Happy New Year

Wishing all the readers a very HAPPY NEW YEAR.

Nifty : Confusing Signal

Bull case - Nifty managed to close above 5181 which provided stiff resistance.
Bear case - Formation of shooting star.

Sensex

On Thursday sensex broke the downward moving trendline, now if 17500 is taken out sensex could target 17800.

Nifty

Will nifty be fourth time luck........in my opinion only a gap up opening could take out resistance at 5182.

Update:Falling Wedge in Nifty

woo.......what a day.

Nifty : Falling Wedge

Falling wedge is seen in nifty daily chart if upper trendline is taken out with good volume we could see earlier highs.

Nifty

Any move below 4900 could take nifty to 4825-4830.

Nifty

Nifty:In range

Nifty:Taking support

Today nifty took support exactly at trendline joining last two lows.

Nifty:Double Top

Nifty confirmed the double top formation by closing below5052, now it could target 4925-4935 level but nifty has a trendline support at 5000 (chart below).

Update:Nifty Channel

Target for nifty channel given in this post reached today

Market Internals

Even though market is range bound for almost last eight trading sessions but market internals are showing some weakness as percentage of stocks above various averages have started coming down(chart above) . Ten day advance decline ratio has also started moving down (chart below) .

Nifty:strong support

Looking at above chart one can clearly see that 5088-5091 has been providing support to nifty for last few sessions ,so till this level hold there is not much of a worry for bulls.

Nifty: Channel move

In hourly chart one could see that nifty is moving in an upward moving channel, breakdown from this channel could take nifty to 5030-5020 level.

Nifty:Triangle Breakout

Nifty today gave a breakout from triangle pattern with target of 5240, any move below 5135 would make this a failed breakout.
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Update at 1:00 pm

Breakout Failed

Chambal Fertilizer

Chambal Fertilizer gave a breakout from double bottom pattern on good volumes,now it could target 69-71.

NIFTY:Triangle

Looks like nifty is moving in a triangle ,so we could see another lackluster day tommorow.
(Today's side movement invalidated the flag and pole pattern in nifty given in last post)

Nifty:Flag and Pole

Flag and Pole pattern could be seen in nifty hourly chart which could take nifty to 5400, however one thing to be seen is that too much of sideways move would decrease the quality of pattern and thus chances of reaching its target.

Nifty

Nifty has been moving in downward moving channel, support and resistance for 08/12/09 are given on the chart.

Nifty Weekly Chart

Ascending Triangle could be seen on nifty chart , if 5181 is taken out with volumes we could target 5800 area in coming months.

Update:Ascending Triangle in Orchid Chemicals

Target reached for orchid chemicals given in this post .

Nifty: Right Angled Broadening Triangle

Nifty hourly chart is showing right angled broadening triangle formation , so breakdown below 5120 with volumes could take nifty to 5060.
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Update at EOD
Pattern Failed.

Genus Power

Genus power gave a breakout from squeeze set up with very good volumes ,this stock could see nice up move from here, one could buy it with stop loss of 153.

Nifty

Today Nifty's up move got stalled exactly at trendline joining previous two tops at 5187 and 5138, tommorow if 5138 is taken out convincingly then nifty could target 5225.

Update on Nifty Island Reversal

Nifty:Island Reversal

US Market - S&P500

S&P500 has been trading in a range of 1111-1187 for last 11 trading sessions,breakout from this range could give direction to world market .