iCharts Discussions

sanju251416 · White Belt Joined: 15 Feb 2010 Posts: 10

Thanks a lot, RT.

Regards
Sanju

RoyalTrader · White Belt Joined: 31 Oct 2010 Posts: 75

it seems market taking support around 5530-5542 for a bounce back...

anand1234 · Yellow Belt Joined: 17 Jul 2010 Posts: 830

hi............rt
u mentioned the fegure 5530-5542......is it spot or future??

thanks
anand

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

First of all I am neither a technical analyst nor a chartist, I am just a novice. All I know, which is very little, is mathematical aspect of charts and that is, trends are given by polynomial equations.

The level of 5542.48 that I gave was a possible spot level on closing basis. 7288 was one direction if market does not fall further and continues to go up. The other direction is 5451.45, 5229.68, 5007.81 and 4785.95 on intraday, spot basis, only if market continues to fall further.

More importantly, charts show us the trends based on what has already happened but what actually happens in future is based on events or triggers, which only the astrologers try to predict. Rolling Eyes

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

Nifty has broken 5530 on spot basis. I think today's bottom will be 5501.

kanna · White Belt Joined: 03 Jan 2010 Posts: 91

dear vinay28

with due respect to your strategy, requesting you not to post anything un related to what this thread is for. You may want to open a new thread for your polynomial analysis. pls open that and post it there.

thanks

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

Dear Mr. Kanna

This thread is for members to post their views on nifty. I have also responded to Acharyams's query of 27th and the correct guidance given by Royaltrader to him.

RoyalTrader · White Belt Joined: 31 Oct 2010 Posts: 75

nifty monthly forecast:

In the first week of feb we may experience a quick bounce back from current levels to 5800...

In second week market may consolidate between 5800 and 5650 after a break market is likely to continue its upward movement..

In next week market may hit the next resistance around 5900-5930... I am expexcting expiry of feb around 5930-5950

5450 is good support to go long...

Its important to take out 5800 to confirm the uptrend...

Below 5450 - 5390, 5350, 5200,5105

Market is looking oversold on short term charts hence i am little optimistic about feb...

Regards,

RT

sairanga19 · White Belt Joined: 28 Nov 2009 Posts: 51

hai,
so far nifty break en every support, fii selling heavily their portfolio investment. every professional money targeting retailer hard earned money by giving some technical and fundamental call to trap retailer, so go with the trend of the market never try to pick bottom or top of the market.
if support and resistance always works their will be no up or down market so the trend is down because after making high nifty 6338, low 5740, lower high 6181 then lower low 5512 so unless nifty breaks above 5740 the intermediate
trend down. go short on every rise in market keeping stoploss above one percent of nifty level 5740 Laughing

paa · White Belt Joined: 28 Sep 2010 Posts: 178

hi vinay
great job!

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

Dear Paa, I don't know what great job you are talking about but thank you all the same!

As for nifty, I had posted earlier that we may see a bottom in next few days (5350/5450) but I am getting worried. I now also see a possibility of a high volatility and market not stabilising till Feb 11.

Let's hope for a early recovery! Rolling Eyes

beowulf · White Belt Joined: 18 Aug 2010 Posts: 163

acharyams · Yellow Belt Joined: 04 Jul 2010 Posts: 552

Are we on the way to 5800 this week after today's movement?

RoyalTrader · White Belt Joined: 31 Oct 2010 Posts: 75

Dear acharyams and all other friends,

My view and target is still intact for this week... Infact yesterdays movement shown the strength in the market.. Massive demand is present around 5400-5475 levels... Even i would like to say that the bottom for the correction started at 6339 has been made yesterday at 5417.. Markat may not revisit 5417 atleast a month if not three months or even year or years..

Too much optimism.. lets keep it atleast for a month..

Watch out banknifty and banking sector.. Outperformance gaurenteed.. Infact already started.. I wish i could have explained all this with charts but as i am out of india i cant post it right now.. But i promise i will explain everything once i will come back by weekend...

Regards,
RT
RT

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

I had stated earlier (on this or some other thread) that nifty may go to 5451.54, 5340.61, 5229.68, etc. if market continues to go down. Market had made a strong double-bottom at ~5350 in last August.

I had also stated later that I suspect high volatility in coming days and that market may bottom out by Feb 11. The date is simply the last day of the two week period in which I felt market will behave like this.

Today, nifty revisited yesterday's bottom of ~5418. I think 5340 intraday on spot basis is still possible with market giving a wrong impression of going up from today's bottom for a couple of days at the most.

The development in Egypt with its likely spread to other countries has already made the oil price to go up and that is scary for us.

We can only pray! Rolling Eyes