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Budget Day Special

Nifty : Descending Triangle

Nifty has formed descending Triangle ,if 4835 is broken with volumes nifty could target 4770-4765 (4750 is 200dma).
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Pattern got invalidated at opening itself.

Thinksoft

Look at Thinksoft stock price, it took just ten trading sessions to drop to 78.6% retracement level of its up move ..........scary..is'nt it.

Nifty : Stuck in a Narrow Range

US Market - DOW

US Market corrected as expected in this post .

Nifty : In a Triangle

Nifty has formed a symmetrical triangle on hourly chart ,breakout on either side with volumes could give 100 points.

Nifty : Doing Nothing

For last six trading sessions nifty has been doing nothing, just locked in a range of 4915-4800.

US Market - Dow

One could see big negative divergence on Dow's 5 day chart and US market is looking overbought on daily scale , so we could see them correcting in coming week.

Update : Bullish Flag in Nifty

Pattern Failed

Nifty : Bullish Flag

Nifty has bullish flag with target of 5000 if upper trend line is broken with volumes.

Update : Ascending Triangle in S&P500

Ascending Triangle target reached given in this post .

Nifty

Nifty has reached 38.2% retrachment level of fall from 5310-4675 and there is no negative divergence on hourly or daily scale so if 4950 (proved to be strong resistance earlier) is taken out we are headed for 5000-5050 levels.

US Market - S&P 500

An Ascending Triangle is forming in S&P500 , if it manages to close above 1080 then it could target 1101-1104.Pattern invalidates below 1056.

Nifty

Price action of last four days shows that nifty has been making higher high's and higher low's giving support to bull case and in case of any fall nifty has a very strong support at 4750-4755 area.

Update : Bullish Flag in nifty

As expected looking at overlapping pattern failed.

Nifty Weekly Chart

Nifty could test 4950-4960 in this week.

Nifty : Bullish Flag

Bullish flag has formed in nifty 5 min chart with target of 4880-4890.
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Update at 2:10pm
Pattern showing some weakness.
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Update at EOD
Overlapping effecting the quality of pattern.

Update : Rising Wedge in Nifty

Pattern Failed as nifty reversed from 4748.

Nifty : Rising Wedge

There is rising wedge in nifty break below lower trendline with volumes could take nifty to previous lows of 4676 with some support at 4726-4730.
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Update at EOD

Nifty

Nifty closed right at downward moving trendline, with support from global cues ( i strongly feel S&P500 would attempt 1080-1086 in one or two trading sessions) nifty could move up from this trendline and could then attempt 4950.

Simillar Action

S&P500

NiftyBoth S&P500 and nifty made good up move from days lows, even though nifty made a doji but S&P500 made a bullish hammer, all this coupled with positive divergence indicate that we are headed higher.

Nifty

Today nifty took support from the trendline mentioned in the post here .

Update : Double Top in Nifty

Target almost reached today as nifty made low of 4692.

Nifty : Double Top

Nifty has formed double top at 4948, if 4815 is broken with volumes , nifty could target 4680.

Intraday Post

Since morning nifty has been trading in a tight range, breakout on either side could give 35 points.
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Update at EOD

Nifty : Move in a channel

Nifty is moving in an upward moving channel and upper trendline comes around 4970-4975 so one could cover longs there.

Intraday Post

Nifty has formed bearish flag , break below 4900 with volumes could take it to 4850.

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Update at 1:10 pm


Target missed by 20 points.

Update : Ascending Triangle in Nifty

Target Reached for ascending triangle in nifty given in previous post here