http://www.traderji.com/derivatives/72776-incisive-nifty-trend-analysis-58.html#post731591
NF just stopped at the profit taking targets! (5748 - 5764)
NF just stopped at the profit taking targets! (5748 - 5764)
Last week I said
Line 1 drawn by joining tops of 10 Jul and 23 Aug was breached on the upper side by Nifty when it gapped up on 14 Sep. The same became support on 20 Sep.
Line 2 is top of 21 Sep (5720) which will act as support now.
Line 3 is bottom of 26 Sep (5638) which has become major support now. Nifty turned up three times from their intra day.
Line 4 is purple, drawn parallel to recent up trend line drawn from bottom of 4th June. This will also act as support line. Notice the dotted support line drawn up from bottom of 26 Jul. The up trend to 23 Aug followed the same angle.
The purple dotted line 5 drawn from Friday 5th Oct top to the TL below is parallel to the down TL from 5 May to 26 Jul. It is indicating that the reversal if any from Friday's Top has potential to reach up to 5500. If it goes below that, then we will have a bearish trend due to break of rising channel downwards.
The TL at the bottom right and Top left are for long term.
Nifty broke the support of 5720 and came down. 5720 has become resistance now. Downward move was first supported by 15 Days average and later at 5638 and it bounced from there. However, it was resisted at 5720 and it came down again.
However, Nifty made a falling wedge while coming down as seen in 15 Min chart above. I feel that it will be broken on upper side and there will be another attempt to take out 5720. This time, it will be resisted by 15 days average and the downward sloping line 5 also. Chances of taking out 5720 are less.
Moreover, Nifty may be forming a small Head and shoulder here. It will be confirmed only if it breaks down below 5638. If confirmed, height of head is 177 points (5825 - 5638), so we will have 5461 (5638 minus 177) as minimum down side.. Volumes are also falling from left shoulder, a characteristic of H&S formation. Of course, there will be support at 5526-5534.
If it takes out 5720, it is likely to head for 5880 on upper TL.
Line 1 drawn by joining tops of 10 Jul and 23 Aug was breached on the upper side by Nifty when it gapped up on 14 Sep. The same became support on 20 Sep.
Line 2 is top of 21 Sep (5720) which will act as support now.
Line 3 is bottom of 26 Sep (5638) which has become major support now. Nifty turned up three times from their intra day.
Line 4 is purple, drawn parallel to recent up trend line drawn from bottom of 4th June. This will also act as support line. Notice the dotted support line drawn up from bottom of 26 Jul. The up trend to 23 Aug followed the same angle.
The purple dotted line 5 drawn from Friday 5th Oct top to the TL below is parallel to the down TL from 5 May to 26 Jul. It is indicating that the reversal if any from Friday's Top has potential to reach up to 5500. If it goes below that, then we will have a bearish trend due to break of rising channel downwards.
The TL at the bottom right and Top left are for long term.
However, Nifty made a falling wedge while coming down as seen in 15 Min chart above. I feel that it will be broken on upper side and there will be another attempt to take out 5720. This time, it will be resisted by 15 days average and the downward sloping line 5 also. Chances of taking out 5720 are less.
Moreover, Nifty may be forming a small Head and shoulder here. It will be confirmed only if it breaks down below 5638. If confirmed, height of head is 177 points (5825 - 5638), so we will have 5461 (5638 minus 177) as minimum down side.. Volumes are also falling from left shoulder, a characteristic of H&S formation. Of course, there will be support at 5526-5534.
If it takes out 5720, it is likely to head for 5880 on upper TL.
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Yes thats right :thumb: I agree to that....
But the general feeling with respect to India is positive when compared to other nations, so this is achievable in my opinion :thumb: Next week should be rockers on either side
But the general feeling with respect to India is positive when compared to other nations, so this is achievable in my opinion :thumb: Next week should be rockers on either side
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