Nifty and Indian stocks

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY FUTURES (5456.75) + 97.85 5554.60

The Three Advancing White Soldiers, Japanese Candlestick Patterns, marched ahead for a 97.85 points gain.They are exactly at the Upper resistance of the Falling channel.Tomorrow, it should stay above 5562 and volumes should increase within a day or two to sustain the Uptrend.Failure to close above the channel, may lead either to a pause or reversal.

DAILY NIFTY FUTURES

BANK NIFTY FUTURES (9065.1) + 123.90 9189

Bank Nifty Futures is also moving in a down Channel.A break and close above 9242 is required for it be bullish.Failure to close above 9242 in a day or two will lead to reversal.The Candlestick pattern is also a weak pattern called a Stalled pattern.

MUTHOOT FINANCE (113.35)

Inverted Shoulder Head Shoulder Pattern.Stoploss anywhere between 103-108. Good for buying.

 

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY FUTURES (5344.55) -210.05 5554.6

NIfty futures as I mentioned yesterday, fell after being resisted by the upper channel.Even on Monday, I had mentioned that I am not very bullish.More or less today was an Engulfing Black Candle. Nifty Futures may make an inverted shoulder head shoulder pattern.But wait for the full pattern to evolve.Also see the big ” emotional” WRB Black candles forming at the same area.

BANK NIFTY FUTURES ( 9189) – 499.6 8689.4

Bank Nifty futures came off from the Upper resistance of the Channel.I had been very bearish on this Index and it happened so.

 

[a1b1trader]

NIfty futures as I mentioned yesterday, fell after being resisted by the upper channel.Even on Monday, I had mentioned that I am not very bullish.More or less today was an Engulfing Black Candle. Nifty Futures may make an inverted shoulder head shoulder pattern.But wait for the full pattern to evolve.Also see the big ” emotional” WRB Black candles forming at the same area.

Please elaborate it some more.
'Also see the big ” emotional” WRB Black candles forming at the same area.'
Do you mean to say those big black candles of 16 to 27 Aug
Thanks

 

[devadas]

Big Emotional candles which are much bigger in size than other candles are showing that Heavy selling is taking place at these levels.They will pose strong resistance to Nifty on the Upmoves.Till prices close above them, one can't be sure of an uptrend.

So I was sure on Sunday and Monday, that the Uptrend will not go unchecked..To counter them we should either see a close above them or equally Bullish big white candles.

You are right in mentioning the dates and also today it appeared.

 

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.
NIFTY FUTURES (5458.05 ) +149.1 5607.15

Nifty futures as I had mentioned is forming an Inverted Shoulder Head Shoulder pattern.Today it broke out of the Channel and Inverted SHS with a gap.Only lacuna is that there is no volume on the breakout.Also as I have shown on the chart , that volumes are decreasing during upmoves.So if markets pick up volumes on up days in the next 2-3 days, then it is good for the bulls, otherwise there may be a threat to the Uptrend.

But since the stoploss is very near i.e 5475 and target at 5950 +, barring resistance at 5759 going long is a low risk venture.

BANK NIFTY FUTURES(8899.15 ) + 821.25 9720.40

Bank Nifty Futures broke out of the downward channel as well as an Inverted Shoulder Head Shoulder Pattern.The target is 10500 approx and stoploss is 8968 on a closing basis.Since risk reward is 1 : 1 or less it can be bought on corrections.Here the volumes have increased on a breakout.

 

[timepass]

Only lacuna is that there is no volume on the breakout.

The volume was pretty good in cash segment.

 

[devadas]

The volume was pretty good in cash segment.

Thanks for bringing it to my notice . Since one trades Nifty Futures, so in my humble opinion,one should see the volume of the instrument traded.Secondly, I am not sure how NSE calculates volume of NIFTY Index.

 

[timepass]

Thanks for bringing it to my notice . Since one trades Nifty Futures, so in my humble opinion,one should see the volume of the instrument traded.Secondly, I am not sure how NSE calculates volume of NIFTY Index.

You're right. I guess it has something to do with the delivery trades, which have been pretty good in last few days.

I just thought of looking at the underlying.

 

[devadas]

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY (5697.80 ) + 209.35 5907.15

Nifty as I had said before is bullish because it broke out of the channel with a break away gap.And as the stop was near at 5475, my advice was to go long.Today again it gapped up and nearing it’s target area ( see previous post).Just ride the trend.

BANK NIFTY FUTURES ( 9982.90 ) + 209.25 10192.15

Bank Nifty futures gapped up today and has made an interesting pattern.Tomorrow’s close will clarify the pattern.If the Gap formed today is a measuring gap, then target is 10900, provided Bank Nifty does not close below 10000.But if tomorrow a Black candle is formed and if the Open also gaps down, an Evening Star or an Abandaned Baby Top Candlestick pattern may form.

Anyway wait for tomorrow’s close .

 

[devadas]

NIFTY TOUCHES TARGET AND BANK NIFTY FUTURES MARCHES ON

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY FUTURES ( 5907.15) + 32.50 5939.65

Nifty futures touched the target of 5950 as given by me.Till any major reversal pattern appears, trend is intact.

BANKNIFTY FUTURES (10192.15) + 217.35 10409.50

Bank Nifty futures as I said, will reveal the true pattern after it closes on September 11 th.Since it did not close below 10000, an evening star was avoided.Since it closed above the upper shadow of the shooting star, it indicates continuation of the trend.Close below 10000 is the stop for longs and 10900+ is the target.