iCharts Discussions

[anilsutarpune]

[riteshucha]

what MA are u using..

[anilsutarpune]

[anilsutarpune]

Date :- 19-12-2014
Pattern on DAILY chart :- Doji
Indicating market is tired. Doji does not warrant prior trend reversal but indicates market is in in-decision mode.
Body- Small and Red- Bears had slightly upper hand in today’s session.
Upper Shadow – Much Longer –Indicating bears are stepping in at higher prices and rejecting higher prices.
Lower Shadow- Long – Lower prices are rejected by bulls

Trend: - Up-Neutral (meaning –Hedge required for Long Positions.)

Next support based on candlestick-
8203-8219
8178-8170
8078-8083
7975-7950
7935 -7930
Next Resistance based on candlestick-
8349-8353
8375
8428-8434
8454
8537

Disclaimer:- Invest based on your own analysis and own risk. This forum is only for discussion

[welgro]

anilsutarpune,

Which DMA numbers you are using in this updated charts ?

[anilsutarpune]

[welgro]

[riteshucha]

thanks..

[anilsutarpune]

Date :- 20-12-2014
Pattern on DAILY chart :- There is no pattern today. It is long green candle indicating market was very bullish. Even though this is simple candle but is worth full analysis. Body, upper shadow and lower shadow, all indicative of bullishness.
Body- Big green body- Bulls were incharge of today’s session.
Upper Shadow – Almost not there (only 2 points long). There was no resistance from bears today. And bulls pushed price close to high of the day.
Lower Shadow- Relative to body is small lower shadow. But it is indicating that lower prices were rejected by the bulls. Also 8 EMA was tested and held.
Hourly Chart:- Today 8 EMA was tested 3 times. 4th candle was Doji.
8220 may act as good support if market falls and will be interesting level to watch as 8220 was tested 4 times on hourly chart in two days
Trend: - Up.
After such session usually profit booking is expected. This can happen either tomorrow or day after. So manage your trade carefully
Next support based on candlestick-
8219-8203
8178-8170
8078-8083
Next Resistance based on candlestick-
8349-8353
8375
8428-8434
8454
8537

[anilsutarpune]

Date :- 23-12-2014
Pattern on DAILY chart :- This is kind of mix candle. This is technically Bearish Harami indicating bulls are losing steam. But the body of today’s candle is too large and opening is almost near the closing of the previous candle(0.05 Points). Please note body of today’s candle closed deep inside the body of previous candle. So this is very close to Bearish Piercing pattern. My personal view- I will call it Bearish Piercing.
This is top reversal but requires confirmation. Ideally close below today’s low will change trend to bearish. Also please note 8220 to 8170 is support zone for nifty. Hence in my opinion Nifty is likely to enter in a trading zone between 8170-8370. Kind of boxed range.
Body- Big red body- Bears were incharge of today’s session.
Upper Shadow –Long upper shadow indicating higher prices were rejected by bears.
Lower Shadow- Relative to body is small lower shadow. Not much significance.
Hourly Chart:- There is an evening star pattern (three candle pattern). This pattern is bearish. Also high wave candle testing EMA line. Both are bearish on this time frame.
Trend: - Neutral. Nifty is likely to enter in a trading range 8170-8370. Keep volume low and follow trade management carefully. (Remember range reduces (contraction) before expansion hence volume should be increased only after breakout on either side.
Next support based on candlestick- (same as 22nd )
8219-8203
8178-8170
8078-8083
Next Resistance based on candlestick- (same as 22nd )
8349-8353
8375
8428-8434
8454
8537
Trade carefully.

[anilsutarpune]

Date :- 24-12-2014
Pattern on DAILY chart :- This is bearish confirmation to yesterdays pattern. As such today’s candle is not creating any new pattern.
Body- Big Red Body- Bears were incharge of today’s session.
Upper Shadow –Relatively small upper shadow indicating higher prices were rejected by bears.
Lower Shadow- Bit of the lower shadow is indicating lower prices were resisted by bulls, but length is small compared to body.
As mentioned yesterday nifty is in support zone. This must be remembered.
Hourly Chart:- 1st candle was testing EMA but failed. There was a hammer testing 8220 level which was followed by sort of bearish engulfment pattern (though prior trend was not confirmed UP).
Personally I did not expect such a fall after bearish engulfment. I was expecting selling to stop at 8220-8110. But markets alway will do what market wants to do !
Trend: - Neutral. Nifty is likely to enter in a trading range 8150-8370. Nifty is in support zone. Trend can be termed bearish only once thise support zone is broken.
Keep volume low and follow trade management carefully.
Next support based on candlestick-
8178-8170
8078-8083
7960
Next Resistance based on candlestick-
8210-8220 (previous support now will act as resistance )
8349-8353
8375
8428-8434
8454
8537

[anilsutarpune]

Date :- 26-12-2014
Pattern on DAILY chart :- There are two patterns . The candle on 26th is High Wave Doji. Indicating market is undecided and is testing support and resistance on both the side.
Second pattern is Harami – Bullish Harami (This is Two Candle pattern- don’t worry about second candle being red). Indicating selling is slowed down or stopped.
Trend: - Down- Neutral –Meaning down trend is intact but trend is wakening and the down force is reduced. Hence hedge your positions.
As mentioned in previous posts Nifty is likely to enter in a trading range 8150-8370. So manage your trade carefully and keep the volumes low till clear trend is emerged.
Hourly Chart :- Hourly chart has Bullish Harami followed by sequence of Hammers and then inverted hammer and followed by bullish breakout closeing above support.
Next support based on candlestick- (same as 24nd )
8178-8170
8078-8083
7960
Next Resistance based on candlestick- (same as 24nd)
8210-8220 (previous support now will act as resistance )
8349-8353
8375
8428-8434
8454
8537
Risk Advisory:- Invest based on your own analysis and own risk. This forum is only for discussion

[anilsutarpune]

Date :- 29-12-2014
Pattern on DAILY chart :- There are no pattern created today. Doji followed by green candle can be considered bullish but is not really because close was much below the days high. So if we close tomorrow somewhere above 8276 may indicate buyers are coming back.
It may be tempting to consider three candle pattern as morning star but is not. The middle Doji is much inside the body of previous candle.
Individual Candle Details
Today’s candle has green body indicating bulls had upper hand but were not in proper control because at higher price, bears were stepping in and has left behind upper shadow. There is no lower shadow indicating bears are not willing to take chance and short the index.
Market is choppy.
Trend: - UP- Neutral –Higher high and higher low confirming that trend is UP but there is no buying strength (small body). Hence hedge your positions.
As mentioned in previous posts Nifty is in a trading range 8150-8370. So manage your trade carefully and keep the volumes low till clear trend is emerged.
Hourly Chart :- 8278 was tested twice and failed. Rest all candles are Bearish. There is bearish engulfment in the second half of day. We may test 8220-8209 tomorrow.
There is new minor resistance created today at 8278.
Next support based on candlestick-
8209-8220 (previous resistance now will act as support )
8178-8170
8078-8083
7960
Next Resistance based on candlestick-
8277-8280
8349-8353
8375
8428-8434
8454
8537
Risk Advisory:- Invest based on your own analysis and own risk. This forum is only for discussion
[/b]

[anilsutarpune]

Date :- 30-12-2014
Pattern on DAILY chart
Doji again. Indicating indecision in market. Please note this is not a Hanging Man as it is not at top of the trend.
Individual Candle analysis
Today’s candle has very small red body indicating bears had slight upper hand but were not in control of today’s session. Thing to notice about today’s candle is long lower shadow indicating bulls are not ready for lower price, they have rejected it. Also confirming support area of 8220-8209.
Trend: - Up -Neutral . We are still getting higher low. Please hedge your position. Market is very choppy and in indecisive mode .
As mentioned in previous posts Nifty is in a trading range 8150-8370. Manage trade carefully and trade with less volume.
Hourly Chart :- Towards the end we had two hammers testing 8220. There is inverted hammer in between.
Next support based on candlestick- (same as 29th)
8209-8220 (previous resistance now will act as support )
8178-8170
8078-8083
7960
Next Resistance based on candlestick-(same as 29th)
8277-8280
8349-8353
8375
8428-8434
8454
8537
Risk Advisory:- Invest based on your own analysis and own risk. This forum is only for discussion