Its been long time something is written here. I will try to update Nifty move regularly.
In below chart Nifty is moving completely in sideways manner with good swings in both the sides. Being expiry is near in 2 weeks, Nifty may not move much in one direction. Nifty chart below shows that It is moving in a triangular formation from last 2 months as shown in WHITE Trend lines.Support for Nifty at bottom trend line is falling at around 6200 levels.
If you look at the Nifty movement using Pitchfork lines, There are different swings where we can apply this analysis. But I'm majorly considering below formations. With more data points from the highs of 6480 on 9th of December 2013 to 6157 on 10th Jan 14, ( shown in RED DOTTED lines), Nifty exactly landed on support line which is falling around 6245 to 6250 levels.If nifty could not break this level on Monday or Next week, there is a possibility that Nifty can move upward from here on. If breaks this levels, then there is another pitch fork line which is falling at 6225 range formed while connecting two points with high at 6408( on 2nd Jan 14) and Low of 6157 (on 10th Jan 14).
If at all Nifty breaks these two levels of support then we may see support at the trend line forming triangle as mentioned above shown with White trend lines in chart falling at 6200.
New method Trend Reversal posted in another blog at
In below chart Nifty is moving completely in sideways manner with good swings in both the sides. Being expiry is near in 2 weeks, Nifty may not move much in one direction. Nifty chart below shows that It is moving in a triangular formation from last 2 months as shown in WHITE Trend lines.Support for Nifty at bottom trend line is falling at around 6200 levels.
If you look at the Nifty movement using Pitchfork lines, There are different swings where we can apply this analysis. But I'm majorly considering below formations. With more data points from the highs of 6480 on 9th of December 2013 to 6157 on 10th Jan 14, ( shown in RED DOTTED lines), Nifty exactly landed on support line which is falling around 6245 to 6250 levels.If nifty could not break this level on Monday or Next week, there is a possibility that Nifty can move upward from here on. If breaks this levels, then there is another pitch fork line which is falling at 6225 range formed while connecting two points with high at 6408( on 2nd Jan 14) and Low of 6157 (on 10th Jan 14).
If at all Nifty breaks these two levels of support then we may see support at the trend line forming triangle as mentioned above shown with White trend lines in chart falling at 6200.
New method Trend Reversal posted in another blog at
says that Nifty took reversal at 6408 on 2nd Jan'14. If this correction gives a buy trend reversal with Higher support at Nifty and RSI making low, one can go long at support levels discussed above and trade for good up move.
Also note that the current levels 6250 are falling at 50% of retracement of Nifty for the raise from 6408 to 6351. So there is a possibility that Nifty can find support either at these levels or at 61.8% ( @ 6228 ) which is also the pitch fork support line ( mentioned in Blue dotted line). So trade with caution and make entry with minimal SL so that you can make good profits.
No comments:
Post a Comment