iCharts Discussions

[anshuman]

Todays Trade:

Our first target the yellow trendline was hit today, next we are waiting for 3070. Today was a no brainer. IH&S and Triangle breakout as plotted yesterday. Buy with the close of first 5 mins candle @ 2855 with the low as SL 2845. The whole day not even once it tried to do anything different other than to go up.


If you read my post on 12 Mar 2009 -

"3. Now if somehow we manage to close above 3000, it will negate the big triangle breakdown giving a totally new spin to this bear market. Then 3250/3700 may not be so difficult."

We are exactly at this point in time. So keep a sharp eye, be flexible and play with the trend.

In my "Nifty Weekly Outlook " I had given the MiniNifty chart. But due the difference in the opening value on 05/11/2008 & 07/01/2009 between MiniNifty & Nifty Futures the trendline look different. In this post I have attached the Nifty Futures chart for more clarity.

Links :

http://www.cmegroup.com/education/ts.html. Click under the Trading Tutorials section. Good educative videos.

Happy Trading
Anshuman (Punter)

[anshuman]

" So keep a sharp eye, be flexible and play with the trend. "

Now we all know what it means. Out of the three aspects of trading today its "Mind" day. Just two trendlines did the job for today, but the hardest part was to turn ourselves into Bear from Bull with DOW 6.84% up, Asia trading up in the morning.

As discussed ystrdy, 3000 on NF need to be watched carefully and we fell from there. Now I think the range will be 2775 to 3000.

But the million $ question remains - WHY WE CLOSED DOWN

See the Price - OI chart


Happy Trading
Anshuman (Punter)

[anshuman]

I have attached a 14 period timecycle chart on NS. The Feb 09 month was the one which fall on 14, which means we can see an intermediate trend up. We are already up 7.99% for the month. The 23.6% of the recent fall fron Jan 08 gives a target of 3221. So atleast this much can be expected in the weeks to come.
As far as the this weeks picture goes, as long as 2845 holds this week we can go anywhere on the upside. The range given ystrdy may get breached on the upside.

Happy Trading
Anshuman (Punter)

[anshuman]

[anshuman]

Its Rocking ..................


Keep an eye on FII flows and DOW, as long as they are positive only sky is the limit. We may take some break around 3154 +/-.

Happy trading
Anshuman (Punter)

[aravindswamy]

Dear anshu
Fantastic chart analysis for NF , pl post without fail , congrats for ur improvement in chart studies. pl psot it daily wothout fail.

[saikat]

Anshu,

Absolutely wonderful... this thread of yours.
Saw it first time today...
So I have found another buddy who believes that consistent profit can be made just by trendlines and patterns
I just loved your charts...

Cheers...

Saikat

[anshuman]

Hi Saikat,

Thanks ........... learned so much here, its just a small
attempt to try to give back something.

Anshu

[anshuman]

Nifty Weekly Outlook :-


* Upside range is 3188 (Weekly chart) - 3154 (Dialy chart).
The 3154 given on thursday missed out by half percent on friday.

* Downside range is 2935 (Weekly chart) - 2905 (Dialy chart).
2905 is the fibo. 38.2% which will automatically go up as/if we move
to the upper range.


Closely watch the Triangle Breakout in the weekly charts. It has the legs to carry the market to 3783. The best thing will be some amount of consolidation above the white(Dialy) and yellow(Weekly) trendlines which holds the key, and then a rally. Taking into the fibo retracements into consideration we must not close below 2905. That will mean breakout failure, certainly not a good omen after such a fabulous rally.


Happy Trading
Anshuman (Punter)

[anshuman]

Is it the time for a tea break ???

[anshuman]

[anshuman]

Time to retrace some of the upmove .................

[anshuman]

Dow ka band kyun baja ????

[anshuman]

Weekly Update :


In my last post 20 April 09, I was expecting a much deeper retracement (at least 38.2%) but the market didn't fall much, it bounced back from the 23.6% level. Technical analysis is not about certainty, its all about probability and given the momentum the P is more for a shallow pullback. I was wrong to expect otherwise.

For a change today the Nifty index chart is updated keeping in mind the expiry. Now for the week ahead, the last swing gives the fibo. targets of 3673, 3905 and up (cash). For me the danger zone which can negate the upside targets for the market will be 3595-3568 (cash). Intraday and positional players should stay cautious around this range.

Happy Trading
Anshuman (Punter)

[anshuman]

Todays Update :-