iCharts Discussions

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Monday (09/02/14) and beyond

Supports are at about 8638, 8623 and 8596 while resistances are at about 8678, 8710, 8724, 8759 and 8861. An unfilled gap on lower side is at about 8550. Four +WWs can give about 8719 (if above 8657), 8730 (once above 8679), 8847 (once above 8675) and 8860 (if above 8660) (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 8549 and 8523 (-WWs with lower targets are not mentioned as of now). A rising wedge, which has broken down, can give about 8450 if nifty sustains below 8750. A bearish flag can give lower levels unless killed above 8780.

Nifty fell again to close above 8650. Weekly candle confirmed reversal pattern of evening star identified last week. However, daily candle is a likely morning star and we may see a reversal if confirmed on Monday. A close above 8836 will be first hint of a reversal while a close below 8623 followed by below 8588 may mean more damage. Global and local eco-political events, particularly results of elections in Delhi, can have a bearing on how nifty moves in short term. Trade carefully as we can see wild swings due to rising vix.

[vinay28]

A few APFs and TLs. A spike bit below 8600 possible. Below 8550, 8200 is possible and sustaining below 8200, 7800. This is just one of the possibilities and not an attempt to cause panic. I am bullish though for feb and march as of now.

[AjitS]

[pkholla]

[vinay28]

I have added longs with SL daily close below about 8520.

[amitagg]

[vinay28]

[PS Trader]

Big movements, both ups and downs, happens so fast today. Instead of managing the index, now the competition/demand overtakes the market. A very good sign of the bull markets next phase start.

I hope the rally from here towards 10500 in the very next few months.

[vinay28]

From one island to another. Will we see an island reversal like it did on 15/01? Present limit given by lower rising TL. 8665-8700 is a tight zone and 8700 must be overcome strongly for further rise.

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Wednesday (11/02/14) and beyond

Supports are at about 8534, 8520, 8475 and 8385 while resistances are at about 8591, 8624, 8652, 8671, 8699, 8717 and 8737. An unfilled gap on higher side is at about 8662. 50 dma is at about 8447. Six +WWs can give about 8662 (if above 8468), 8737 (if above 8561), 8771 (once above 8600), 8796 (once above 8618) and 8845/65 (once above 8622) (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now). An IHnS can give 8620/55 if nifty sustains above 8575.

Nifty recovered smartly in spite of a violent 300+ point up/down move after a gap down open and closed above 8550. Daily candle is bullish engulfing and piercing and there is a +ve div and hence further upmove is not ruled out. But, only a close above 8712 will be the first hint of a reversal while a close below 8494 may mean more damage. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully as we can see wild swings due to rising vix.

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Thursday (12/02/14) and beyond

Supports are at about 8603, 8590, 8566, 8547 and 8520 while resistances are at about 8656, 8683, 8700, 8727, 8759 and 8787. An unfilled gap on higher side is at about 8662. Four +WWs can give about 8669, 8713/8809 (if above 8568) and 8833 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 8591 (if below 8689, which is yet to be reached) and 8588 (if below 8654) (-WWs with lower targets are not mentioned as of now). An IHnS can give 8750 if nifty sustains above 8655.

Nifty rose further and closed above 8600. It is now approaching a crucial resistance zone. Only a close above 8727 may take it up further while sustaining below 8580, particularly a close below 8565, may mean more damage. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully as we can see wild swings due to rising vix.

[PS Trader]

[vinay28]

Right angled and ascending broadening formation. Retracement from about 8750-60 can take it down to 8618/03. Sustaining below 8593 may mean 8480/8380 or even much lower.

[vinay28]

as posted in the thread for today, a close above 8712 was required for a hint of further upmove. It was just missed. I have posted earlier only the break down levels of the formation. If instead it breaks out, target of such a break out is at least about 8850. A close above 8841 should ensure no further major fall till March. That's why I am bearish for tmrw (after perhaps a gap up open) and then early next week. I also expect a possibility that there may not be a pre-budget rally but instead a post-budget rally only. Actually, this is also based on the fact that if nifty indeed goes down (perhaps gradually) to 8380/8250 or lower, then there won't be enough days left to see 9000 again by 27/02. Of course, if it doesn't sustain below 8593 then 9000 by 27/02 is possible. Incidentally, it doesn't have to go to 8750/60 before falling. It can reverse prematurely also e.g., say, from today's high.

last week I had posted a chart showing a descending formation. This chart shows both the previous and today's formations. As you can see, breakdown of previous one gave the target. Luckily we are seeing these in quick succession and a picture always explains the best way.

The break outs and break downs of such formations often retrace back to the upper/lower TL (and some times break out/down on opposite side also). Note that upper TL of previous formation is about 8841.

[riteshucha]

as per one of JT's excel sheet, daily SAR so far for FEB had never been breached untill today... SAR for 5th feb as per sheet was 8892.25 and high made was 8891.90 (could it be a coincidence or this really worked, i dont know)

for today's trading SAR was 8763.80 which it breached but closed below it (although last trade was 8769)...

further as far as i know, it will not change unless new high or low for the series is made.

so broadly for this series, 8498 to 9029 will be the range....

trading above, 8763.80, be in buy...tgt new high(positional trades only)
trading below, 8763.80, be in sell... tgt new low (positonal trades only)

PS. this is just an observation and not a recommendation..... pls do your own analysis