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..

CNX NIFTY 5,735.30 -97.90 -1.68 %

NIfty has closed below 200 dma of 5751.Another 1-2 day close below this average will make NIFTY bearish.Wait for pullbacks to short. 20 dma is at 5800.Sustaining and closing above 5751 tomorrow may do away with the bearisness for the time being.

BANK NIFTY 9,617.80 -281.95 -2.85 %

Bank Nifty was already bearish.Today it broke down with a gap.Short on pullbacks to 10300 with that as a stop.

 

[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.

CNX NIFTY 5,909.70 + 129.65 2.24 %

I said on Monday “Sustaining and closing above 5751 tomorrow may do away with the bearishness for the time being.”Nifty closed on Tuesday above 200 dma and hence the rally today.For markets to be bearish, it should either close below 5748 for 2-3 consecutive days or rally and then fail to close above 6142.50 So current range is 5748 to 6142.50

BANK NIFTY 10,222.95 + 339.65 +3.44 %

Bank Nifty is below 11008. the 200 dma, and any reversal signal like Doji or Engulfing Red Candle is bearish.So wait for it to occur.

 

[chaitanyagoa]

I have been posting a few calls in the following section.. would be great if u guys can participate

http://www.traderji.com/futures/48964-trading-stock-futures-indices.html

 

[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.

CNX NIFTY 5,907.30 -2.40 -0.04 %

Nifty on daily chart is forming a pattern because of the existence on pattern gaps (marked on the chart in red).Wait for completion and breakout of the pattern if one wants to play safe.Otherwise stoploss for longs is at 5748 (200 dma) and 5688.

On Weekly chart Nifty has made a bullish piercing pattern .The stoploss is the same as daily on closing basis.

DAILY

WEEKLY

 

[Bull-Bear]

Hi

I have just started learning about candlestick charts and signals. Can we consider the last bar in nifty daily as a shooting star?

Rgds

 

[devadas]

Hi

I have just started learning about candlestick charts and signals. Can we consider the last bar in nifty daily as a shooting star?

Rgds

Yes you can consider it as a shooting star.But since it is happening in a pattern ( because of the existence of the pattern gaps) it's reliability may be low.NOrmally look for stars after 6-7 white candles.Also see at least two reversal patterns occur in a matter of 7-10 days for reliable reversals.

 

[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.

CNX NIFTY 5,928.40 + 22.25 + 0.38 %

Nifty tried to break out of the pattern but failed.A sustained move and close above 5982 is bullish and may touch 6200. Failure to close above 5982 will make it test 200 dma at 5755 .Stop loss on shorts can be had on closing basis above 5950.

BANK NIFTY 10,141.45 + 59.35 + 0.59 %

Bank Nifty also failed to break above the pattern. Since it is already below the 200 dma , it is more bearish compared to Nifty.If it fails to close above 10452, expect target of 9600.A close above 10452 with volumes will take it to test 10984.Stoploss on shorts can be had at close above 10329 also.

 

[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

CNX NIFTY 6,007.45 + 79.05 +1.33 %

Nifty has closed above the rectangle mentioned yesterday.An engulfing pattern has formed and stoploss for longs is on a close below 5877.Preferred way to trade it based on intraday charts.

BANK NIFTY 10,334.95 + 193.50 + 1.91 %

Bank nifty has formed a piercing pattern .If it closes above 10510 then it will be bullish.

 

[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.

CNX NIFTY 6,096.20 + 75.25 +1.25 %

Nifty as I said jumped after it closed above the rectangle. Let the profits run with a trailing stoploss.Nifty may face resistance at the “Great Wall of Worry” at 6142 – 6230 range.

BANK NIFTY 10,622.15 + 333.20 +3.24 %

Bank Nifty will face resistance at the 10970 – 11219 range.Preferable to avoid longs

 

[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.

CNX NIFTY 6,089.05 -23.65 -0.39 %

Nifty as I had said earlier is facing resistance at 6133-6230 “Wall of worry”.Today it made a Engulfing black Candle which is bearish. Watch 6157, the high of bearish engulfing candle which will provide resistance to any upmoves.Above that the “Wall of Worry”.Only a close above 6230 for 3 consecutive days will be bullish.

BANK NIFTY 10,389.25 -276.00 -2.59 %

Bank Nifty , I had been advising to avoid the longs since it was below the 200 dma at 10963.Today it also made an engulfing Black candle which is bearish.Nearest stoploss for shorts is at 10739 ( today’s high) on close and the correct stoploss is on a close above 10963.