Sensex Does 27000, Nifty 8100 and completes ABCD pattern

By | September 3, 2014

FII_1

  • FII’s bought 4675  contract of Index Future worth 191  cores, 9.1 K Long contract were added and 4.4K short contracts  were added by FII’s. Net Open Interest increased  by 13.5 K contract , so FII are adding both long and shorts in index futures.
  • Nifty continued with its rally and did a high of 8100,Sensex closed above 27000.Traders who follow Harmonic pattern Nifty has completed its ABCD pattern , so 8100 becomes an important number, unable to close above it pullback till 8000 can be seen. Closing above 8100 move up till 8200/8240 in short term.

nifty daily

 

  • Nifty Future Sep Open Interest Volume is at 1.66 cores with addition of 3.4  lakh suggesting long addition .VIX being very low suggests bulls are still overconfident and every dip is getting bought into.
  • Total Future & Option trading volume was   at 1.55  lakh core with total contract traded at 1.9 lakh. PCR @0.96, Volumes were lowest in recent time when nifty scaled above 8000.
  • 8200  CE  OI at 45.1  lakh  suggesting wall of resistance , 8100 CE  added 2.8 lakh  suggesting resistance also at 8100 .8000 CE liquidated 3.7 lakh suggesting support around 8000 can be seen . FII’s bought 45.7 K CE longs and 11.9 K  CE were shorted  by   them.
  • 8000 PE OI@ 56.2 lakhs so strong base @ 8000. 7900 PE added 10 lakh in OI, so support building up @7900, 7800 PE added 4.3 lakh in OI suggesting informed buying at lower levels. .FII’s bought 13.8 K contract  PE longs and 27.5  K  PE were shorted  by   them.
  • FII’s bought 672  cores in Equity and DII sold 168 cores in cash segment.INR closed at 60.68.

 

Buy above 8100 Tgt 8111,8139 and 8176 (Nifty Spot Levels)

Sell below 8072 Tgt 8046, 8008 and 7980 (Nifty Spot Levels)

 

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6 thoughts on “Sensex Does 27000, Nifty 8100 and completes ABCD pattern

  1. Vijay

    Thanks for Explaining the pattern type. Sir one basic question… How long period we should consider for harmonic pattern. And can you suggest on book for guy like me who is beginner.

  2. Bramesh Post author

    Dear John,

    Some like Iphone some Samsung, so never generalize your views. What does not work for you does not mean it will not work for others.

    You can share book links. We will post them.

    Rgds,
    Bramesh

  3. Naren

    Hi Ramesh,

    Can you please give your analysis for JPA for Sep series.

    Thanks
    Naren

  4. John Matharu

    Dear Bramesh,
    I have been following you posts for the last one year. You seem to be an honest and sincere person. Therefore, I would like to share what I learnt from my 14 years of trading. Do note that I had been bankrupt 5 times.
    1. Elliott wave, Neowave are all rubbish.
    2. Harmonic trading all rubbish.
    3. Stock market cannot be predicted. Even a broken clock is correct twice in a day OK.
    4. There is hope. Your interpretations of options open interest may be of some usefulness.
    5. The good news is read all the Books by Nassim Taleb and Paul Wilmott. I can give the soft copies if you request me to do so.

    Regards,

    John Matharu ( Not my real name )

  5. Vijay

    Sir I am new to understand Harmonic patterns, But in your pattern B has gone above A and also above X . So how you are counting ??

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