iCharts Discussions

vivek999 · White Belt Joined: 09 Jul 2007 Posts: 72

Hi Team,

Pattern Analysis of Nifty chart indicates
Target 1: 3800
Target 2: 3200

Relief rallies will happen. However, as I used to mention on the shoutbox (when it was available for free), it's better to identify long term resistance levels to go short, than to identify support levels to go long.

[Update on 25th June] Please refer page-2 on this message-thread for ICICI chart

[Update on 26th June] Nifty 4300 - 4350 is a resistance level. Nifty 4175 level is another level to watch on the downside (Spot Levels). One of my Trading Gurus used to tell me that 1 week before and after of each quarter of the year is a risky period to trade! Results time!

[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 chart. If Sensex starts moving up, the next major resistance level would be around 15K - 15.5K

[Update on 16th July] Please refer to the end of this message-thread for the update.

[Update on 23rd July] Please refer to the end of this message-thread for the message posted on 23rd July.

[Update on 24th August] Please refer to Page-3 of this message-thread for the message posted on 24th August with the title "Sensex and Crude Oil update on 24 August".

Disclaimer: 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.

Regards,
Vivek

mgowthamjain · White Belt Joined: 17 Mar 2007 Posts: 147

hello vivek ,if i get 4425-4490 NF i will short for ur Tgts.i like ur confidence & conviction on ur tgts.Bears cheersssssssss ! Wink

vivek999 · White Belt Joined: 09 Jul 2007 Posts: 72

Hi Gowtham,

I think 4425 is a good level to short (if we go there!).

Thanks for liking my confidence and conviction.

Maybe I'm lucky to be on the right side Wink

I think, Market can break anybody's confidence and conviction. Bears will have to keep watching how the market moves at important resistance levels. If the Bears' stoplosses start to get hit more than a few times, the bears will have to give a look into turning into Bulls Smile

Happy Trading!

Regards,
Vivek

mayurnsk · Posted: Tue Jun 24, 2008 10:48 am Post subject:

HI vivek999

I completely agree with you.

Regards
Mayuresh Jahagirdar
Nasik
Maharashtra

hdobhal · White Belt Joined: 19 Dec 2007 Posts: 162

vivek, good levels as they match mine, but can u tell pls what indicator / pattern u used?

Thanks
Harish

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Dear Mr Vivek

I fully agree with your levels. Once your level of 3200 is achieved, probably you may need to work hard on charts for giving further downside TGTS of 2500 - 2200. In weekly chart of Nifty it has made H & S and its neckline is broken and as per conventional TA, the downside TGT is 2500.

Regards

C T RAMESH RAJA

mgowthamjain · White Belt Joined: 17 Mar 2007 Posts: 147

Hello RR sir,

Nice to see u in the forum.And wow wow for UR views on

NIFTY tgts 2500-2200.As Usual cheerssssssssss bearssssssss Very Happy

daytrader007 · White Belt Joined: 09 Aug 2007 Posts: 170

Hello Sirs,

With due respect to all seniors, as of now I think 3950 is a strong support and market find support from around 3950-4050 if it goes there. And it will give a trading bounce.

After seeing last two days of trading in this series, I plan to add my analysis for the next one month incrementally. I will write more there.

If we close below 3950, then may be we would see those lower levels.

Please correct me if I am wrong.

regards

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Dear Swdas

Nifty made Jan low of 4448.50 and pulledback to 5545 in Feb 2008. It consolidated between this range for more than six months and broke the Jan low and closed below that level. Since it was a long six months channel and now it is violated. Now you calculate the TGTS. You will know why it will reach 3200 - 3300.

Regards

C T RAMESH RAJA

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Dear Swadas

One important thing. Never look for 150 and 200 points pullback. Its all not worth debating it. We are in a broader market downtrend and we should only look for meaningful pullback of 10 to 15%. And probably that could happen if Nifty temporarily bottomsout around 3300 level.

Regards

C T RAMESH RAJA

daytrader007 · White Belt Joined: 09 Aug 2007 Posts: 170

Hello RR sir,

I agree with all of you in terms of longer term and medium term view. I am not betting on long at this level as that would be most dangerous thing to do.

But if 3950 support is held, then NF would bounce to either 4468 or 4658.

I feel so. Though this is completely sell on rally market.

Thanks,
Swapan

mayurnsk · Posted: Tue Jun 24, 2008 8:26 pm Post subject:

rameshraja sir hello

With all due respect to you ...I agree with you totally.

Mayur

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Dear Mayur

Thanks for agreeing with my view.

C T R

vivek999 · White Belt Joined: 09 Jul 2007 Posts: 72

Vankkam RR Sir,

I appreciate your views.

I agree that an analysis of the long term trend helps managing the trade for the short term.

Regards,
Vivek

vivek999 · White Belt Joined: 09 Jul 2007 Posts: 72

Hi Team,

Let the charts do the talking....

A chart for H&S Lovers Smile

Triangle (pattern) lovers will also like it... Smile

Analyze the targets for yourselves.... Wink

Regards,
Vivek