Nifty Weekly Technicals

Hi all,
Let me start a new thread, but would like to give a weekly snapshot on the weekends as I'm pretty busy in the weekdays.

Nifty for Sept 3rd - Sept 7th
Markets could not cross the 5450 barrier and negative divergence was a clear indication to short. The target is 5220 - 30 and is yet to be achieved.

Markets can be rangebound between 5200 - 5375. This week 5220 -30 is a strong support. Below 5200 with volumes is a clear indication of the continuation of downword journey (rising wedge pattern) with a target of 4800.

Happy Trading
Sankalp

As expected last week the market was between 5200 - 5375. Market always gives surprises and the surprise was the gapup opening on Friday (5240 - 5310). This has resulted into a very bullish outlook.

This week markets can be between 5250 and 5480 range. Though there is resistence @ 5425 levels, the gapup opening on Friday has resuted into a Shark Attack Pattern which can reach 5480 and 5620 levels.

Nifty below 5250 is a clear indication of downward journey for a target of 4800 due to raising wedge pattern. Above 5425 is a clear indication of a bullish outlook in the short term.

Happy Trading
Sankalp

As expected nifty was in a visciously bullish mode due to the shark attack pattern. The surprise this week was how 5480 a pretty good resistence was taken out with another gapup.

This week markets can be between 5500 and 5700. 5625 is a resistance but is not a sell at this point. Short sellers are badly caught in the wrong foot so I have a strong feeling that it cannot break the 5500 mark so easily.

A weekly closing above 5640 is a sign of long term bullish markets.

Happy Trading
Sankalp

Hi San
Can you please post a current chart so that we may know something about shark attack pattern.
Thanks

Hi a1b1
Shark attack pattern is a reversal pattern where the market moves sharply in a reverse direction with a huge gapup. If you observe last before weeks chart, there was a raising wedge and 5220 was the trend line. For the first four days of the week it was hovering between 5280 and 5220 and the general sentiment was that it would break the 5200 mark and would be heading to 4800 (due to raising wedge). But what happened on Friday (7th Sep). There was a gapup from 5240 - 5310 and ended the day very strongly. This we call as shark attack pattern. As I had posted last before week itself that due to shark attack pattern the targets are 5480 and 5625. The target is generally calculated based on the Fibonacci retracement (1.272 or 1.618 times). This can be applicable to intraday too.

Due to paucity of time, I cannot post any charts. But I hope I made it clear.

Happy Trading
Sankalp

As expected nifty was in the range of 5500 and 5700 the whole of last week. There was some resistence at 5625 and once that was convincingly broken it touched 5700 and ended the week @ 5691.

This week being an expiry week, you can see some very volatile movement of nifty and can be in the range of 5500 and 5781. Due to profit booking there's a possibility of nifty ending between 5500 and 5600 on expiry. Overall the trend is bullish and nifty will be moving towards 6097 by Diwali.

Happy Trading
Sankalp

As expected nifty was in the range of 5500 and 5781. Short covering was very prominent and hence nifty could not go down much.

Nifty this week too will be in a range of 5550 and 5850. Doji candlestick was formed in the weekly charts and shooting star on the daily charts on Friday, both of which are showing signs of a reversal but follow up price action is required. But Weekly and Monthly charts are still very bullish and any dips towards 5550 can be bought. Nifty is giving indications of moving towards 6100 by Diwali.

Happy Trading
Sankalp

As expected nifty was in the range of 5550 and 5850 last week and showed no signs of weakness at all. The surprise of this week was that on Friday where nifty fell to 4880 and recovered with in 5 min. What can we infer from this move? The only thing I can infer is that nifty is in a bullish mode and the trend cannot change drastically. Any selling will be bought by the market. Hence we can consider that as only a blip.

This week Nifty will be between 5630 and 5900. Any downside towards 5650 and 5700 can be bought as there is no signs of weakness according to the charts. Markets are clearly heading towards 6100.

Happy Trading
Sankalp

According to Gann calculations of time and price squaring the trend is reaching its maturity levels.It is actually healthier for the market to go through a reasonable correction and then resume its uptrend. Second half of October may bring in such a correction...

Hi San
Thanks for the analysis. It seems good.
But going through you previous posts as well, what I feel is, that these are not your own analysis, but you are copying some one else analysis (check for Br***** website) and putting here in your name.
Isn't it.