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.

December 13, 2013

NIFTY ANALYSIS

Nifty has opened with a gap down today and reached 50% of the retracement of 5973-6415. This is also supported by channel in Hour chart and Trendline in Day Charts. Weekly channel has supports upto 6155-60 - Week 10SMA.

Below 5185-5170 - The Bearish Wolfe wave will show its' dominance.

As per Hour charts a Reciprocal ABCD pattern is formed which Holding 6170-6150  - would give a bounce to the fall from 6415 - 6185.

23.60% 38.20% 44.70% 50.00% 61.80% 70.70% 78.60%
6239.28 6272.86 6287.81 6300.00 6327.14 6347.61 6365.78









TRADE STOPLOSS  REASON 
Aggressive - buy near 6180-6160NS Hour close below 6150 10 Wk SMA, Week channel& dayTrendline support and Completion of Reciprocal ABCD pattern
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2 comments:

Parimal said...

Hi Dear Satheesh, very nice work, clear and simple too. especially ww pattern. 6185 (NF) is 20sma also, may or may not provide support. wkly rising wedge favours bears. thanks again

December 13, 2013 at 11:50 AM
satheesh said...

Hi Parimal,

Thanks. Rising wedge definitely favours bears below 6170 - no doubt about it.

December 13, 2013 at 12:54 PM

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