Todays Market Closed. What is the Pattern?

[dsanjyot]

Hi traders,

I was just checking the chart formation after the market closed. There are two different chart formations on NSE and BSE

On NSE the Chart shows a formation of "Evening Star" pattern. (Yesterdays Candle) Which by itself is Bearish. Am I correct pls confirm. And today it is a Long legged DOJI (Gravestone DOJI?) which has been formed after making a new high on NIFTY. Which is again a Bearish Pattern.

Now After Evening star formation requires a Confirmatory action next day. Also Doji requires a confirmatory action isn't it?

On Sensex Yesterdays Candlestick was a DOJI which requires a bearish confirmation. and Today Sensex opened with GAP UP @ 15408 and closed near Days low of 15289. Thus it has formed an Bearish Engulfing Pattern (OR Shooting STAR?). Of course this requires a confirmation tomorrow.

So tomorrow is the D-Day for all. Just confirm tomorrow morning if the Nifty and Sensex both open with Gap down and Nifty is not moving ahead 4512. It is very serious concern as market will slip into negetive till 4450 and 4400.

(Sensex also has a Rising GAP of 15115 - 15216 !!! a good 100 points Gap)
If 4400 gets broken then God only will help us !! What do you say?

If tomorrow the Sensex opens with Gap Down there is a possibility of formation of an ISLAND REVERSAL. This is the Deadliest pattern which almost 100% sureshot BEARISH pattern.
Just let me know your study on these both the patterns.

 

[JAISWANI]

Sirji Dont see any patterns Only see Ril (Now New Gas Found ) It Should Now
See Value 200-225 Per share Extra For this News.Means More upside For Nifty & Sensex.

 

[alpha1]

Well ppl have been cautious from last week begining.

15000 has come up too early acco to some.

 

[munnakv]

I was looking forward to hearing from you experts.
Interesting.

Will be following this thread.

Thanks and regards,

munna

 

[alpha1]

Eh I am nowehere close to being any sort of expert.

 

[dsanjyot]

Today Sensex opened @ 15296 and Nifty @ 4498.65 That means today the most probable closing of Sensex @ 15200 level and Nifty @4460 - 4470 as per my calculations. And tomorrow ..... I will explain after todays market close !!!

 

[dsanjyot]

Let me put a strategy of Buy 4350 PUT @ 19with a Stoploss of Rs. 17 and see if it crosses Rs. 25 today if yes and closes above 25 carry your position for tomorrow for Rs 10 MOOOOOREEEEEEE.

 

[renu daga]

hi
i could not check up lat night ,,nifty..but yes there si no pattern,,but,,,i think one sign is there od trend reversal,,and ig nifty closes below ,,44936..future,,its is confirmed,,

no matter conclusion should be same,,
and the very tgt is teh gap,,, which it had made..

renu

 

[dsanjyot]

Markets have closed and the candlestick pattern shows that on both SENSEX and NIFTY there is a formation of Hanging Man. Again this requires confirmation tomorrow. Any bad news today will give that confirmation. I am 99% sure that the market is in total indecisive stage. Any bad news is going to make lots of difference. Lets hope for the best !!!

 

[yasirsait]

milindkuyilan pointed out yesterday to me that everytime nifty moves away from the 5 day moving average, it invariably comes down to meet and cross the 5 dma at some point soon. After this, it continues the march upwards.
I believe 4446 is a crucial level which has not been crossed on the downside today. Hence there is no need to worry just yet.
On the downside, if Nifty breaks 4446, it could find support at 4435. If this fails to hold, then we could see Nifty slipping all the way to 4370.

The silver lining however is that in the trade post 2.30, Nifty rebounded sharply and closed at the day's high of 4508. This leads me to believe that the morning fall was caused by traders booking profits.

If the longer trend continues, I see nifty at 4840 by the end of August.

Peace,
Yasir