Intraday Post

Ascending Triangle is forming in nifty , if 4891 is taken out with volumes nifty could target 4950, pattern invalidates below 4863.

Nifty Weekly Chart

Since April 2009 weekly nifty has close for the first time below 20 dma, looks like we are headed for some more down side in coming days (i am expecting a bounce in this week at least).

Sensex and Nifty

Sensex

As sensex has given a breakdown from rising wedge it should target 15335 but since market are extremely oversold, sensex could move up and try the gap area.

Nifty

Nifty

I am expecting a good bounce tomorrow but in case global cues are bad nifty could take support at 4680-4720 area

Happy Republic Day

Nifty : Flag and Pole

Nifty has formed flag and pole pattern in nifty with target of around 5145. Any move below 5000 would invalidate the pattern.

Update : Descending Triangle in Nifty

Target reached for descending tiangle in nifty give in post here .

Nifty : positive Divergence

There is slight positive divergence on indicators on 5 min chart so we could see up move if global cues support.

Update : Chambal Fertilizer

Target reached for chambal fertilizer given in post here .

Uco Bank

Uco Bank gave a breakout from ascending triangle on good volumes , it could now target 73-75.One can buy it with 55 as stoploss.

Update : Neyveli Lignite

Target for neyveli lignite given in this post reached today.

Nifty : Descending Triangle in making ??

Looks like nifty is forming descending triangle, any breakdown below 5172 with volumes could take nifty to 5050 and any move past 5295 would invalidate the pattern.

Vakrangee Software Limited

One can buy vakransoft for target of 110+ with stop loss of 67 on closing basis.

Nifty

Looks like nifty is moving in an upward moving channel and we are headed higher, also 5180 support was very well held today.Another observation is that today nifty bounced exactly from 38.2% retrachment levels for move from 4944 to 5310.

Nifty : Strong Support

Nifty has a very strong support at 5180.

Nifty

Here is another possibility in nifty, nifty has been moving in a parallel downward moving channel for past three days and thus look like forming flag and pole pattern, if nifty does not drift down further and is able to breakout of upper trendline then it could target 5360.

Update : Nifty Ascending Broadening Wedge

On friday nifty did breakdown from ascending broadening wedge formation but the breakdown was not convincing so let us watch follow through action on monday.

Nifty : Ascending Broadening Wedge

Ascending Broadening wedge is formed on nifty hourly chart, if lower trendline is broken (which as of now stands at 5225-5230) with good volumes nifty could target 5125-5135 levels.

Sensex

Sensex is around highs made in may 2008, so it could face stiff resistance here.

Neyveli Lignite

Neyveli Lignite has given a breakout from double bottom pattern on good volumes so now it could target 175.

New Time in New Year

Nifty

Nifty Monthly Chart

Nifty managed to give a breakout from range it was stuck in for last three months but breakout was on low volumes .

Nifty Weekly Chart

On weekly chart also nifty managed to give a breakout from ascending triangle but again as the breakout was on thin volumes one should be cautiously long.

Nifty Daily Chart


Support and resistance for nifty for 04/01/10 are shown on the chart.