Nifty and Indian stocks

[Relish]

a1b1trader, Because I believe and follow the principle that "promises" should not be broken.So I dont put myself in a bind.

Good to hear some one valued promises :clapping: :clap: :thumb:

 

[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 (5,590.25) -77.40 -1.37 %

Nifty has not given any buy signal , that is what I said yesterday.I said wait for a 13″ before a buy signal comes.One count is giving 8 and another 5 .Signal may or may not come at the lowest point but will come at a point with high probability.

NIFTY FUTURES DAILY

Nifty 15 min Spot

The intra chart opening and high were below the TDST line, indicating strong bearishness for the day.

 

[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 5,609.10 + 18.85 + 0.34 %

Nifty Futures has formed a "Spinning Top" and a type of tweezer bottom.If it does not break 5556, it may continue to consolidate or stage a small rally towards 5774 , the 200 dma.So watch this level.

On the hourly chart also we have made an Inverted Shoulder Head Shoulder pattern.Aggressive traders can go long if Nifty Futures does not break 5556.Those who want to trade the breakouts can do so above 5667.Target on break out is 5774 and stoploss is 5556.

NIFTY 5 mins

NIFTY Hourly

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 (5,588.70) -20.40 -0.36 %

Battle Lines have been drawn between the bulls and the bears for the last Bastion of 5556 on Nifty Futures. Bears already have the Upper hand as they have been able to keep the Nifty Futures below the 200 day Moving average for more than 5 days.

If NIFTY Futures remains below 5556 tomorrow, we will see more downside.Failure to move below 5556 may give respite to the bulls.

Hourly Charts show a rectangle pattern.Below 5556 we may see a near 90 plus point fall.If 5556 is not broken, expect it to touch 5667.A false break below 5556 i.e if prices go below 5556 and then recover to stay above 5556 may also lead to a test of 5667.


NIFTY FUTURES 5 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.

CNX NIFTY SPOT (5,682.35) + 93.65 +1.68 %

Nifty Futures touched the target as predicted. Yesterday I had written the last paragraph elaborately stressing that even if Nifty Futures goes below 5556, it may stage a comeback to touch 5667.The tweezer bottom on the Daily chart, showed two posts back, held ground and we saw the rally today.

Now on the Hourly charts, the Futures has broken the rectangle and is staying above 5667.If tomorrow, Nifty futures trades below 5667 with volumes, it will act as a breakout failure and test lower levels.If it stays above 5667, it will test the daily 200 dma at 5771 ( shown as red line on Daily chart).

As far as long term bullishness on daily charts is concerned, I will let you know once I get confirming signals.Till then the Intra Charts will act as the Roadmap for short term trading.

NIFTY FURTURES HOURLY

NIFTY FUTURES 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 (5,842.20) + 159.85 + 2.81 %

Recap of my posts. Read

1) Post of June 20, where I mentioned that a pattern is forming because of the pattern gap.

2) Post of June 25, Where I mentioned that an inverted shoulder head shoulder is forming on Hourly charts and that the target is 5774.

3) Post of June 26, where it was mentioned that failure to break below 5556 will lead to higher prices.

4) Post of June 27 where it was mentioned that a target of 5771 is possible if Hourly charts stay above 5667.

So we come back to point no 1, Post of June 20.We have again come back to the gap area shown on daily charts with red parallel lines.Also see the circle marked where a pattern is going to be formed.After the pattern is complete and breaks out, we will know about the future course,A pattern is nothing but Price bars / candles overlapping each other in an area.

On the Weekly charts, we have made a higher bottom as of now.So we expect a test of 6239 with a stop of 5480.If anytime 5480 is broken or prices do not cross 6239, then Nifty Futures is bearish.

NIFTY FUTURES DAILY

NIFTY FUTURES WEEKLY

 

[timepass]

On the Weekly charts, we have made a higher bottom as of now.So we expect a test of 6239 with a stop of 5480.If anytime 5480 is broken or prices do not cross 6239, then Nifty Futures is bearish.

Devadas, doesn't the weekly show a sort of H&S pattern in the making ??

 

[devadas]

Timepass, It more closely resembles an expanding triangle than a Shoulder Head Shoulder.The reason being the latest top is tallest of the all.For a SHS the Left shoulder and right shoulder should be more or less at the same height and the Head should protrude.

If we form a lower top and break 5480 i.e NIFTY fails to cross 6239, and then breaks 5480 a very bearish picture will emerge.Then what you say may emerge.

I have mentioned that in the last sentence but did not mention about the probable future pattern i.e SHS because it may confuse some beginers.

Anyway nice you pointed it out.

 

[a1b1trader]

I have mentioned that in the last sentence but did not mention about the probable future pattern i.e SHS because it may confuse some beginers.

Yes you are right.

I am also of the same opinion, that one should refrain from pointing out future patterns till its last leg or just before the finish of the pattern, as price can change its path at any moment of time. The reason cited by you is 100% right.

Thanks

 

[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 (5,857.55) -41.30 -0.70 %

NiftyFutures has made a Harami Pattern as per Japanese Candlesticks on daily chart.Also it is an NR7 and Inside day.Only point that concerns me regarding this Uptrend is divergence of Volumes and Price.The Price has moved Up and the Volumes have shrunk.So is the Upmove a corrective move in a Downtrend ? Time will tell.Let us wait for confirmations over the next few days.But a close above 5896.50 with volumes will be bullish.

On the Intraday 15 minutes chart, Nifty Futures has made a Reversal Shoulder Head Shoulder Pattern.Watch 5815 Level.A Solid break of this level is bad for the Nifty Futures.

NIFTY FUTURES 15 Minutes

NIFTY DAILY