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.

NIFTY

Nifty as I said is bearish making a Lower top lower bottom Pattern.Any recoveries are meant to go short provided a topping pattern appears ( Don’t go short blindly at your fancy) Nifty closed below 5663 on a weekly basis reinforcing bearishness.

Weekly chart on the other hand is taking support at 50 week mav, which is equivalent to 250 dma. It is at 5629 ( see blue average in weekly chart).On a weekly chart a move below 5548 will give a first lower low and reinforce bearishness for coming weeks.

Use intra charts intensively to gauge market movement at this conjecture.

NIFTY DAILY

NIFTY Weekly

NEXT POST APRIL 2ND

 

[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.

CNX NIFTY 5,672.90 -75.20 -1.31 %

Nifty touched my predicted level.Yesterday it got resisted at 20 dma and fell today.Nifty is still making lower tops lower bottoms.Anyone carrying shorts should keep 5751 (20 dma) as stoploss. Next resistance level is 5817.Trading Nifty has become more intraday oriented.

NIFTY 5 mins

NIFTY DAILY

 

[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.

CNX NIFTY 5,553.25 -21.50 -0.39 %

Nifty is forming a series of lower tops lower bottoms on daily chart and is moving on expected lines.The pink zone may provide some support i.e 5447.4 5527.On the Weekly, a close below 5448 is going to usher in big bearishness.Sell all rises after you see a top reversal pattern.

DAILY

WEEKLY

 

[devadas]

Big trading opportunity

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.

CNX NIFTY 5,542.95 -10.30 -0.19 %

A big trading opportunity exists in Nifty tomorrow.A NR7 and an Inside day.Buy above 5570 with a stoploss of 5537 or sell below 5537 with a stoploss of 5570.It will break in either direction

 

[devadas]

Nifty moves as predicted

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

CNX NIFTY 5,495.10 -47.85 -0.86 %

Nifty gave trading opportunities on both sides as predicted.Above 5570, it went upto 5603 and then went below 5537 and touched a low of 5487.The next target looks like 5345, which may be reached if NIFTY continues its fall.Stoploss for this trade is 5604.

 

[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

CNX NIFTY (5,528.55) -65.45 -1.17 %

As I had been mentioning in my previous posts that a close below 5528 on Weekly chart is bearish.And Nifty did so on Friday.So do not sell on your fancy,but wait for rallies and sell on topping patterns.

DAILY CHART

WEEKLY CHART

 

[devadas]

Nifty shoulder head shoulder

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, I had written on May 29 th, that it is forming a Shoulder Head- Shoulder pattern on the hourly charts.I said that the right shoulder is remaining to be formed.And you see today, 3 days after the prediction the right shoulder is on the verge of completion.

What does a Shoulder Head Shoulder Pattern foretell ? If the neckline is broken i.e 5937 in current case, expect a fall of about 300 points.This pattern is negated, if prices stay above 6133, i.e above right shoulder..Sometimes though prices may test the neckline at 5937 and then rally up above 6133 in which case it will be bullish.

NIFTY HOURLY

WEEKLY

Last week I said that because of the formation of a red engulfing type pattern, Nifty may stall.

 

[devadas]

CNX NIFTY (5,939.30) -46.65 -0.78 %

NOTE The graphs are of Nifty Futures and not SPOT.

NIfty Futures as I said is on the neckline of the Shoulder Head Shoulder on the Hourly chart.The Neckline is at 5937 ( futures ).A break and stay below 5937 for more than 3 hours or with volume is confirmation of the breakout towards a downmove.

On the 3 mins chart which is labelled, we have made a Cup and saucer during the closing hours.So a move above 5970 may stall the downtrend for the moment.

NIFTY ( Futures) 3 mins

NIFTY FUTURES HOURLY

 

[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 Futures 3 mins chart, gave a buy above the saucer pattern of 5970.longs had to book profit at point A as the market failed to sustain its breakout.

At point E market gave a false breakout failure signal to buy.The stoploss for this buy would have been the lower side of the rectangle.

Finally Nifty broke 5961 and made a low of 5921.

Points C and points D are TD resistance line i.e 5950 and 5979 will act as resistance tomorrow.A break and stay above 5979 will be bullish.Till then bears will rule.

On Hourly Charts Nifty futures is staying just below 5937 which is the neckline.Consistent stay below this line will be bearish.

NIFTY FUTURES 3 mins

NIFTY HOURLY

 

[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.

CNX NIFTY (5,923.85) + 4.40 + 0.07 %

Nifty Futures hourly chart is closing near 5937 i.e the neckline since last two days.There is no followthrough selling below this level.So tomorrow if Nifty Futures trades above 5937, it may go up.If if stays below 5937 for more than 3 hours, it may be weak.

Nifty Futures ( 3 mins ) did not have much action and the chart labelled is self explanatory.

NIFTY Futures 3 mins

NIFTY Futures HOURLY