This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

September 13, 2013

NIFTY ANALYSIS

The Three Drive pattern (CLICK HERE) completed  by falling short of 40 points of its final target 161.8% 5084 - stopping at 5118. It has given quite a decent rally of around 800+ points to reach  a high of 5932.



  Now a Bearish Crab pattern is in the making in Day charts.

 
Developing Bearish Crab Pattern
XA - 6093 - 5118
Projections for B:
80% - 5898 - DONE
88.6% - 5981
Holding current B 5932 - projections for C:
23.6% - 5739.9
38.2% - 5621
44.7% - 5568
50% - 5525
61.8% - 5428.95

Holding the current High of 5932 or till 5980-90 levels, the Bearish Crab Pattern Holds good. 

Weekly Charts:

 
5930-50 levels are Channel Resistance. Desicive breakout only above 5950 as per the weekly charts.

SYNOPSIS:

Sell on Rises with Strict Sl above 5950 in weekly closing basis.

TRADE TABLE
AGGRESSIVE TRADE STOPLOSS REASON FOR TRADE
Sold at 5920 on 12 sept EOD close above 5950 Channel resistance, Crab Pattern
PARTBOOK AT 5780 levels     


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2 comments:

satheesh said...

@ sampy,

Tatamotors has given a huge breakout as per weekly and Day charts. But Currently it is resisted at a Huge Falling Wedge in Monthly Charts at the current High of 352.

In fact I missed the entire breakout :( as I was not in station. Shall update the charts later this weekend. Presently should wait for some more consolidation before a clear picture emerges.

September 13, 2013 at 9:05 AM
Anonymous said...

thanks for the update Ma'm.

I see negative divergence in TM weekly charts, so expecting pullback to 320. The weekly divergence is confirmed today with close below previous 52wk high. Will await ur chart review.

September 13, 2013 at 5:13 PM

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