Dow Jones Tonight for December 31 - Viral Joshi

Pivot is 8,600 and support is 8,550.

S1 8,650; S2 8,600; S3 8,550; and R1 8,680; R2 8,700; R3 8,750.

Above 8,680 Dow is positive and below 8,650 Dow is negative.

Nifty Future for December 31 - Viral Joshi

Pivot is 2955 and support is 2900.

S1 2955; S2 2920; S3 2900; and R1 2975; R2 3000; R3 3020/3050;

Buy above 2975 and if it breaks 2985 then 3000 - 3020 - 3050.
Short below 2970 and if it breaks 2955 then 2940 - 2920 - 2900.

Daily moving averages:

5DMA 2929;
20DMA 2893;
50DMA 2886;
200DMA 4089.

Nifty Future for December 31 - Rakesh Chandra

The Nifty 5-min chart analysis shows a simple 1-2 down wave, hence the 4th downwave would be a complex corrective, which was formed yesterday morning.This complex wave was in a triangular shape within a triangular 5-wave series, which has been completed.

Now, the 5th up wave is in progress. The max extension of this 5th upwave is the 3020 area. Then again, an ABC corrective will be in progress.

With Stoploss 2,968, buy above 2,983.24 with up target >3,008>>3,049>>>3,074.

With Stoploss 2,983 short below 2,967.76day with lower target >2,943>>2,902>>>2,877.

Nifty Update for December 31 - Inder Bhatia

The Indian market opened on a positive note drifted lower in the afternoon session but saw a smart recovery in the later session. The Nifty closed in the green zone. For the coming session if the Nifty trades above 2999 it could test 3031-3053. On the lower side 2944 will act as a support zone.

Dow Jones Tonight for December 30 - Viral Joshi

Pivot is 8,450 and support is 8,300.

S1 8,450; S2 8,400; S3 8,350; and R1 8,500; R2 8,550; R3 8,600.

Above 8,500 Dow is positive and below 8,450 Dow is negative.

Nifty Future for December 30 - Viral Joshi

Pivot is 2900 and support is 2880.

S1 2920; S2 2900; S3 2880; and R1 2940; R2 2960; R3 2980/3020;

Buy above 2920 and if it breaks 2940 then 2960 - 2980 - 3020.
Short below 2920 and if it breaks 2900 then 2880 - 2860 - 2840.

Daily moving averages:

5DMA 2941;
20DMA 2881;
50DMA 2897;
200DMA 4099.

Nifty Update for December 30 - Inder Bhatia

The Indian market opened on a weak note and saw a smart pullback in the afternoon session, to close in the green zone. For the coming session if Nifty trades above 2943 it could test 2985-3010 zone. On the lower side 2830 will act as support zone.

Nifty Future for Week Dec 29-Jan 2 - Rakesh Chandra

On the daily chart, the Nifty is showing a triangular pattern formation. The evidence says that a somewhat bullish pattern is forming. This will confirm when the Nifty crosses the weekly bullish level.

If the bullishness gets confirmed, then this may continue for some days. The change in direction of either side is show in the chart.

With stoploss 2,860, buy Nifty future above 2,897.92, for weekly up target 2,959 >>3,058 >>>3,120.

With stoploss of 2,898, short Nifty future below 2,860.08, for a weekly lower target of 2,799 >>2,700 >>>2,638.

Dow Jones Tonight for December 26 - Viral Joshi

Pivot is 8,450 and support is 8,300.

S1 8,450; S2 8,400; S3 8,350; and R1 8,480; R2 8,510; R3 8,580.

Above 8,480 Dow is positive and below 8,450 Dow is negative.

Nifty Future for December 26 - Viral Joshi

Pivot is 2940 and support is 2880.

S1 2920; S2 2900; S3 2880; and R1 2940; R2 2960; R3 2980/3020;

Buy above 2920 and if it breaks 2940 then 2960 - 2980 - 3020.
Short below 2920 and if it breaks 2900 then 2880 - 2860 - 2840.

Daily moving averages:

5DMA 3013;
20DMA 2863;
50DMA 2917;
200DMA 4123.

Nifty Update for December 26 - Inder Bhatia

The Indian market opened on a marginally weak note and drifted in to the red zone. It was a lackluster session that saw some action in the last trading session. For the coming session 2910 is main support. Below it we could test the 2866 zone. On the other side 2945 is a resistance. Nifty is moving in a narrow band of 2860- 3150 .

Dow Jones Tonight for December 24 - Viral Joshi

Pivot is 8,450 and support is 8,300.

S1 8,400; S2 8,350; S3 8,300; and R1 8,450; R2 8,500; R3 8,550.

Above 8,450 Dow is positive and below 8,400 Dow is negative.

Nifty Future for Dec 24 - Viral Joshi

Pivot is 2980 and support is 2880.

S1 2950; S2 2920; S3 2900/2880; and R1 2980; R2 3020; R3 3050/3080;

Buy above 2960 and if it breaks 2980 then 3020 - 3050 - 3080.
Short below 2960 and if it breaks 2950 then 2920 - 2900 - 2880.

Daily moving averages:

5DMA 3020;
20DMA 2852;
50DMA 2929;
200DMA 4135.

Reliance at Short-Term Low - Rakesh Chandra

The Reliance hourly chart analysis shows that next day some near-term low formation is likely and the day after some upside cannot be ignored. At lower levels, book partially for short-term profit-booking point of view.

With Stoploss 1,257 buy above 1,262.05. Next day up target>1,269 >>1,282 >>>1,289.

Next day lower target >1,250 >>1,238 >>>1,231.

Nifty Update for December 24 - Inder Bhatia

The Indian market opened on a lower note, on weak global cues and closed in the red zone. For the coming session. we could see choppy moves on the lower side with 2920 as the main support for Nifty. On the other side 2988 would act as a resistance zone.

Nifty Update for December 23 - Inder Bhatia

The Indian market opened on a marginally weak note and drifted in to the red zone. It was a volatile session within a narrow range. For the coming session if Nifty trades below 3017 it could test 2975-2960. On the other side 3090 would act as a resistance zone.

Nifty Future for Week Dec 22-26 - Rakesh Chandra

In last week's report it was mentioned that we are progressing to the upside 3170 area. The market behaved in the same manner but unexpectedly went way to the upside even if global clues were weak.

Nifty last week high touched 3116. Now we are merely 50-60 points away from the resistance zone. Book profit from long position and wait to see how its unfolding. Stock that did not participate in this rally could perform.

For longs, with stoploss of 3,063 next week, buy above 3,089.45. Next week up target 3,133>> 3,203>>> 3,247.

For shorts, with stoploss 3,089 next week short below 3,062.55. Next week lower target >3,019>>2,949>>>2,905.

ABAN Reversal Expected 22-26 Dec - Rakesh Chandra

Aban Lloyd daily charts show a symmetrical triangle formation. This should form a reversal pattern in the upward direction, the confirmation of which would come only after crossing the upper line. daily chartsymetrical triangle formation.

For longs, with stoploss 729 buy above 744.87 with next week up target>771>>813>>>839.

For shorts, with stoploss 745 short below 728.73 with lower target 703>>660>>>634.

Nifty Update for December 22 - Inder Bhatia

Buy TITAN above 989 TGT 1023>1040 Stoploss 973.

The Indian market opened on a marginally lower note on weak global cues but closed in the green zone. For the coming session if Nifty trades above 3092 it could test 3130-3153. On the lower side 3033-3015 will act as as a support zone.

Last week nifty surged by 5.35 percent with significant gains and the Volatility Index closed below 50, indicating stability in the market. For the coming session Nifty is heading near multiple resistance zone of 3153-3254, and basis, we could witness profit booking toward 2860 zone. On the lower side for this week 2970-2930 will act support zone.

Dow Jones Tonight for December 19 - Viral Joshi

Pivot is 8,680 and support is 8,480.

S1 8,600; S2 8,550; S3 8,500; and R1 8,680; R2 8,750; R3 8,800.

Above 8,680 Dow is positive and below 8,600 Dow is negative.

Nifty Future for December 19 - Viral Joshi

Pivot is 3020 and support is 2950.

S1 3050; S2 3020; S3 3000/2980; and R1 3090; R2 3120; R3 3150/3180;

Buy above 3050 and if it breaks 3090 then 3120 - 3150 - 3180.
Short below 3050 and if it breaks 3020 then 3000 - 2980 - 2950.

Daily moving averages:

5DMA 2992;
20DMA 2792;
50DMA 2967;
200DMA 4167.

Nifty Update for December 19 - Inder Bhatia

The Indian market opened on positive note and drift in to the red zone but closed with handsome gains. After a good inflation number, the market saw a U turn and closed near the day's highs. For the coming session we could witness a momentum towards upside and the Nifty could test the 3153-3170 zone. On the lower side, 2929 would be the stop-loss closing base.

Nifty Future for December 18 - Viral Joshi

Pivot is 2980 and support is 2880.

S1 2920; S2 2900; S3 2880; and R1 2950; R2 2980; R3 3000/3020;

Buy above 2950 and if it breaks 2980 then 3000 - 3020 - 3050.
Short below 2930 and if it breaks 2920 then 2900 - 2880 - 2850.

Daily moving averages:

5DMA 2964;
20DMA 2773;
50DMA 2985;
200DMA 4178.

Dow Jones Tonight for Dec 17 - Viral Joshi

Pivot is 8,800 and support is 8,650.

S1 8,900; S2 8,850; S3 8,800; and R1 8,950; R2 9,000; R3 9,050.

Above 8,950 Dow is positive and below 8,900 Dow is negative.

Nifty Future for Dec 17 - Viral Joshi

Nifty Future Pivot is 3020 and support is 2980.

S1 3050; S2 3020; S3 2980; and R1 3060/3080; R2 3100; R3 3120/3150;

Buy above 3060 and if it breaks 3080 then 3100 - 3120 - 3150.
Short below 3050 and if it breaks 3030 then 3020 - 3000 - 2980.

Daily moving averages:

5DMA 2959;
20DMA 2766;
50DMA 3005;
200DMA 4189.

Screw Satyam - Rakesh Chandra

History repeats again. You must remember the day of Tata Steel with Corus. What happened the next day? Tata Steel changed in to Ghata (loss) Steel....i.e. massive downfall.

Now, the same with Satyam.
Every Indian must have question in his mind and they are ready and buy back at lower level.

Price is bearish below 237, which is a monthly pivot point.

Downwave (0-1) T1 : 214;
Downwave (2-3) T2 : 176;
Downwave (4-5) T3 : 15.

Nifty Update for December 17 - Inder Bhatia

The Indian market opened on a lower note but saw a volatile session and surged in the late trading session to close above 3000. For the coming session momentum on the upside would continue and Nifty could test 3153-3173 i.e the upper channel line. On the lower side, closing below 2926 it will crack the lower channel line.

Nifty Future for December 16 - Viral Joshi

Pivot is 2980 and support is 2880.

S1 2950; S2 2920; S3 2900/2880; and R1 2990; R2 3020; R3 3050/3080;

Buy above 2990 and if it breaks 3020 then 3050 - 3080 - 3100.
Short below 2980 and if it breaks 2950 then 2920 - 2900 - 2880.

Daily moving averages:

5DMA 2907;
20DMA 2754;
50DMA 3021;
200DMA 4200.

Dow Jones Tonight For 16 Dec,2008 - Viral Joshi

Pivot is 8,550 and support is 8,400.

S1 8,550; S2 8,500; S3 8,450; and R1 8,580; R2 8,620; R3 8,700.

Above 8,580 Dow is positive and below 8,550 Dow is negative.

Nifty Future for December 16 - Rakesh Chandra

Let us continue the wave counting on the 45-minute chart. The 12345 wave series is over and the ABC corrective move is on the cards. A sell on upmove should be the trading strategy.

With stoploss 2,976, buy above 2,986.02 with up target >3,002>>3,029>>>3,045.

With stoploss 2,986, Short below 2,975 with lower target >2,960>>2,933>>>2,917.

Nifty Update for December 13 - Inder Bhatia

The Indian market opened on a positive note and closed in the green zone. For the coming session Nifty had kissed 50-day SMA on the daily chart, which will now act as a strong resistance zone. If Nifty closes above 3020 it could test 3150. On the lower side 2753 will act as a strong support zone.

Dow Jones Tonight for December 15 - Viral Joshi

Pivot is 8,580 and support is 8,480.

S1 8,600; S2 8,550; S3 8,500; and R1 8,650; R2 8,700; R3 8,800.

Above 8,650 Dow is positive and below 8,600 Dow is negative.

Nifty Future for December 15 - Viral Joshi

Pivot is 2880 and support is 2800.

S1 2900; S2 2880; S3 2850/2800; and R1 2950; R2 2980; R3 3000/3050;

Buy above 2880 and if it breaks 2920 then 2950 - 2980 - 3020.
Short below 2880 and if it breaks 2870 then 2850 - 2820 - 2800.

Daily moving averages:

5DMA 2854;
20DMA 2747;
50DMA 3041;
200DMA 4211.

Copper: Oversold Dec 15-19 - Rakesh Chandra

Copper on the daily charts has completed the 3rd downwave, and thus a 4th upwave is on cards. The possible target for this is the 185+ area. In the coming couple of weeks, each decline in copper is a buying opportunity.

With stoploss 161 next week, buy Copper above 162.60 with target>166>>171>>>174.

With stoploss 163 next week, short Copper below 160.60 with lower target >157>>152>>>149.

Nickel: Upwave for Dec 15-19 - Rakesh Chandra

On the weekly chart, the 5th downwave is over and hence the upwave is now in progress.
With stoploss 503, buy above 516.22 with up target 537>>571>>>593.

The monthly target is as follows:

UPWAVE (4-5) MUT3: 645;
UPWAVE (2-3) MUT2: 604;
UPWAVE (0-1) MUT1: 538.

Price is bullish above monthly pivot point 498.

Gold - Distribution to Continue Dec 15-19

Gold on a larger scale range shows very high volatility. So it easily gets unstable and the chart pattern is not clear. Hence we will count this as corrective.

With stoploss 13,029 buy above 13,067.25. Next week up target is 13,130>> 13,230 >>>13,293.

With stoploss 13,067 short below 13,028.75 with stoploss 12,966>>12,866>>>12,803.

Nifty Update for Week December 15-19 - Inder Bhatia

Buy GATEWAYDISTRIPARKS 83.50 TGT 89>96 STOPLOSS 81.

Buy BRFL above 134 TGT 141>157 Stoploss 129.

Last week Nifty surged by 7.62 percent with significant gains. Inflation data was released on Thursday 8 percent for the week ended November 29, 2008. The IIP data announced was negative but the market saw smart recovery from lower levels. For the coming session if Nifty touches 2945, it could test 3005-3037 levels. On the other side closing below 2840 it will touch 2775 -2721 levels.

The Indian market opened gap-down on weak global cues. Market recovered from the lows in the afternoon session and saw smart recovery, closing in the green zone. For the coming session if Nifty trades above 2945 it could test 2975-2991. On the lower side trading below 2847 levels it can test 2810-2790 zone.

Nifty Future for Week Dec 15-19 - Rakesh Chandra

Some more upside move is possible. In the coming week expect some consolidation because market movement should consume more time pricewise as well as timewise in this area of 4th up.

The trading strategy for the 4th should be to sell on upside and and buy at lower and obey the levels strictly.

For next week,

Stoploss 2,920 buy above 2,947.73 with
up target 2,992>>3,064>>>3,109.

With stoploss 2,948 short below 2,920.27
with lower target >2,876>>2,804>>>2,759.

Dow Jones Tonight for December 12 - Viral Joshi

Pivot is 8,650 and support is 8,400.

S1 8,550; S2 8,500; S3 8,450; and R1 8,600/8,650; R2 8,700; R3 8,800.

Above 8,600 Dow is positive and below 8,550 Dow is negative.

Nifty Future for December 12 - Viral Joshi

Pivot is 2900 and support is 2800.

S1 2900; S2 2880; S3 2850/2800; and R1 2950; R2 2980; R3 3000/3050;

Buy above 2950 and if it breaks 2980 then 3000 - 3050 - 3080.
Short below 2920 and if it breaks 2900 then 2880 - 2850 - 2800.

Daily moving averages:

5DMA 2827;
20DMA 2748;
50DMA 3065;
200DMA 4223.

Nifty Future for December 12 - Rakesh Chandra

On the hourly basis chart price need to stay in some range. We are trading near on the 3rd up wave and on the upper side profit-booking comes easily.

Selling a call option of 3050 is a safer trade trade idea assuming the price will consolidate for some more hours as the 4th down (consolidation wave) is in progress.

With stoploss 2,938, buy 2,951.63, target >2,973>>3,008>>>3,029.

With stoploss 2,952, short2,938.37 with lower target >2,917>>2,882>>>2,861.

Nifty Update for December 12 - Inder Bhatia

The Indian market ended with marginal loss after a flat opening but recovered from the lower levels. For the coming session if Nifty crossed 2945 it could test 2980-3050. On the lower side 2860 would act as a support zone. We can see choppy trades for the session on the release of IIP data for October 2008. For any longs 2860 level would be a stop-loss.

Dow Jones Tonight for December 11 - Viral Joshi

Pivot is 8,750 and support is 8,650.

S1 8,750; S2 8,720; S3 8,650; and R1 8,780; R2 8,800; R3 8,820/8,850.

Above 8,780 Dow is positive and below 8,750 Dow is negative.

Nifty Future for December 11 - Viral Joshi

Pivot is 2900 and support is 2800.

S1 2900; S2 2880; S3 2850/2800; and R1 2950; R2 2980; R3 3000/3050;

Buy above 2950 and if it breaks 2980 then 3000 - 3050 - 3080.
Short below 2920 and if it breaks 2900 then 2880 - 2850 - 2800.

Daily moving averages:

5DMA 2774;
20DMA 2760;
50DMA 3089;
200DMA 4235.

Nifty Update for December 11 - Inder Bhatia

The Indian market opened gap-up and closed with higher gain. On the daily chart Nifty had given a breakout and closed above 2840 levels. For the coming session we could test 2975-3050 levels. On the lower side 2840 will act as a support zone. Nifty can witness profit-booking near 2975-2980 zone.

Dow Jones Tonight for December 10 - Viral Joshi

Pivot is 8,730 and support is 8,600.

S1 8,680; S2 8,650; S3 8,600; and R1 8,730; R2 8,780; R3 8,800/8,850.

Above 8,730 Dow is positive and below 8,680 Dow is negative.

Nifty Future for December 10 - Viral Joshi

Pivot is 2825 and support is 2700.

S1 2780; S2 2750; S3 2720/2700; and R1 2825; R2 2850; R3 2880/2920;

Buy above 2800 and if it breaks 2825 then 2850 - 2880 - 2920.
Short below 2800 and if it breaks 2780 then 2750 - 2720 - 2700.

Daily moving averages:

5DMA 2720;
20DMA 2762;
50DMA 3113;
200DMA 4245.

ONGC and Elliot Wave Theory - Rakesh Chandra

Elliot Wave Theory (EWT) states the Alternation Rule as

(1) If Wave Two is a simple correction, expect Wave Four to be a complex correction.
(For ONGC wave 1-2 wave is simple).

(2) Triangles commonly occur as fourth waves.
Note the 4th wave triangnle in chart).

(3) Elliott Wave Triangle designates five sub-waves of a triangle as A, B, C, D and E in sequence.
(Note the triangle labeling).

(4) Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3.
(Now the large wave 3 has downward ward direction, so the thrust direction will be accordingly, downward)

ONGC Stoploss 660 Short below 646.44. Lower target WLT1> 625>> 591>>> 570.

Nifty Update for December 8 - Inder Bhatia

The Indian market opened on a positive note but was not able to sustain at a higher level, due to strong resistances near 2834; thus the rally fizzled out and the Nifty closed in the red zone.

Hourly: The Nifty has not able to cross 2830 levels and is hovering in range of 2570-2830 levels. For the coming session, if the Nifty crosses 2768 it could test the 2820 zone. Crossing above 2835 it could cross the 2945 zone. On the lower side 2660 would act as a support zone.

Daily: Last week the Nifty fell by 1.48 percent and remained in a narrow range. For the last 3 weeks the Nifty is simply trading in a range of 2500-2834 zone.

On the daily chart the Nifty has closed above the bullish symmetrical triangle, however one should go long only above 2834. On the other hand one should short below 2500 levels.

For the coming session, if Nifty trades above 2778 it will test 2830, and crossing above 2840 it would gain toward 2968-3050. On the lower side, closing below 2669 Nifty could test 2570-2500.

Weekly: Nifty above 2834 could see a good upmove but breaking below 2504 could make the Nifty move further to lower side.

HOT STOCK: BUY LICHSGFIN above 226; TGT 240>255 Stoploss 217.

HOT STOCK: SELL HPCL 223 TGT 216>212 Stoploss 230.

Nifty Future for Week Dec 8-12 - Rakesh Chandra

On a weekly basis we are on a 4th upwave (consolidation wave).

Stoploss 2,696, buy above 2,736, for target 2,802>> 2,908>>> 2,973.

Stoploss 2,736, short below 2,695. for target 2,630>> 2,524>>> 2,459.

On a monthly basis, price is bullish above the monthly pivot point 2,820. Price is bearish below monthly pivot point 2706.

Nifty Update for December 5 - Inder Bhatia

The Indian market opened on a flat note but saw smart buying across the board and closed with handsome gains. After lower IIP number 8.40 percent for the week ended November 22, the market broken the narrow range and close near the day's high. For the coming session, if Nifty is able to cross 2436-2850, the main hurdle it could test is the 2950-3070 zone. On the lower side 2730 is the support for the day and the main support is the 2633 zone.

Nifty Update for December 4 - Inder Bhatia

The Indian market opened on a positive note but drifted in to the red zone, trading lackluster and in a narrow range between 2600-2670, throughout the session and closed in the red zone. For the coming session if Nifty trades above 2695 it could test 2754. On the lower side 2570 would act as a support zone. Below this, the 2500 level is the main support. Markets are trading sideways, so one should wait for a breakout on either side.

Nifty Update for December 3 - Manoj Bhagra

The daily chart below closed with what one would call a hammer, if you are a follower of the oriental charts. What’s more important is that it jabbed the lower line of the triangle and now is sitting on the edge. I guess the bear just got bigger or is it just a false break to the down side? The 20-period MA is at approx 2810 level and upper trend line resistance is at our much tested and held 2860/70. Supports? There are none; only illusions of supports (anyway they don’t even hold like the resistances are doing). At the risk of being repetitive I am once again quoting a saying that there are no resistances in a bull market and no supports in a bear market.


Coming to the hourly chart, we can see that the triangle (drawn in dashed red and blue lines) is wasted. The price is right at the apex, with both the 20 and 50 periods MA’s nesting at 2700/2710. This might prove a resistance for tomorrow.

ll in all a bit confused state of things, if you are good at intraday scalping you are in the game, but if you are the positional types, its better to wait for clear signals to emerge. The broader levels discussed earlier on the weekend post still hold ground. How about practicin patience? Three important P’s to trading are: Patience, patience and a whole lot of PATIENCE!




"You cannot escape the responsibility of tomorrow by evading it today."

Abraham Lincoln

Unitech 3-Month Target Rs 80 - Rakesh Chandra

Unitech on weekly chart has completed a 2-3rd down wave (i.e. 1-23-4-5 wave completed). Now what. Accumulation zone. Weekly 4th wave up is on card. First target Rs 80? Let us see.

Nifty Future for December 3 - Rakesh Chandra

The upside move will not sustain. On an intra-day basis, book profits on the upper side. Nifty next day, buy above 2,661.26, with Stoploss 2,645. Targets are 2,688>>2,731>>>2,758.

Short below 2,644.74, Stoploss 2,661. Next day lower target is 2,618>>2,575>>>2,548.

Nifty Update for December 3 - Inder Bhatia

The Indian market opened gap-down on weak global cues. After opening the market moved in a narrow range till the afternoon session. However there was recovery in the later half session but the market closed in the red zone. Nifty had broken the support 2630 intraday but managed to closed above 2630. For the coming session trading below 2570 it can test 2500 and on other side 2740-2780 will act as a resistance zone. Market will react on global cues.

Nifty Update for December 2 - Inder Bhatia

The Indian market opened on a positive note and traded higher for the first session. As the day progressed the rally fizzled out and the market closed near the day's lows and in the red zone. For the coming session 2630 is a strong support. Breaking below 2630 could see the Nifty test 2580-2540 zone. On the upper side 2833 will act as a strong resistance zone.

Weekend Views On Nifty November 30 - Manoj Bhagra

I am going to be very short and sweet with my weekend analysis of Nifty. The weekly chart below has an Inside Bar. Logically the high of 2790 and the low 2633 need to be broken on either side to take the position, with the stop placed at the high or low of the IB, depending upon the direction of the trade. 2835 and 2870 are stiff resistances in case of a upward breakout. Below 2633 we have 2590/50 and once again all important 2500. No real bullish signals from the RSI and MACD yet.

The daily chart below has our triangle intact so not commenting much about it till we get the direction of the breakout. The 20-period MA is at 2830 and is likely to provide some resistance whereas the support is at 2640/50. There is a range contraction happening, waiting for a break!

The hourly chart below is where we have all the action happening, at least some clues there. This is the fourth time we are knocking on the red dashed trend line. It is said (just said, it is not the law) that if price knocks on a trendline three or more times, the chances of it breaking become high. We have a good support underneath at 2710/25 by the way of two converging MAs; the 20-period and the 50-period MA. A break above 2780, the price might attempt to aim for the 200-period MA at approximately 3030 levels. The flip side is the stiff resistance at 2870 and 2960; add to this the little negative divergence we are seeing on the MACD histogram.


We are nowadays reacting more to global cues and overnight news, so much care has to be taken in taking positions as all these opening gaps are really making the charts all the more difficult to interpret.

All substance is energy in motion. It lives and flows. Money is symbolically a golden, flowing stream of concretized vital energy - The Magical Work of the Soul

Nifty Update for December 1 - Inder Bhatia

Weekly Nifty had made INSIDE BAR breakout. Above 2834 a good upmove can be seen. However, if it breaks below 2504, we can see Nifty move to the lower side.

Buy BHARTI above 674 TGT 690 >706 Stoploss 664.

The Indian market opened on a positive note and closed in the green zone. After the terror attacks on Mumbai, the market remained closed Thursday. On Friday, the market opened on a positive note. The last session saw smart buying and the Nifty closed in the green zone. On the hourly chart, Nifty is forming an inverse head and shoulder pattern. Closing above 2790, it can test the 3050 zone. For any long 2630 will act as a support and stoploss.

Last week Nifty rose 2.39 percent on lower inflation number and decent GDP data. On the daily chart, Nifty is forming a bullish symmetrical triangle. If Nifty crosses 2840 we could test 3050-3100 levels. On the lower side 2630-2580 would act as a support zone. For the coming session closing above 2775 Nifty can test 2834-2883 zone. On the lower side closing below 2721 it can test the 2660 zone.

Buy PATNI above 142 TGT 153>165 Stoploss 136.