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#1
15th September 2004, 10:49 AM
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Where is the NSE Nifty 50 headed?
Is the NSE Nifty 50 headed for 1750?
See attached chart below: Description and analysis of attached chart If one draws a trendline connecting the three swing lows one gets a upward sloping trendline. Drawing a parellel trendline to this line gives us the target for the upmove. The trendline is a primary tool of technical analysis and the channel line a secondary one. When constructing a channel line, it should be drawn absolutely parallel to the basic trendline or at minimum very close to parallel. A channel line sloping at one angle, while the trendline is sloping at another, is not correct and can lead to misleading conclusions. When drawn correctly, the channel or return line represents the point at which reactions start against the current trend. The trendline and the channel line together define the area called the trend channel or simply the channel. The failure to reach a channel line provides warning that the current trend is losing strength. If, on the other hand, a stock breaks out of the channel line, it is a sign the current trend is accelerating. A channel line is a secondary tool to the trendline. When drawn properly, however, it can benefit the swing trader in identifying support or resistance. It can also help you gauge whether when the trend is losing steam or accelerating. Construct channel lines effectively and they can be an important part of your technical analysis toolkit. Have a question please post them here. Attn: Technical Analyst: can you please post images of other indices or stocks forming a similiar pattern? I would appreciate if more members would participate in this forum as a community. 
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#4
20th September 2004, 11:05 AM
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Re: Where is the NSE Nifty 50 headed?
BANG ON TARGET AGAIN Traderji!
Nifty hit a HIGH of 1740 today. Keep up the good work. I am sure many members of this forum would have benefited from this knowledgable analysis. At least I DID! Your simple and effective style of analysis makes trading and earning in the markets seem easy. Thanks Again.
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#6
28th September 2004, 02:38 PM
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Re: Where is the NSE Nifty 50 headed?
After moving to exactly the level predicted in my earlier post, and using the same channel technique we can predict the lower level to which the NSE Nifty 50 can correct to.
Please see the attached chart for my channel analysis.
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#8
30th September 2004, 08:09 AM
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Re: Where is the NSE Nifty 50 headed?
Very informative write up no doubt. Want to clarify:-
In the first chart, you are advocating the buying at then current levels with the price objective of 1750( Resistance) Stop loss is at point 3 or previous lowest low. In the second recent chart you advocate short selling with price objective at the intersection with the trendline and stop loss at the intersection with the channel line. Right?
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#9
10th October 2004, 06:15 AM
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Re: Where is the NSE Nifty 50 headed?
Traderji, that's a great call, but there's something I don't understand. Looking at the current scenario, where is the Nifty headed, now that it is consistently hugging the upper edge of the channel line, and yet refuses to cross 1825 with any strength? Is this similar to a blow-off? What's a blow-off exactly?
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#10
14th October 2004, 11:12 AM
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Re: Where is the NSE Nifty 50 headed?
NSE Nifty Daily Chart with Trend Channel and Retracement Levels
The Possible Levels that the Nifty could retrace to are: See attached chart!
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