iCharts Discussions

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

additionally, you need to decide quickly as to whom to follow on icharts.

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

another observation and the trade i did, i will share again.....

not off late, but in 2011, 2012, every month whenever IIP data was announced at 11am, whichever side movement came be it 10+ 20+ 30+ 40+ or in minus... after that nifty started to reverse after 30-60 mins.... result of IIP didnt matter then whether positive or negative...

i have shared this here i am sure before when i observed and traded this, somebody might remember. ....... I have traded based on this method it atleast 12 months successfully out of 15 months. Off late it's not been working so I have abandoned it. probably since i made it public in forums, it's not been working haha....

This is another one of those things which does not come as part of Technical Analysis...but only through self learning...

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

vinay28 · Black Belt Joined: 24 Dec 2010 Posts: 11748

Nifty for Friday (31/05/13)

Supports are at about 6098, 6082, 6062 and 6042 while resistances are at about 6130, 6171 and 6195. Four +WWs give about 6155, 6182, 6201 (once above 6077), and 6209 (once above 6092) (+WWs with higher targets are not mentioned as of now). Four -WWs give about 6085 (once below 6117), 6039, 6014 (once below 6191, which is yet to be reached) and 6008 (once below 6118) (-WWs with lower targets are not mentioned presently). A rising wedge BD can give about 5936 unless nifty remains above 6133. A complex HnS can give 5928/5867 unless nifty remains above 6092. A bullish flag gives higher level unless killed below 6105.

Nifty rose again and closed at a new weekly high above 6100 and negated the bearish effect of Wednesday's hanging man in spite of a gapped down open. However, it is still not bullish. As long as Friday closes above 6035, monthly candle remains bullish while a close above 6188 makes weekly candle bullish too. If it closes below 6050, it may slide further. A high value of VIX and PCR can cause sharp and sudden movements. Only a noticeable drop in them along with global cues and/or liquidity can take nifty up further. Trade carefully as Fridday is day of GDP numbers. If GDP comes well below 5% (particularly 4%), we may see a sharp fall. But I still feel, as of now, that it's a "buy on dips" market.