After the recent fall, a majority are veering towards the bearish side. But, it is often observed that the market seldom does what the majority wants it to do. Looking at Nifty Weekly Charts we can see a Break of long term trendline.
Can it be a whipsaw or it serious breach of Bull Market,we will come to know in next few days.
As of now Bluechips like SBI,ICICI are heavily oversold. Metals are trading at all time high but Hindalco,Tata Steel are correcting and all are oversold on hourly …

Nifty Sold of for 4 day in a row for high of 6180 to low of 6020 which is 50 DMA.  50 DMA has a significant support for nifty and yesterday it bounced after touching the 50 DMA.

On Hourly Charts we are oversold and a bounce should come either today or monday.
Banks are weighing heavily on Nifty,Bank Nifty  has corrected almost 7% in past 3 trading sessions.If Nifty were to bounce bank nifty support should be present.
SBI closed below 200 DMA of 2650 which is a bearish indicator but we …

Wishing All Readers a Happy and Prosperous New Year 2011.

Nifty Daily Chart
Nifty is highly overbought on Hourly Charts and a correction till 6060 can be seen in coming week as it is fibo levels from low of 5690 to high of 6147 we have witnessed in recent rally. Risk to Reward ratio is not in favor of entering new longs as of now.

MACD is coming in positive region and RSI is showing negative divergence on Daily chart as marked in above chart.
Traders holding Long position should keep a SL of …

Nifty Daily Chart
Nifty is forming ascending triangle on daily chart which is a bullish breakout pattern. It is moving near to upper trend line of the triangle and expecting a breakout on upside in near term.
Resistance  at 6,025 (50 DMA) while Support stand at 5920 (20 DMA). On upside if level of 6,040 breaches decisively then we could see rise up to the mark of 6,080.

MACD will cross the signal line and RSI is still below 50 levels. Move …

Nifty Long Call Initiated by Nifty Trading System [Click on Link to Know more about Nifty Trading System]
Nifty spot has crossed 5 EMA over 20 SMA on upside with MACD also showing positive divergence.
As stated in Post we can initiate longs in Nifty with SL of 5855
Nifty Daily Chart
Nifty on Daily Charts has formed Higher Low formation from low of 5690 and 5721 which is having bullish implication.
On Upside if we are able to cross 5954 on closing basis we can see a rise till 50 DMA @ 6040 and …

Nifty
Nifty is posting a rally from the low of 5721 Will Nifty Bounce as  I showed technically that we did not break the low and positive divergence on RSI played there part fueled by very good IIP numbers.

Market always makes a move that causes maximum pain to maximum people and consensus was on bear side and market proved all wrong.

Coming few 3 days of the week should be crucial as Nifty will test the real power of Bulls near 50 DMA @6045  and than at 6070
Close above …

Overall during the week ended 10th December 2010, the market witnessed a steep slide, with small-cap and mid-cap stocks taking a beating on concerns over regulatory crackdown on companies indulging in price rigging and an ongoing investigation into telecom corruption scandal.
We anticipated both downside and upside in below posts
Nifty Ready for Bounce

Nifty Weekly Analysis
Next week looks interesting as we have the advanced tax figures of the Indian corporate for Q3 FY11 will be closely watched for any indication on the quarterly performances and RBI …

Monthly Chart
5 Monthly EMA@5750 if broken we are heading towards 5500
Nifty Weekly Analysis given on 6 dec[Click on Link and Charts to enlarge]

Weekly Chart

Near trendline support and there is lots of panic in market am advising all my readers to use this oppurtunity to deploy cash because bounceback will be fast and furious.
Daily Chart
All are self explanatory charts

Support at 5750,5697 and 5627

Mid Cap Index is down 10% from November Low while Nifty has not breached the low.

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Nifty after 3 weeks of downfall which was overshadowed by scams and technical correction. I anticipated a bounce back in coming week in last week Nifty Technical Analysis  [Click on Link to Read about it] .
As anticipated nifty gave a good bounce back close to 4% on weekly basis,on the news Indian economy growing at a robust 8.9% YoY growth in Q2 September 2010.
Nifty Daily Chart
Technically, last few day’s chart of Nifty is showing symmetrical triangle pattern which is bearish breakout pattern if lower trend line breaks. …

Three Black Crows
As the name suggests, the three black crows candlestick formation consists of three large, consecutive, declining candles. The formation precludes lower prices, especially after a strong advance higher. The three candles should all close near the lows of the bar and ideally each bar should open within the prior sessions real body. If the first candle in a three black crows formation is a gap, then this rule is not necessary. The three black crows pattern requires the …