NiftyEOD Chart, 29-04-09

This is for education purpose only and may not be useful for trading

Bounce along expected lines though I did not expect such a strong one.Buy signal will come above 3520...we also have trendline resistance on RSI chart.

Above 3520, markets can rally to 3520+(3520-3300)=3740.

Incidentally, all sell signals have failed in this rally.

NiftyEOD Chart, 28-04-09

This is for education purpose only and may not be useful for trading

We also have a trendline break... EOD charts.Below 3400, weakness possible upto 3300.

This is a strong support and also weekly swing low.While shorting is not recommended, one can hold shorts with SL 3400.

This will also be the "buy above" trigger.Clue: markets at RSI support so a bounce is possible.

NiftyEOD Chart, 27-04-09

This is for education purpose only and may not be useful for trading


Trend is UP. Stoploss: 3400.

Further bullishness on crossover of 3520 TGT 3640.

Below 3400, weakness possible upto 3300.

NiftyEOD Chart, 24-04-09

This is for education purpose only and may not be useful for trading

First target of falling wedge "almost" achieved. Next target 3640. Stoploss: 3400.
Clue: profit booking in April calls. I don't know if call writing is happening but some caution is called for. Use some strict intraday stoplosses Monday. For eg. 3440.
NIFTY Open Interest Commentary for Series APR-2009 (as of 24-APR-2009):
Total Calls Open Interest: 28544950 Net change: -1696850
Total Puts Open Interest: 53768850 Net change: 464200
Put Call Ratio: 1.88

NiftyEOD Chart, 22-04-09

This is for education purpose only and may not be useful for trading

Bulls defending 3300....

So let 3300 break before considering short positions. New longs above 3440 only.

NiftyEOD Chart, 21-04-09

This is for education purpose only and may not be useful for trading

Bulls defending 3300....

So let 3300 break before considering short positions. New longs above 3440 only.

NiftyEOD Chart, 20-04-09

This is for education purpose only and may not be useful for trading





Wild swings in Market as Bears get active...

3300 is not yet broken and 2 day swing low is at 3340.

Let 3300 break for considering fresh short positions. New Longsabove 3500 only.

niftyEOD Chart, 17-04-09

This is for education purpose only and may not be useful for trading

Wild swings in Market as Bears get active.

However 3300 has not yet broken and 2 day swing moves to 3350.

So, let 3300 get broken for considering shorts. New longs only above 3500.

NiftyEOD Chart, 16-04-09

This is for education purpose only and may not be useful for trading

Yesterday's expanding triangle on hourly charts is extremely bullish.. and so profit booking is set in.

A tight stoploss given at 3400 got triggered.

2 day swing still at 3300... so let this break for considering shorts.

NiftyEOD Chart, 15-04-09

This is for education purpose only and may not be useful for trading

3300 did not break and market rallied strongly.

On hourly charts, we have expanding triangle.. which is extremely bullish.

Use 3400 as tight stop loss.

Nifty EOD CHART, 13-04-09

This is for education purpose only and may not be useful for trading

Trend possibly nearing completion... Tight SL 3300

A reversal expected targeting 3000-2800

Confirmation : Break of 3300

Nifty EOD Chart, 09-04-09

This is for education purpose only and may not be useful for trading

Trend remains up ...... SL 3149.

Hold long positions with SL at today's low...... app 3300

NiftyEOD Chart, 08-04-09

This is for education purpose only and may not be useful for trading

Despite strong gap down....market hold lows (3150) and stage impressive recovery.

Trend remains up .... SL 3149.

NiftyEOD Chart, 06-04-09

This is for education purpose only and may not be useful for trading

Some profit booking kicks in.. Gap up invites selling... Thursday's

low was not broken and the swing low has shot up to 3155.

Trend remains up ...... SL 3155.

Minor double top at RSI ?

NiftyEOD Chart, 20-04-09

This is for education purpose only and may not be useful for trading

Solid breakout.... gapup above recent resistance at 3120.

Trend remains up (last 2 day swing sell failed)...SL 2965.

Since the level of 3055 offered strong resistance, the same will now offer support.This can be considered as a tight stoploss.

NiftyEOd Chart, 01-04-09

This is for education purpose only and may not be useful for trading

Markets have been trading rangebound between 2960 and 3055 for 2-3 days. The SL for the short positions (3055) got triggered as nifty closed above this.
Now the previous buy was highly profitable and the sell was marginal loss. The buy signal thus generated today shd be highly profitable. This is systematically speaking.
However the markets have strong overhead resistance at 3120 and more at 3200-3250. So let the markets tell us what to do...for eg., a failure of today's buy signal (2 day swing) will reinforce the bearish view as it would have happened below 3120. However a gapup opening tomorrow or strong trading above 3050 spot will imply further upsides.
Either way, 3050-3060 spot is the key level to watch/ trend decider.
IMPORTANT CLUE: watch RSI support on EOD chart.