iCharts Discussions

[vivek999]

Hi Team,

Nifty Target 1 (3800 Spot Level) is coming....

Regards,
Vivek

[vivek999]

6 July 2008; 9:15pm
Hi Team,

Nifty chart indicates that it is at a resistance level...
Based on holding/breaching of this resistance, there could be a movement of around 200 points either ways...

Regards,
Vivek


Disclaimer: Trading in stock market involves risk. The views posted above is based on my understanding of Technical Analysis. My views have not been correct all the times.

[vivek999]

Nifty spot 4100 level is another resistance level to watch for..

[vivek999]

7 July 2008; 3:50pm
Gap-down of July 3rd, and the gap-up of this morning, have been closed today.

[vivek999]

Today (7 July 2008), Nifty gave multiple opportunities for taking intraday short-positions. Nifty 4100 spot level provided good resistance.

On Nifty intraday charts, there was divergence between price and indicators during morning trade. This divergence was good for taking intraday short-positions. By the time market closed, price had fallen inline with indicators.

Will the divergence on Gold (gold-mx-1m) give similar results? Need to watch on how Gold is going to perform. Gold was resisted at 13k levels. At the time of writing this message, Gold was trading at 12850.

[vivek999]

July 7, 2008.

Hi Team,

Looks like a 'Jhatka' pattern has been formed on Nifty daily charts. I had seen such patterns being formed on intraday charts. One of the days when a 'Jhatka' pattern was formed was on 5th of March 2008. A Jhatka pattern with high probability was formed on that day. Please refer to the shoutbox archives of that day (05/03/2008) and search for the term 'jhatka'. On that day, I had informed the fellow-members about the formation of Jhatka pattern (shoutbox was available for free during those days). It was nice interacting with fellow-members on shoutbox during that day. Good old memories of the days on shoutbox! I'm missing it!
I'm grateful to the fellow-members who interacted with me on shoutbox.

Happy Trading!

Regards,
Vivek

[vivek999]

Nifty spot-levels to note: 4100 and 3900

[pradyehv]

jhatka pattern becoming classical TA well spotted vivek.

[vivek999]

[Update on 13th July] With reference to the previous message of 26th June, Nifty got resisted at 4300-4350 levels, and also broke 4175 levels to touch 3850 levels.
I have now turned my attention towards Sensex. If Sensex starts moving up, the next major resistance level would be around 15K - 15.5K

[vivek999]

Hi Team,

16 July 2008; 11:30am; Nifty CMP: 3880 (spot)

Yesterday (15th July 2008), Market opened with a gap down. Personally, I feel uncomfortable entering a positional short when the market has already gapped down.

Moreover, on the EOD charts, I don't yet see a breakout on the downside... I still believe that action around 3800 spot level has to be watched closely.

Crude Oil is having a tough time sustaining new highs.. $135 level needs to be watched... An important level is $124..

Currently, it is one of those times, when I would like to watch Indian political scenario... A fall in oil prices coupled with current Government winning the trust vote could bring the bulls out of the hiding However, this view of bullishness is only for the short-term..

A very very hypothetical situation:
At this point in time, if a gang would point a gun to my head and ask me "In the short term, would it be good to go short or long?", I would tell them "Wait". If they would press the gun to my head and insist me to answer, I would say "Long". This is only for the short-term. I would also state that it would be better to manage a positional trade by looking for going short at a good resistance level like Sensex 15K. Ofcourse, I would also read out the following disclaimer to them..

discalimer: Trading in stock market involves risk. Please analyze the risk before trading.

Happy Trading!!

Regards,
Vivek

[vivek999]

Divergence on Gold and Crude Oil charts...

[hdobhal]

Hi Vivek,

Very good post. I agree with your view fully. One should better wait for any rally and then look for resistance to short. In my opinion, tom it should not cross 4050.

Harish

[vivek999]

23 July; 2:50pm

With reference to the update on 13 July and 16 July, Sensex 15K level has come. At the time of writing this message, Sensex intraday high was 14948.44

Excerpt from previous message:
"A fall in oil prices coupled with current Government winning the trust vote could bring the bulls out of the hiding."

Regards,
Vivek

[hdobhal]

Hi Vivek,

Yes you are right friend. I was one of those who read your earlier msg. But what now??? I think the time has come for bears to attack again

Harish

[vivek999]

Discalimer: Trading in stock market involves high risks. The risk could be substantial financial losses. Please analyze the risks before trading. The information provided is based on my understanding of Technical Analysis of Stock/Commodity markets. My views have not been correct all times.

Note: All levels quoted in this message are on End-of-Day (EOD/Daily/1-Day) basis, unless otherwise stated to be on a different time-frame.

24 July 2008; 9pm

Dear Fellow-Members on iCharts,

Its been a month since I wrote my last message on iCharts. The movement on Sensex from 13K to 15.5K has been swift. With reference to the previous messages during the 3rd-week of July, 15000 to 15500 Sensex-zone has provided good resistance. As of today, the strong support-zone is around 11900. Currently, the resistance zone on EOD basis is around 15250.


Crude Oil:
=======
With reference to the previous message on 16th July, the supports of Oil at 135 and 124 were broken. From 23rd July to August 3rd, Oil tried to sustain 124 support-level. However, after the support of 124 was broken, there was a swift movement to 112 levels. Currently, Oil is around strong support levels. Strong Support-zone for Oil looks to be around 107 (+/- 5).
[Note: Unlike Sensex, I don't have history-data of Oil from year 2000. Hence, I'm unable to take a long-term view on Oil. I request fellow-members on iCharts, to share information on obtaining Crude-Oil EOD-data/Charts from year 2000]

Sensex Summary:
----------------------
Support: 11900
Resistance: 15250 (+/- 250)

Crude Oil Summary:
------------------------
Support: 107 (+/- 5)
Resistance: 130

Please note that --- managing trade is a lot more than just knowing the Support and Resistance Levels.

Happy Trading!

Regards,
Vivek