Nifty 08 May

Nifty looks to have taken support at the trendline shown in the chart and bounced from the lows to close above 5550 level . For trading on Monday the resistance are 5576-5602-5623 and supports are 5526-5500 . One can go long if Nifty sustains above 5602 and add more above 5623 level. If Nifty doesnt manage to breach 5576 then one can short with 10 point stop for quick gains.

Happy trading :)

Beginning Of End ??

LT and Infosys have formed major Head and Shoulders pattern on weekly chart ...Targets are devastating ...

LT target is 600
Infosys target is 2500-2300-may be 1000

Nifty long term view

Nifty has formed a common flat , trgt for C wave is disastrous ....

Sesagoa RHS

346-350 resistance zone ...if sustains above trgt around 380-85

HDFC

As we can see on HDFC fut chart, a very strong HNS formation with NL 701 ....Todays low 708 ...lets wait for breach of NL :)

Positional Trade

Short Bankindia cmp 466 SL 474 Trgt 455-440 Positional Trade

Bankindia Update

Made low 456.90 ....Still sell signal not confirmed though Bankindia has dropped from the 465 level to 456.90 since previous post

BANKINDIA -Possible HNS

possible HNS .... But one has to wait to breach 455 level ....target 440-430

Update

RELCAP Fut Buy above 752 SL 745 Target 765-772

TATA STEEL Fut Buy above 532 SL 525 Target 545-555-565

AXIS BANK Fut Sell below 1350 SL 1362 Target 1330-15-05

HDFC Fut Sell below 623 sl 635 Target 610-600-590 (can be carried for positional)



RELCAP Fut First Target done

TATA STEEL Fut not executed yet

AXIS BANK Fut going Good ...hold

HDFC Fut actually spiked at opening trade which executed the trade technically but still I shall say trade has not executed ....

Intraday Trades For 19th Aug

RELCAP Fut Buy above 752 SL 745 Target 765-772

TATA STEEL Fut Buy above 532 SL 525 Target 545-555-565

AXIS BANK Fut Sell below 1350 SL 1362 Target 1330-15-05

HDFC Fut Sell below 623 sl 635 Target 610-600-590 (can be carried for positional)

Icici Cup With handle

Looks like a Cup with Handle formation breakout above 1010 will lead to major rally toeards 1400-1700 mark .... But only if sustains above 1010 . If doesnt, it may see profit booking till 930-900 levels ...

Sesagoa

As we can see 263 will now act as the pivot for Sesagoa ...short if stays below for target 257-254...Go long if sustains above for trgt 267-272 ...SL would be 3 points

Major hurdle at 5180-5200 range

I had posted a short- long term view on 3rd feb , In that post I had mentioned about the significance of the 4700-4538 support range with help of weekly chart . Nifty did manage to breach the first support of 4700 and made low at 4675 but couldnt able to close below 4700 for a single day ,Nifty reversed the direction from that level and now trading at 5080 odd level .

I did mention about entering longs for a mega bull wave in the same post also with target 5800-6300 and above .

Here are some concerns regarding the bullish move :

1) Nifty have formed a small RHS pattern during this move and fortunately we were able to pick the pattern before time and accordingly . This pattern has trgts of 5000-5060-5175 and may be above 5310 . Price wise and timewise this is a very small pattern which might not hold above 5310 and weaken Nifty.

2) 5180 has been acting as major hurdle , Thrice Nifty has reversed from 5180 level and have fallen remarkably for 700,350 and 250 . Though the second reversal was from 5138 level . so 5138 also can block the move .

So stay cautious as this would (as I hope) last chance for bears to take control for major correction .We wil even find for resistance above this level also such as 5310-5450 . Res and Supp do creep in but we have to spot the important ones .

I will surely post if find anything interesting

Happy Trading

RHS on Nifty

RHS at work - As we can see from above chart , a distinct RHS is in formation .Neckline comes around 4920-40 range . above neckline Nifty can shoot to 5000-5060-5175 and possibly making a new high above 5310 . I would advise to go long above 4920-40 range . The buy signal is not yet formed convincingly on 3-13 ema also , so wait for 4920-40 for buying

Renuka - due for major correction

Tata Steel

Its breakdown, breakout counter ...pivot point is 515-525.....watch out :)

SHORT/LONG TERM VIEW

SHORT / LONG TERM VIEW

As we can see in the weekly chart ,Nifty retraced from the 52 week high by more than 61.8% viz 4828 making a low at 4766 .This looks like a part of corrective wave ,here Nifty might test 4974-5038 or maybe 5100 before start declining again .After testing these levels it might test recent low . No worries till 4700 is not breached , But the real problem will start only below 4538 which comes as the low of 4th major wave . below 4538 this wave will turn out into a major corrective wave of the total 0-5 pattern shown above threatening with targets such as 3500 or below.

Now if Nifty doesnt breach 4700 -4538 zone then we will be getting an opportunity to enter for fifth mega wave which has targets 5800-6300 and above .I would suggest to hold long term deliveries and keep trading in 4800-5100 zone .This is a short to long term view for a period of 3-9 months

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