Nifty and Indian stocks

[onlinetrader]

on hourly charts nifty is making a small channel.

on weekly charts nifty is at 38% retracement level.

 

[devadas]

Onlinetrader, post charts if possible so that we can get another angle to look at the charts.

Regards

 

[devadas]

CNX NIFTY (5,921.40) -2.45 -0.04 %

Nifty Futures 3 mins chart showed breakout failures failing to reach the Initial range lows which meant market had strength.Also on th 30 mins charts Nifty Futures gave a positive divergence which made it move up.

Regarding the bearish shoulder head shoulder pattern, it is intact and today prices closed below 5937.So keep 5937 as a trend decider on closing basis.

Nifty Futures 3 mins

Nifty Futures 30 mins

 

[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 ( 5,878.00) -3.00 -0.05 %

Graphs and commentary are related to Nifty Futures.

NIfty is trading below 5937, the Neckline of hourly Shoulder Head Shoulder pattern.Watch this level closely, below 5937 Nifty is bearish.On 3 mins chart, Nifty moved in a sideways range with some breakout failures.

 

[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 5,788.80 -89.20 -1.52 %

NIFTY Futures, I had been saying since May end that it has broken below the neckline of Shoulder Head Shoulder pattern. And today it showed the result of that break.Fast short coverings maybe there but lower target of 5650 ( approx) is still open. Also on hourly chart a small Shoulder Head Shoulder shown in white had formed and given its target.

NIFTY FUTURES 3 mins

NIFTY FUTURES HOURLY

 

[NANDAMAD]

Thank you for all your efforts. I highly acknowledge your selfless service.

 

[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 (5,760.20) -28.60 -0.49 %

Graphs and Levels mentioned are related to Nifty Futures

NIfty Futures moved in a range below yesterdays low.Twice it tried to stay above yesterdays low but resulted in breakout failure.

On Hourly charts Nifty Futures has made a pattern rectangle.Buy above 5809 for target of 5871 or above.Or Sell below 5747 for target of around 5685.

NIFTY FUTURES 3 mins

NIFTY HOURLY

 

[devadas]

Re:NIFTY TOUCHES TARGET

NIFTY TOUCHES TARGET

CNX NIFTY 5,699.10 -61.10 -1.06 %

Graphs and Levels mentioned below are related to Nifty Futures.

Nifty Futures nearly touched 5685, the level I gave yesterday.Since last 15 days I had been bearish, but many were skeptical saying that everyone on the street knew about this Shoulder Head Shoulder pattern and so it will not work this time.You judge for yourself.

I received a lot of mails asking whether market is still bearish. Frankly, I follow the trend and charts and do not go thinking about bullishness and bearishness . Dont get entangled in those views .Trade in the direction what market tells you. I trade in either direction as the price and volume dictates. I do not want to catch the bottom, but only the middle profits. But ask yourself whether you could capitalise on this (5937-5692) 245 point fall ? Play only when market gives definite clues.

Coming back to charts, see the daily Nifty Futures charts, there is a measuring gap which developed today.The target of this gap is 5563.Stoploss is a close above 5748 i.e a close above 5748 will negate this pattern.

NIFTY FUTURES DAILY

 

[devadas]

Correction

Target is 5608 and not 5563 as stated earlier.Stoploss is the same as 5748.

 

[Raghuveer]

Just in case you did not know:
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Please ignore if already known.

Correction

Target is 5608 and not 5563 as stated earlier.Stoploss is the same as 5748.