Wedge or Non Veg ?

Hi All,

As expected in the morning, Nifty fell sharply in the early hours, took support near 7820 mark and rallied up sharply again to take resistance near the mentioned level of 7890-7900....

Now after breaking 7800 minutely, Nifty again started rallying higher.

On the intraday chart look like Nifty has made a bottom as it has given a break out from a kind of Falling Wedge pattern.

Rrad more on Falling Wedge Pattern

With lows below 7800-7790 acing like good supports, Nifty can rally higher only if it sustains 7850 level on the higher side

Cheers

An Evening Star @ 8 Hajaar (8000) . . . . .

Good Morning All,

Though 8000 was a used resistance, it was strong enough to make market fall by almost 150 points due to its selling pressure.

As mentioned yesterday the bias would have changed to positive only above 8000 mark, which didn’t happen.

On the lower side now 7820-7800 hold the key for bulls, if the level is broken the short term bias might change to negative for neutral.

Nifty has also created a pattern similar to Evening Star Pattern on daily charts which will get confirmed only below 7820-7800 mark. 

Read more on Evening Star Pattern

We will initiate a trade after a favourable price action on charts

Levels to watch out for –

Supports – 7820-7800-7770-7740-7710

Resistances – 7860-7890-7920-7950-7980-8000

Cheers

Flirting with 8000 . . .

Hi All,

Markets are mingling around the psychological levels of 8000. Though the same was a very crucial resistance, it has now becoming weak as the Nifty touched it for more than 2-3 times, which indirectly means there are high chances that the level will be surpassed.

SGX Nifty was up by more than 20 points, however is very volatile and now trades down by 20 points.

The short term bias for the markets will be positive only if it sustains above 8000 levels till such time its wait and watch . . .

Levels to watch out for –

Supports – 7950-7930-7910-7850-7820

Resistances – 8000-8040-8120-8185-8230

Cheers

Head & Shoulders ? ? ?

Hi All,

As expected, Nifty took a resistance near the psychological mark of 8000 and fell sharply by more than 100 points.

 

Going forward, the 7870-7840 levels will be very crucial for bulls as they are key supports.

Also if Nifty breaks, it might give a breakdown of the Head & Shoulders (Bearish) Pattern on intraday

charts (Please refer the chart), which means it can fall further to its targets near 7770 levels.

Also RSI on hourly charts have taken resistance near 60 levels which again is a serious bearish sign.

On the higher side, 7925-7950-7980-8000 will continue to act as major resistances for Nifty.

The short term bias will turn negative if Nifty breaks crucial levels of 7870-7840......

We will initiate a trade after favourable developments on charts....

Cheers