

NIFTY Harmonic Pattern Bullish AB=CD

Uploaded with ImageShack.us


NIFTY Harmonic Pattern Bullish Butterfly

Uploaded with ImageShack.us

 

[DSM]

Thanks A1B1 for ABCD pattern, Butterfly. Appreciate your post. What traders would be interested in however is that, once the patterns are formed, how to move beyond it so as to make it something more than an academic exercise.?

Post facto, all charts can be analyzed perfectly, however how can one use ABCD, Butterfly to tell us till when to take a position. and for what levels?

If RR (New RBI Governor) not been appointed, or made decisive moves to shore up the rupee, would the 'Butterfly' have wings to fly? In that instance, once the 'Butterfly' or 'ABCD' was formed, would it give us an idea of how to position our trade, and for what level?

Thanks again for your post - just trying to make sense of how practical is analysis of Gartley animals for trading.

NIFTY, lately, has formed following 2 Harmonic Patterns.

NIFTY Harmonic Pattern Bullish AB=CD

Uploaded with ImageShack.us


NIFTY Harmonic Pattern Bullish Butterfly

Uploaded with ImageShack.us

 

[pakatil]

Bullish Gartley.....Tgt 1 5804 achieved, Tgt 2 6525......when..?

 

[a1b1trader]

Bullish Gartley.....Tgt 1 5804 achieved, Tgt 2 6525......when..?

Very soon
And why only 6525
The speed in which NIFTY is moving we can see even 6700-6800 levels