PRAY that we don't see 4600 !!!

R

rajivkhatlawala

Member
#1
#1
YES.

That is what the Nifty Weekly charts are telling us to do. Pray! (please see attached chart)

Yesterday's IIP figures again were below the mark at a measly 3% against 8.60% in the corresponding month in previous year...

This led me to re-visit the Nifty weekly charts for some indications and what i see is a head and shoulder reversal pattern developing in the weekly chart !!!

The neckline is near 4600 Nifty and it is highly likely that the current rise to near 5300 was to create the 'right' shoulder!. And yes we must not forget that the pre Jan 08 rally to 6300+ Nifty had all the characteristics of a typical 'head' formation

If this happens, we are facing a neckline break out below 4600 which could lead the market to witness further selling pressures....

Time will tell, but, for the time being, lets watch out for the Nifty range of 4800 - 5200 to be broken to give us further directions

Happy 'finger crossing'

CA Rajiv D Khatlawala
 
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sudoku1

sudoku1

Well-Known Member
#2
#2
UNLESS sensex closes abv 17875.....dont PRAY.....for.....the bulls certainly r in 2 become PREY;)
 
columbus

columbus

Well-Known Member
#4
#4
rajivkhatlawala said:
YES.

That is what the Nifty Weekly charts are telling us to do. Pray! (please see attached chart)

CA Rajiv D Khatlawala
Click to expand...
...I am afraid ,if you look at last month data ,4800 on Nifty and 16000 on Sensex will serve as good support levels.
 
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R

rajivkhatlawala

Member
#5
#5
columbus said:
...I am afraid ,if you look at last month data ,4800 on Nifty and 16000 on Sensex will serve as good support levels.
Click to expand...
Correct Columbus .....

that is what i have also written (see last line in original post) ... "Time will tell, but, for the time being, lets watch out for the Nifty range of 4800 - 5200 to be broken to give us further directions"

CA Rajiv
 
R

renu daga

Well-Known Member
#6
#6
hi
rajiv,,

well some points u have pin pointed are abs rgt,,,
trend line support in weekly is 4800 aprox,,,

in daily charts,,,evn though nifty showed eod reversal yesterday but todays neg closing has cancelled that reversal confirmation,,,

dialy chrat scan see,,150 points of down more,,,it seems,,,by sudden breaking of levels today...
trend line support in nifty is 4910,,,,seems which can be easily broken..and 68% retracemnet can make nifty down to 4850/4880 levls,,,.
secondly we have gann suport for daily chrats exactly at todays low points,,,and secondly at 4750/4720,,

lets see further,,,what hapens,,, but better to stay out again

renu
 
Ali_001

Ali_001

Member
#7
#7
Hi
There is one more thing to be veary, the -DI is greater then +DI and ADX is faling in weakly chart. And heman kapadiya onlast saterday on DD NEWS suggested to go short on nifty with a stopp loss of 5200.
these are my 2 cents of observevation please correct me if i am wrong
Ali
 
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R

rajivkhatlawala

Member
#8
#8
13-5-08..."PRAY that we don't see 4600"

Hello Friends

I presume regular readers of this forum would recollect - i had indicated on on my own blog as well as in this forum on 13th May that 4600 is a crucial 'neckline' support for the Nifty ..

This was broken on weekly charts last week... I presume the H&S pattern is getting confirmed on weekly charts !!

I would also suggest you all watch Reliance chart (weekly) ...
(More on Reliance on my own blog !!)

Regards
CA Rajiv D Khatlawala
 
M

moneygurukul

Member
#9
#9
Re: 13-5-08..."PRAY that we don't see 4600"

rajivkhatlawala said:
Hello Friends

I presume regular readers of this forum would recollect - i had indicated on on my own blog as well as in this forum on 13th May that 4600 is a crucial 'neckline' support for the Nifty ..

This was broken on weekly charts last week... I presume the H&S pattern is getting confirmed on weekly charts !!

I would also suggest you all watch Reliance chart (weekly) ...
(More on Reliance on my own blog !!)

Regards
CA Rajiv D Khatlawala
Click to expand...
The ratio of Head Distance from Neckline to Shoulder Distance from neckline is too skewed to make it a reliable H&S.

The proposed neckline can better be viewed as the Trendline on Monthly chart which was broken (on closing basis) in the month of May.
 
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