Nifty Short Term View

5050-4970 range is major support as of now ...Two scenarios are likely

1) Nifty holds this support and bounces to reach 5150-5250 range .....5251 comes as the 61.8 % of wave march to 12 june which may be the intermediate of current rally and consolidate in a very small range for 1-3 months , above 5251 Nifty will start its fresh ride towards 6k mark . ...

2) If Nifty breaches 4970-5050 support range it can fall upto 4650-4500 ...around this level Nifty behavior will show us the way ...



so short / long term players watch out 4970-5050 and 5150-5250 levels

Cup With Handle

Cup with Handle pattern


Nifty looks like on verge of giving a major breakout ....I had explained all the possibilities in May itself when cup was formed on Nifty and also On CNXIT .....So wont go in pattern details again

Few points to notice :

1) CNXIT have already achieved 80 % of trgt price within 3 months which is 30 % of time frame and still goin on

2) Nifty looks like broken the flag pattern but have sustain convincingly (may be 2-3 weeks) above the support line which come around 4800 odd lvl

3) Target as explained on chart is around 6200 to 6700 in 6-9 months time frame

...... This looks impossible scenario for imagination so I posted CNXIT chart for confirmation and reliability of pattern


SO HOPE FOR NIFTY TO SUSTAIN ABOVE 4800 ....BEST OF LUCK

Nifty Expanding Triangle - Target 4057

wave A 4509-4092 = 417< wave B 4693-4092 = 601 < wave C 4693-3918 = 675 < wave D 4731- 3918 = 813 . This is a horizontal expanding triangle which will be completed with E wave completion , Now E wave does breach the AC trendline but the minimum target is 4057 which comes after some complex calculations , I have also tried to check the time frame of this E wave which comes as 23 days ie 31 st of Aug, This is also a complex calculation no need to specify here ( time frame can vary as it is only for study purpose ). E wave can be a very complex and voilent n may form a zigzag pattern

CNX IT Index

A perfect Cup with Handle breakout ....already 43% target achieved of cup length ..chart says all :)

Sesa Goa

Still in a very healthy upmove .....may not fall but correct sideways till 200 ....Looks like bull have already begun in this stock ....

SBI

Can fall heavily below 1670 -1635 lvl to complete E wave ...resistance around 1740

SAIL

Major resistance are 181-184-187 now ...buy above these lvls only .....

Reliance Industries Ltd

Free Fall below 1900-1870 ....below My target is 1605

ONGC

On verge of cup with handle breakout .....so watch out for the closing above 1110..if sustains above for a week or so My target is 1450 ...below 1070 it might show a down movement upto 950

ICICI Bank

Extracting / Expanding triangle working supports are 735-705 res 750-775

Bank Of India

My fav .......what a stock I am loving it.......perfect moves ... Res - 322-335 Supp- 316-314

Nifty Moving as expected

Nifty moving as Expected n assumed ...pls check below post

Extracting Triangle n HNS both are on work .....As per above chart the central line of the channel is giving support currently .....Now My view is if this support holds a bounce till 4150 can come only to ensure freash fall towards 3850-3700 lvl and that would be more fast n furious ....If this support gets broken without bounce then Nifty will slowly move towards 3700 ....This all about time frame target achievement ......

Only chance for bulls is above 4150 n that too wont be easy

Really show would be at 3700 .....4150 and 3700 are later part so will post later ...till then

Nifty to fall till 3700-3550 below 4150

check the HNS formation ...NIfty to fall till 3700-3550 below 4150

Gold On Big Bull Move ??

May be I am over excited , but just have a look :)

Bank Nifty - Symmetrical Triangle

Extracting Triangle contn.....

As posted earlier about extracting triangle ,Nifty looks like goin forward for its second bottom at around 3900-3850 lvl ......also a strong HNS pattern here cant be ruled out , its neckline comes around 4100 ....

First thing now will be closing below 4450 will take Nifty to 4350-4300 lvls ......if doesnt then another bounce can be expected .....Lets C

HNS Formation on SBI ??

SBI has already formed left shoulder 1817-40 lvl with head formation at 2039 n have bounced from the neckline at 1670 and now moving to form the right shoulder .......lets wait n watch if it does so

Sensex Monthly

This chart n trendlines has been done by My friend Rohit Rastogi ........I have just labeled it , I think have represented A and B wrongly .......I dont know why I have done that but it would be all different market if this works .....watchout for red line shown by Rohit bhai

Extracting Triangle on Nifty ??

Mr Vivek patil is suggesting formation of extracting triangle on sensex chart may form also on Nifty ....will post details later

Head And Shoulder Formation on day chart

Nifty formed HNS pattern on 5 day chart with Double shoulder on left , which arises possibility of touching 4450 ....also another shoulder formation cant be denied if Nifty stays above 4570 [:)]

Nifty forming Flat 3-3-3-3 on intra charts

As we see above Nifty forming flat ....watch out for the breakout ....will post details later [:)]

Is It a Fresh Start???

Nifty closed near 4444 on the last day of May trading session , The level which has been so crucial from last 2 years ........As we see from the above chart Nifty has rallied with great force whenever it has managed to sustain above 4444 for atleast a week or two n fallen otherwise.......So watch out for this level closely for next 1-2 weeks


About Cup with handle - Nifty retraced from the euphoric high of 4509 to 4092 and managed to pullback again to 4488 , Here a very important point to consider is low volumes in the upmove . Nifty is forming the Handle part now surely , but the Flag -Penant pattern is not confirmed yet . As I have mentioned in My last post when I revealed this interesting Cup with Handle pattern , that Nifty should retrace upto 1/3 of the cup during the handle formation ..... Nifty surely did reached 4090 which can be said enough but some criteria are yet to be fulfilled such as volumes n time range for the formation .......

I dont want this pattern to be failed as it is a very strong bullish pattern which will give us a chance enter for 2000 huge points in very fast n furious way

.......So have patience for some time ........Adios

Positional Call


Short Nifty Spot at every 50 points cmp 4480 ........Stop Loss above 4650


Trgt 4350 -4200-4050

Reverse Hns on 5 min chart

Reverse head n shoulders .......go long above 4265 sl 4245 trgt 4320 .......

Cup with Handle in making ???

Cup with Handle in making ???

........As per above chart Nifty has formed Cup formation ......Now if this pattern is really in making then Nifty may retrace upto 3850 ie 650 points without breaching the high at 4650 in 1-4 weeks .....

....This is a highly bullish pattern which will ensure a major breakout of same length ie 2000 points after the pattern gets complete .......Here Nifty may try to form a Flag , Pennant (Continuation) pattern in handle formation process which will not give easy trades for either longers or shorters

.........This is just an assumption yet .....so bulls pray for this formation to complete so that bull run resumes n we can rally 2000 points again in next few months [:)]


Happy Trading [:)]