Nifty and Indian stocks

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

TATA COFFEE HOURLY CHART

Tata Coffee today tried to break out but could not do so.Those with low risk apetite can buy it on corrections with stop below 1568.A break and close above 1658 with volumes may take it to higher prices.For positions above 1658 a stop below 1600 looks better.

 

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

NIFTY as I said will face resistance at 6068.50, because of a DOJI candle on the Hourly chart ( read previous posts).As a result NIFTY could not close above 6068.5 on Friday.A sustained close above 6068.5 for 2-3 days or a 1 day close above 6068.5 with high volumes will take NIFTY to 6200.Failure to do so i.e failure to cross 6068.50 on a closing basis will take NIFTY to test 5919 5938 zone painted yellow, which is the bottom of a rectangle.

MY NEXT POST WILL BE ON FEBRUARY 4.

 

[devadas]

S&P CNX NIFTY (5,998.90 ) (-35.85 ) -0.59 %

From where I left I said that NIFTY if it closes above 6068.5 with volumes or closes above that for a period of 3 days, market will be bullish or otherwise test 5919 5935 or so.

Nifty closed above 6068.5 only for a day, that also without volumes. So the fall was inevitable.Now, it has broken an upsloping channel, and the lower targets are 5948 / 5925 5919.

DEN NETWORK

Den Network is making a flag.A close above 233 with volumes will take it to 255 +.Do not buy before breakouts.Buy with suitable stops after breakout.

 

[devadas]

Nifty touches 5948

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY 5,956.90 30.35 0.51 %

Nifty touched 5948 today as predicted ( see fig 1) .The lower levels of support are 5919-5930 levels.Any break and close below this level i.e 5919 for 3 consecutive days can be disastrous for NIFTY.The reason being there is a long term trend line ( See fig 2)

Fig 1

FIG 2

 

[devadas]

Nifty at Crucial Level

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

S&P CNX NIFTY 5,938.80 -20.40 -0.34 %

Nifty is resting on the trendline.This is very crucial level .This trendline has provided support in the past as you can see by the pink arrows in the chart. A close below 5919 for 3 consecutive days will lead to a trend reversal. If Nifty takes support at this trendline, then expect a big move by crossing the previous top of 6111.80

A trend reversal means either there will be a big fall or a big sideways movement leading to the arrest of the current upmove.

 

[NANDAMAD]

Thank you.

 

[devadas]

Re: Nifty

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY 5,922.50 24.65 0.42 %

Nifty is still struggling to close above the 50 dma (5931) and the upsloping trendline at 5956 ( level for tomorrow).Till Nifty closes decisively above the trendline and 6040, the uptrend remains in doubt.A move below 5879 will accelerate the downtrend.Watch the given levels closely.

 

[devadas]

Trendline resists nifty

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY 5,932.95 + 10.45 + 0.18 %

The trendline is providing stiff resistance to NIFTY ( see the blue down arrow). Even though NIFTY was trading above the trendline for quite a long time, it did not sustain there. Nifty has crossed the first hurdle at 5931 which is the 50 dma.But whether it will stay above it is a question.The trendline level for tomorrow is 5963 and the previous pivot level is 6040 which will also have to be simultaneously crossed in the coming days by Nifty to remain bullish.A move below 5879 will accelerate the downtrend.

 

[devadas]

Re: Nifty

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

S&P CNX NIFTY (5,896.95) -36.00 -0.61 %

Nifty, as I had been saying since last week, is facing resistance at the trendline.Also yesterday I mentioned that we have to see as to how many days NIFTY stays above the 50 dma.Today it fell below it.Also see the 5 mins chart given below, the whole day Index had been falling.Only if it sustains above 5884 tomorrow, we may see an intraday bounce.Sustained stay below 5879 will be bearish.Lower levels are 5733 /5649 . Also watch the 3 averages on 5 mins chart how beautifully they had been indicating the downtrend throughout the day.

NIFTY 5 mins

Daily Chart

 

[devadas]

Re: Nifty

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY 5,939.70 + 41.50 + 0.70 %

Nifty has closed with a gain of 41.50 points. It has closed above the 50 dma of 5928. It is being resisted by the 20 dma of 5951 and the upsloping trendline at 5990. But during the current upmove volumes are decreasing as shown by the pink line.Close above 20 dma of 5928 for 2 -3 days with volumes may halt the downtrend.Nifty in the meantime could not close below 5879, the level which I had been mentioning for Nifty to be bearish, even for a day. So wait for trend to be clear.