nifty channels(continued)...

after the bullish reversal mentioned before, nifty rallied up on expected lines and did well to close above 38.2% ret lvl, but got resisted on our earlier drawn middle sloping down channel trendline, its looking good for short term but profit booking might come, any movement above that trendline is possible upto 2800 or the fibo ret lvls shown in above nifty spot chart.

candlesticks did work...

refer 7th march 2009 post candlesticks on nifty futures chart

the bullish piercing line reversal did occur perfectly for a short term upmove that was expected from low of nf 2525 lvl as given earlier.

nifty and sensex channels study and comparisons...

nifty channels chart:


while the trend is strongly down, a few green closings can change short term to up till 2700 etc, whereas continuation of downtrend can lead it to channel lower tline support of which is near or below 2500 as seen from the above chart.

sensex channels chart:



nifty and sensex comparisons:

there is some disconnect in sensex and nifty charts.

watch points q and w.

point q is lower on sensex and w has broken lows of nov 2008 on closing basis.

sensex eod chart.


point q is higher(top) on nifty and point w is still above lows of nov 2008.

nifty eod chart.

since trend is down on both and can continue further with some pullbacks from near oversold lvls, for now i guess we should watch holding of near to a lvl of 2500 or channel lower trendline on nifty on closing basis.

the composition and more trading on nifty stocks is causing it, one more thing to point out here, it is slightly complicating ewa, between q and w we seem to have 5 small waves on sensex and only 3 in nifty. sensex chart helps in gaps analysis and traditionally forms basis for counting of long term(supercycle) waves hope it will not change charts much on macro lvl.

reliance and nifty ew charts...

nifty monthly ew chart:


reliance ew charts with detailed wave labelling:

candlesticks on nifty futures chart...

can dull sticks light it up???:)

update on my ew analysis...

pls go through my ew analysis continued from this post(click link)

tentative wave counts are labelled as shown on the following chart:



earlier i had pointed out 3 sub waves in each up and down wave forming on nifty chart. current subwave C-5-(3)-i has tgt upto 2568/2506.

discl:sub waves labelling is tentative and ew analysis as such in general is speculative in nature, therefore should not be used for trading but useful for investment decisions.

nifty magic chart revisited...

nifty and dow jones charts...

reliance and mkt direction...

i see 5 impulsive sub waves forming on reliance as shown on chart with the 5th sub wave near completion, after which an upward corrective is expected. downside may be upto 1190.

nifty shows 3 waves in each leg down and up, the upmove in reliance if comes in a day or two will try to pull up nifty also by short covering. with just 2 more days left for expiry at the most it can move up to 2830-50.

as already said earlier tgt/support on nifty of 2661 nearly done today.

nifty and sensex...

nifty current support 2734 breaking which 2661 is possible, yday was quite a rangebound trading(inside day), on upper side once it breaks past 2807 can go toward 2852 etc.

similarly corresponding support on sensex is 8889 breaking which 8631 is possible, for two days 9113 is acting as resis, if that is crossed a movement upto 9300 may be there.

intraday chart...

nifty spot staying above 2807 is imp for it to break out and to go upto next upper gap toward 2850 or more according to fibo retracement lvls.

a simple nifty chart...

today's nifty low was exactly on the lower support line of the trendchannel.

nifty lvls...

imp fibo lvls for nifty on the upperside 2962/2972/(2990)/3032. support for today 2918.

some interesting mkt charts...

nifty channels and trendlines


m&m


satyamcomp


idbi


nagarjunaconst


rcom:positive bias.
ranbaxy:negative bias.