iCharts Discussions

[vinay28]

discount of 21?

[apka]

[pkholla]

[apka]

[vinay28]

2 consecutive hammers of this kind have never occured on weekly before.

[rk_a2003]

[saumya12]

[vinay28]

bottom fishing happens only when fundamentals are at their nadir worst. Just check accumulation on daily and weekly and +ve div AD too. That does not mean we may not see a new low but I would be buying for medium/long term.

In immediate term, further upmove is possible in case of a close baove 5528.

[apka]

[apka]

My view on the weekly hammers is, that it is pretentious

LIC, DII are trying to save the Govt's ass, assumingly on the Govt's direction to do so, because if on weekly and monthly charts we close below the longterm trendlines major selling is possible.

I feel near important resistence and supports, such bounces happen and occur. Just like for Titan as example it hit 200 or so when gold curbs were announced, but it held onto the weekly support and bounced proudly... but has again come down.

That's my view, I feel 100% 4900 is going to come in Sept.

[amitagg]

after much analysis, I am of the view [on technicals - ignoring fundamentals] that 5120 was extension wave, and ,market has taken support at 5255 [which should be labelled as bottom of move from 6100] conciding with buttefly targets , A = C etc.

AND WITHOUT TOUCHING 5225 [DOUBLE BOTTOM base] FOR FIRST AND THEn If DOUBLE BOTTOM BREAKS [above 5525] MAY BE 5670-5720.

this is also since market is retracting on up previous legs substantially and retracing down less than 50% [eg: 5465-5120 or 5250 not retracted on friday by more than 50%] - this is classical story after the long downtrend of over 1000 points in NIFTY.

this shall be kept valid with 5255 as last support and 5375 market above shall be confirmation of move to 5525 and then straighway to 5670 [dont thing it shall halt in between].

lets see, so i am 100% sure market won't touch 4900 in Sep [syria + sep 18etc fed etc excluded???]

buying should be WITH HEDGES only considering fiundamentals....and therefore profit limits shall be kept lower....shall suggest BUYING entry at different points next week.

[apka]

Your expected levels of base and continued upside as per your observed pattern & after your much analysis that you have mentioned, is noted.

But not sure why you went ahead to specifically retort against my view of 100% 4900 in sept because it is away from your base by 355 points. But noted, Amita.

[amitagg]

Just to add, the cnx IT seems to have broken above resistance at 8000 (trendline of few months -years broken above)and it gives another leg up....guess reliance is supporting the upmove and "dark horse" ITC shall chip in above 310..

On Nifty and other stock charts, bear trendline resistance is broken above + trendine from 5750 high and 5550 high is also broken above...support at 5375 was at this trendline..maintained

2 H2 bars also there....

5300-5250 are two lows..same level

A "sideways?" 500 point move from 5200 to 5700...(Or 5375-5525)

4900 is H and S target but but but 5200 was major major resistance when this entire bull run started so as mentioned before won't break in a hurry....

(Reasonings drawn from al brooks, supertrend trading,elliot, experience- reading the line, other similar opinion at various forums, logic - retail traders bearish still, etc.)

There can be a 5th wave down to 4900 (or below I don't know) may be later....again events change would determine this...

100 percent was mentioned just to highlight my faith in a contrary opinion ...cheers AMIT

[vinay28]

amitagg, I suggest you start a new thread, say, "nifty with EW by amitagg" since we don't discuss EW in this thread as it is a totally different ball game. That way, distraction will be avoided

[vinay28]

we may see wild swings today