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 [:)]

Nifty for 08 Oct 2008

Nifty going for big one ?? Just waiting for a technical bounce to fall more n more .......No bottom visible yet ...lets wait n watch ...... a Doji is formed on candlestick pattern for sure but it needs a consecutive white candle to confirm the Morning Star .......Even 16 th sep a Doji was formed .......but didnt gave its effect , Nifty gave upward rally only after hammer was created on 18 th sept ..........So nothing confirmed yet , But I am also expecting a bounce at this stage....Better to wait n watch for time being

Nifty Analysis For 06-10-2008

For Intraday trading on 6 th Oct , Nifty may find support around 3805 - 3770 level , breaching of this level may take Nifty to 3750 n then to test previous low of 3715 . The major support comes at 3666 and 3636 which is 200 week EMA .Where a dead cat bounce is expected . On the higher side 3850 then 3880 , breaching of both may take Nifty to 3920 from where fresh shorting can be again seen