sensex chart...

sensex chart, going forward sensex will be facing strong resistance on upper line of trend channel, 400 dma, and two very important fibo lvls all converging at the same place!!!

strategy: booking profits and initiating hedged shorts near these lvls when sensex reacts and comes down from there, fresh longs only above the circled area if sensex stays above the resistance area for a few days.

nifty p/e chart...

possible projected strong support seen on blue line near 15 p/e on the chart if nifty comes down. the corresponding value on spot comes to around 3550.

nifty for monday...

looks like a falling channel on intra chart of nifty, looking at very bullish US mkt close on friday nifty may open gap up on monday, chartical resistances are 4580/4607/4615 if crossed then 4650 may be reached(tgt of channel breakout i.e about 100 points).

larger picture we are still viewing as ABC-X-ABC currently the B leg (relief rally) of the second zigzag going on which has target of 61.8% retracement at 4722(15741 on sensex). interestingly the 38.2% retracement of entire correction from 6357-3790 is 4770(15835 on sensex) at which point selling may come again.

chart patterns use in intraday trading...

an example.