Reigning The Nifty Through Technical Analysis

S&P500 1st January 2012

2012-02-01T14:48:00.002+05:30

Daily Chart

Hesitation at the strong resistance from the downtrendline from 1370 as shown by the six small bodied candles.Since the uptrend is already a month old chances of a correction are more.The overbought oscillators and break down from the red rising wedge support this view.

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Lakshmi Ramachandran
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Reigning The Nifty 1st February 2012

2012-02-01T10:27:00.002+05:30

Monthly Chart

Bullish candle for the month of January on high volumes and closed marginally above the 12 month ema.The 38.2% retracement of the entire fall is placed at 5221.The downtrendline from November highs is now at 5227.Thus a close above these levels will turn the trend bullish.

The stochastics has given a buy after a minor positive divergence.Rsi14 has moved above the 50 mark thus supporting a bullish view.

Daily Chart

The daily charts have crucial resistanceat 5231-5242 as shown on the charts thus making this area between 5221-5242very strong resistance.Support now at 5132.Stop loss of 5250 on shorts and 5132on longs.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 1st February 2012

2012-02-01T10:25:00.003+05:30

Monthly Chart

Bullish monthly candle on good volumes closing above the 12 ema and marginally above the 38.2% retaracemnet level of the entire fall.This is bullish. Breaking and closing above the downtrendling channel which has resistance at 9848 and above the peak of 10080 is required to confirm resumption of the uptrend.Oscillators Rsi14 has moved above the 50 level and stochastics has given a buy in the oversold region indicating more upsides.

Daily Chart

The daily chart shows a bullish candle which closed the gap made yetserday. This is a bullish sign.The 5 dema has once again given a bullish crossover with the 200 dema and the bank nifty too has closed above the 200 dema.Strong resistances at 10017-10080-10208.

Stop loss for shorts at 10080 and 9491 for longs.

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Lakshmi Ramachandran
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S&P500 31st January 2012

2012-01-31T17:20:00.001+05:30

Daily Chart

Broken out of the red rising wedge giving a target of 1190.Oscillators supporting a fall.

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Lakshmi Ramachandran
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Reigning The Nifty 31st January 2012

2012-01-31T11:20:00.001+05:30

Daily Chart

The hanging man's bearishness was confirmed with a huge bearish candle which gapped down on open and made no attempts to cover the gap.The green neckline and the blue downtrendline proved stiff resistance.Close below the 200 dema as well as 5 dema.Channel support at 4959, 20 dema at 4965 and 50 dema at 4913 will offer support.Gap made at 5165-5204 will be stiff resistance and till that is overcome the trend will be down.

Daily Chart

Nifty has respected crucial resistances and that is the point to be noted in deciding whether the trend is up or still down.The daily chart below is a reminder of the broadening top.The Nifty has closed below the peak of 5099 it had scaled showing a false breakout.

Look for selling oppurtunities on a rise till the high of 5217 and the downtrendline is not taken out decisively.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 31st January 2012

2012-01-31T11:13:00.001+05:30

Daily Chart

The Outside day reversal pattern did it's job and the Bank Nifty made a bearish candle with a gap down open which was left uncovered.This is bearish and till the gap remains the trend would be down.The breakout above the 200 dema was false and the 5 dema has once again crossed bearishly with the 200 dema.A potential double top may have been formed .

Till the top of 10080 is not taken out the Bank Nifty will trend down.

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Lakshmi Ramachandran
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Reigning The Nifty 30th January 2012

2012-01-30T09:43:00.001+05:30

Weekly Chart

Daily Chart

Daily charts show vulnerability to a correction whereas the weekly charts look strong from the short term.Hedge longs till the overbought status is corrected.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 30th January 2012

2012-01-30T09:42:00.001+05:30

Weekly Chart

Daily Chart

The Bank Nifty is at crossroads.The medium term downtrend is on the verge of reversing.The short term uptrend on the other hand is very mature and asking for a reversal.It is difficult to predict whether the bulls take advantage and reverse the downtrend or give in to the bears to resume the downtrend.Hedge your longs with sold calls and wait to see who whether the bulls win or the bears

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Lakshmi Ramachandran
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S&P500 27th January 2012

2012-01-27T15:21:00.001+05:30

Daily Chart

A down day which kept with the higher high higher low of the uptrend.The rising wedge has support at 1318 and reistance at 1334 which is also the high made yesterday.Oscillators overbought and moving down from overbought region.The S&P500 is vulnerable to a correction.

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Lakshmi Ramachandran
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Reigning The Nifty 27th January 2012

2012-01-27T11:26:00.001+05:30

Daily Chart

A small bodied candle.This could be an indication of upward momentum waning.At stiff resistances like the 200 dema more strength and conviction needs to be shown to get the sideliners to join in.Intraday charts are showing negative divergence on oscillators.

However daily oscillators showing strength having scaled it's peaks made in April 2011 and breaking above the downtrendline from November 2011 highs.The Nifty has closed above it's 200 dema.The 20 and 50 dema continue to move up after giving the golden cross.

Tighten stops at 5050 instead of booking out on longs.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 27th January 2012

2012-01-27T11:23:00.000+05:30

Daily Chart

A small bodied candle indicating waning of upward momentum.200 dema crossed decisively, 20/50 dema given the golden cross.Bullish indications pending is the scaling of previous peak at 10080 and the downtrendline at 10130.Daily oscillators showing strength.

Trend is up and showing strength.Use trailing stops instead of booking profits.

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Lakshmi Ramachandran
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S&P500 26th January 2012

2012-01-26T17:59:00.001+05:30

Daily Chart

Closed well above the downtrendline from 1371.This is bullish.Keep your longs with trailing stops.

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Lakshmi Ramachandran
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S&P500 25th January 2012

2012-01-25T15:05:00.001+05:30

Daily Chart

A hanging man once again registering a lower high and lower low indicating bearishness is creeping in.Stop loss for longs at 1278.

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Lakshmi Ramachandran
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Reigning The Nifty 25th January 2012

2012-01-25T10:05:00.002+05:30

Daily Chart

Bullish candle breaking resistance of previous peak and downtrendline from 5399 easily.The 200 dema however could not be conquered on a closing basis.Strong resistances at the green neckline at 5225 and at the downtrendline at 5250.Stochastics and Rsi14 are in the overbought zone making the Nifty vulnerable to a correction.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 25th January 2012

2012-01-25T10:05:00.000+05:30

Daily Chart

The bank nifty is exuding bullishness.Crossed the 200 dema easily and closed above it.Have redrawn the downtrendline from November 2010 highs to encompass all peaks.Resistance is now at 10080-10172-10208. But today's candle has formed an outside day pattern which could be indicating a reversal. If it occurs after a big move, which the Bank Nifty has,it is often taken as a signal that momentum is waning for that move.The larger the range and higher the volume, the more significant is the pattern.Volumes on the Bank Nifty today was very high and range too was large.With the oscillators in overbought position one needs to be careful on longs

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Lakshmi Ramachandran
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S&P500 24th January 2012

2012-01-24T17:39:00.001+05:30

Daily Chart

A doji after a hanging man. Both candles indicating a possible reversal of trend.Stochastics has given a sell in the overbought region. Tighten stops on longs.

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Lakshmi Ramachandran
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Reigning The Nifty 24th January 2012

2012-01-24T09:59:00.000+05:30

Daily Chart

An Inside day pattern formed with a gap down opening which was filled up intraday but failed to rise above Friday's high of 5064.The pattern appearing after a good rise is ominous as it shows hesitant bulls to carry the rise further.The area that Nifty is trading in is full of resistances at 5064-5091-5099-5113 and the 200 dema at 5130.Till this area is scaled decisively the mantra is "caution on longs".

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Lakshmi Ramachandran
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Reigning The Bank Nifty 24th January 2012

2012-01-24T09:56:00.002+05:30

Daily Chart

A shooting star was formed at 200 dema resistance.Appearing after a good rise this candle is ominous and could be indicating a reversal.With the oscillators in the overbought region bulls could be really vulnerable and may give in to the bears easily.Caution on longs.

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Lakshmi Ramachandran
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S&P500 23rd January 2012

2012-01-23T15:39:00.001+05:30

Weekly Chart

Did not quite touch the downtrendline from 1371.Resistance now at 1318.Stochastics has reached overbought region calling for caution on longs.Macd in buy, Rsi14 moving up above their midpoint..

Daily Chart

Daily charts formed a hanging man at the strong resistance of the downtrendline, though a longer lower shadow would have been more convincing,which is bearish. Resistance is at 1314.OBV has already crossed it's last peak and is moving up with strength.Macd in buy,20 and 50 dema completed the bullish cross and moving up, Rsi14 and stochastics too moving up above their mid point.

Short term trend is up.But the stochastics is overbought on weekly and daily charts calling for caution on longs.

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Lakshmi Ramachandran
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Reigning The Nifty 23rd January 2012

2012-01-23T11:42:00.001+05:30

Weekly Chart

Daily Chart

On weekly charts closed above the uptrendline from October 2008 lows.OBV broken above the downtrendline from November 2010.Strong resistance approaching at 5182 on downtrendline and the fibonacci cluster resistance at 5071-5227.

On daily charts a doji candle was formed on Friday indicatingindecision.The gap made in the morning at open of the session was coveredindicating bears are active.The 200 dema with resistance at 5131 is still falling showing long term bearishness not over.

Short term is bullish but resistances at 5071-5100-5131 may play spoilsport.Booking partial profits on longs to reenter at lower levels may be prudent

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Lakshmi Ramachandran
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Reinging The Bank Nifty 23rd January 2012

2012-01-23T11:29:00.002+05:30

Weekly Chart

Daily Chart

Three bullish candles in a row, on weekly charts, on increasing volumes.Broke above the minor top of 9273 and the intermediate downtrendline from July 2011 highs.On daily charts, made a hammer at the red trendline at 8922 and made an upmove with two gapup moves.Friday's candle was on above average volumes.The minor peak of 9273 crossed decisively. Oscillators too showing strength.

Short term bullish but will face resistance at at the 200 dema at 9659 and peak of 10080.Partial profit booking on longs would be prudent.

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Lakshmi Ramachandran
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S&P500 20th January 2012

2012-01-20T14:55:00.002+05:30

Daily Chart

The down trendline from 1371 highs proved resistance.Break above it will find resistance at 1347-1356-1371.Support at 1291-1277-1262.

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Lakshmi Ramachandran
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Reigning The Nifty 20th January 2012

2012-01-20T09:33:00.001+05:30

Daily Chart

Key resistance at 5069-5100 approaching. 200 dema is at 5131. Booking part profits on longs would be prudent.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 20th January 2012

2012-01-20T09:31:00.002+05:30

Daily Chart

Strong resistances at 9206-9242-9273.Part profit booking on longs would be in order.

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Lakshmi Ramachandran
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S&P500 19th January 2012

2012-01-19T17:19:00.002+05:30

Daily Chart

S&P 500 showing strength.Resistance of 1316 should be crucial as it is on the downtrendline from 1371.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 19th January 2012

2012-01-19T10:23:00.001+05:30

Daily Chart

9200 strong resistance

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Lakshmi Ramachandran
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Reigning The Nifty 19th January 2012

2012-01-19T10:14:00.002+05:30

Daily Chart

5010 good resistance. If overcome could target 5100 which is the previous peak and coincides with the parellell line drawn to the uptrendline drawn from 4588.

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Lakshmi Ramachandran
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S&P500 18th January 2012

2012-01-18T14:31:00.001+05:30

Daily Chart

A shooting star bearish candle formed at resistance.This is bearish.Negative divergence on stochastics in the overbought regionwarns of a correction.

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Lakshmi Ramachandran
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Reigning The Nifty 18th January 2012

2012-01-18T09:40:00.000+05:30

Daily Chart

Gap up opening scaling the rising wedge easily.Rise continuing inspite of the overbought state. All this shows bullishness.5100 the target mentioned in my 23rd December post -- http://vipreetinvestments.blogspot.com/2011/12/reigning-nifty-23rd-december-2011.html -- is now within reach.Cautiously long is the mantra now as the intermediate trend has not reversed yet

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Lakshmi Ramachandran
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Reigning The Nifty 17th january 2012

2012-01-17T09:40:00.001+05:30

Daily Chart

Rising wedge,a lower high lower low candle and an overbought stochastics. All are indications of bearishness.Cautious on longs.

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Lakshmi Ramachandran
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Reigning The bank Nifty 17th January 2012

2012-01-17T09:40:00.000+05:30

Daily Chart

Rising wedge formed which is a bearish pattern.A lower high lower low candle formed which is a hanging man which is once again a bearish candle.Fall back below the downtrendline is once again a bearish sign.Cautious on longs.

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S&P500 17th January, 2012

2012-01-16T15:58:00.000+05:30

Weekly Chart

The upmove continued in a lacklustre way with the previous top of 1292 proving stiff resistance.Negative divergence seen on the stochastics in the overbought region.This could lead to a pullback.

Daily Chart

A lower high lower low candle.Negative divergence seen on daily stochastics too.Cautious on longs.

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Lakshmi Ramachandran
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Reigning The Nifty 16th January 2012

2012-01-16T09:43:00.001+05:30

Weekly Chart

Good followup bullish candle on good volumes.Oscillators supporting the upmove.The uptrendline from October 2008 lows has proved resistance once again.The lower high lower low formation still intact keeping the trend down, yet

Daily Chart

Rising wedge formed in the recent rally. Three dojis formed in a row showing extreme indecision.Stochastics in overbought region.4930-4965-5100 strong resistance area.Caution on longs.

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Reigning The Bank Nifty 16th January 2012

2012-01-16T09:43:00.000+05:30

Weekly Chart

Daily Chart

Weekly charts still bearish.Daily charts showing bullish signs in the very short term.Stochastics on the daily charts is overbought so expect a pullback anytime.

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Lakshmi Ramachandran
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Happy Pongal

2012-01-15T11:07:00.003+05:30

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Lakshmi Ramachandran
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S&P500 12th January 2012

2012-01-13T17:48:00.000+05:30

Daily Chart

The S&P500 closed above it's peak at 1292 thus registering a higher high for the medium term.I would be cautiously bullish till the 1371 top is taken out decisively.The stochastics is overbought and could lead to a pullback anytime.

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Lakshmi Ramachandran
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Reigning The Nifty 13th January 2012

2012-01-13T10:33:00.001+05:30

Daily Chart

Rising wedge spotted.This has bearish implications. If breaks then could retest the low of 4532.

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Reigning The Bank Nifty 13th January 2012

2012-01-13T10:33:00.000+05:30

Half Hourly Chart

Resistaed at the red trendline and the downtrendline from 10080.Stochastics is in the overbought region which may lead to a pullback anytime.Supports marked.

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S&P500 12th January 2012

2012-01-12T16:01:00.000+05:30

Daily Chart

An Inside pattern formed with high at 1296 and low at 1281.The pattern indicates hesitation and could be signalling a reversal/stalling of the uptrend.Stochastics is already in a negative divergence to price.So the pattern has higher chances of breaking it's low at 1281.

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Reigning The Bank Nifty 12th January 2012

2012-01-12T09:36:00.003+05:30

Daily Chart

The breakout was followed up by a small bodied candle which is not too inspiring.The earlier minor peak is at 9273.Stochastics in oversold zone may kick in a pullback.

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Lakshmi Ramachandran
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Reigning The Nifty 12th January 2012

2012-01-12T09:36:00.000+05:30

Half Hourly Chart

The struggle at 38.2% fibo level of fall from 5399 at 4862 shows bulls are not too confident.If fails to cross this level then expect the fall to resume.

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S&P500 11th January 2012

2012-01-11T15:14:00.002+05:30

Daily Chart

Breakout from the resistance of the past 5 days. Close exactly at the previous peak of 1292.Scaling 1292 will be bullish.Strong resistance from the trendline joining peaks from the 1371 high at 1316.

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Reigning The Nifty 11th January 2012

2012-01-11T09:38:00.001+05:30

Daily Chart

Good breakout from downtrendline,50 dema and minor top of 4818 turning the short term trend to up.Cautiously bullish till 4687 is taken out.

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Reigning The Bank Nifty 11th January 2012

2012-01-11T09:38:00.000+05:30

Daily Chart

Good breakout from down trendline and 50 dema. Cautiously bullish till 8297 breaks.

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S&P500 10th January 2012

2012-01-10T16:46:00.001+05:30

Daily Chart

Sideways action continues.Stochastics in the overbought region.Expect a pullback anytime soon unless the bulls get too strong to prevent it.

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Lakshmi Ramachandran
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Reigning The Nifty 10th January 2012

2012-01-10T09:36:00.000+05:30

Daily Chart

An Inside day pattern occured . The high and low are at 4795-4687 .Immediate direction will be on the side on which Nifty breaks out.

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Reigning The Bank Nifty 10th January 2012

2012-01-10T09:35:00.004+05:30

Daily Chart

Inside day pattern formed.Break beyond the high and low of the pattern 8586-8297 will determine the immdiate direction. The short term has turned bullish and will reverse only on a break below the higher low of 7888.

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S&P500 9th January 2012

2012-01-08T18:43:00.001+05:30

Weekly Chart

Bear flag forming.Bear flags are comprised of higher tops and higher bottoms. They slope against the trend and their trendlines run parallel .All characteristics conformed.Bear flags ultimately break on the down side.So bulls watch out !

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Reigning The Nifty 9th January 2012

2012-01-07T16:31:00.000+05:30

Weekly Chart

4530 is the final point of support to shake thebulls. 4800 is the strong resistance whichthe Nifty has to cross for any further upmove.On weekly charts positive divergences on oscillators intact andstochastics still in oversold zone.

Daily Chart

On daily charts, the uptrendline from March 2009 has resistance at4837 which should be crossed for the bulls to come in.Stochastics on daily charts has given a sell in the overbought region which may lead to some correction of the short term upmove from 4531.

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Reigning The Bank Nifty 9th January 2012

2012-01-07T16:28:00.002+05:30

Weekly Chart

Till the low of 7766 holds the Bank Nifty will make attempts to strike at the resistance line of the falling channel.Resistance of the bullish falling wedge at 8467 if taken out bears will make a hasty retreat.Positive divergences intact on weekly charts.

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We Picked Some Mid Caps !

2012-01-07T14:01:00.000+05:30

Hi Everyone !

Encouraged by our Cherry Pick venture Nishit proposed to pick some good Midcaps which are now at compelling values.I agreed and did up the technicals.The presentation is ready and those of you who would like to start nibbling into the picks with us could write to us at vipreetsubscription@gmail.com.

Subscription for the Cherry Picks and The Gold Rush is still open .

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Lakshmi Ramachandran
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S&P500 6th January 2012

2012-01-06T10:37:00.001+05:30

Daily Chart

An Outside day occured but within the inside day range of yesterday.Confusion galore.Meanwhile the 50 and 200 dema have given a golden cross.This is a very bullish signal.However strong resistances at 1285-1350-1371 need to be crossed convincingly for the bullish scenario to continue.

Immediate direction will be clear on the breakout of the Inside day range which is 1285-1259.

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Lakshmi Ramachandran
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Reigning The Nifty 6th January 2012

2012-01-06T09:40:00.003+05:30

Daily Chart

Pennant resistance line proving good resistance.A range of 50 points made since last two days between 4781-4729.Break on either side could give a move of 50 points.Stochastics on daily charts reached oversold zone.A pullback to the rise may ensue.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 6th January 2012

2012-01-06T09:35:00.000+05:30

Daily Chart

Higher high higher low registered.So a short term uptrend in place.Stochastics in oversold region.A pullback should peter out above 7888 to keep the trend intact.

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S&P500 5th January 2012

2012-01-05T14:07:00.001+05:30

Daily Chart

Hanging man at resistance.An Inside day pattern was formed indicating indecision.The inside day found at a three month old uptrend may suggest that the rally is getting exhausted and is likely to reverse.

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Lakshmi Ramachandran
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Reigning The Nifty 5th January 2012

2012-01-04T22:23:00.001+05:30

Daily Chart

Pennant forming indicating break down and continuation of down trend.Breakout will nullify the pennant's bearishness.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 5th January 2011

2012-01-04T22:22:00.001+05:30

Daily Chart

Doji once again! Could mean a reversal of the short term trend or a pause.Only tomorrow's candle will tell us what the doji conveyed.

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Lakshmi Ramachandran
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S&P500 4th January 2011

2012-01-04T12:53:00.001+05:30

Daily Chart

Closed well above the 61.8% fibo level of fall from 1371-1075. Resistance now at 1292-1356-1366-1371

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Lakshmi Ramachandran
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Reigning The Nifty 4th January 2012

2012-01-03T17:23:00.001+05:30

Daily Chart

The 4670 resistance mentioned yesterday was taken off with a gap up.This is really bullish.The previous resistance of 4800-4818 now looms large.Only a move and close above this level will turn the short term bullish.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 4th January 2012

2012-01-03T17:18:00.001+05:30

Daily Chart

Bullish gap up and breakout from the falling wedge.Crossing 8451 will register a higher low and higher high making the short term bullish.

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Lakshmi Ramachandran
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S&P500 3rd January 2011

2012-01-03T15:16:00.002+05:30

Monthly Chart

Must cross and trade above 1370 to avoid forming the right shoulder of the bearish head and shoulder pattern

Weekly Chart

Daily Chart

Still in range between 1371-1075.A breakout is required to clear this congestion.Resistance at 1278-1292-1320. Support at 1208-1158.

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Lakshmi Ramachandran
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Reigning The Nifty 3rd January 2011

2012-01-02T17:52:00.000+05:30

Daily Chart

Doji indicating indecision.Wait for tomorrow's candle to confirm whether it indicates a reversal.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 3rd December 2011

2012-01-02T17:50:00.000+05:30

Daily Chart

Long lower shadow indicating buying at lower levels.Not much change to the technicals with the small rise.So refer yesterday's post

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Lakshmi Ramachandran
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Reigning The Nifty 2nd January 2012

2012-01-01T15:13:00.002+05:30

Yearly Chart

Yearly chart shows a definite pullback after a down year.Only on one occasion -- 2000 and 2001 did the fall continue.The volumes on the 2011 fall was low implying it was just a correction.4200-4300 should be a good level to start going long.

Monthly Chart

Monthly Charts are bearish, moving in a what looks like a bear flag.But being 13 months old makes it a falling channel.Support for the month is at 4360 and resistance at 5296.

Weekly Chart

Weekly Chart II

The trend is down and nifty has closed at the lowestlevel in 2.5 years. In Chart weekly II, I have drawn the neckline as per line chart, thatis close only chart, and then convertedit to a candlestick chart. Close only charts are more significant and shows thereal picture.Thus we clearly see twoconsecutive closes below the neckline. Target would be 3166.

Daily Chart

Niftyseems to be on it’s way down to test 4531.Break below will find support at4494-4438 thus achieving the target of 4436 marked on 5^th August2011

Positivedivergences intact on daily charts as shown below.So beware a pullback. However, only a cross above 4800signals a short term reversal.

Daily Chart

Half Hourly Charts

Fallen below 61.8% retracement level of thelast rise to from 4531 to 4800.Forming a falling wedge having resistance at 4712-4694 and supports at 4483-4477.

Conclusion : Trend is clearly down and weakness persists with pullbacks fizzling out sooner each time as is vivid with the formation of a falling wedge on half hourly charts.The daily, weekly and monthly charts are reaching oversold zone and started showing positive divergences.Yearly charts historically have shown a pullback after a down year.

The rising wedge is a bullish pattern but till it breaks on the upside bullishness cannot be assumed.So till this happens stay short for targets already discussed.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 2nd January 2012

2012-01-01T15:10:00.001+05:30

Yearly Chart

Yearly charts show good support at 7100-7000 levels.

Monthly Chart

Monthly charts have support at 7531.Only a break out from the down trending channel at 10090 will turn the bank nifty bullish.

Weekly Chart

WeeklyCharts show a break down from the down trending channel. Support now at7120-6872.The Inside pattern formed this week indicates a possible reversal.The weekly, monthly and daily charts are oversold which supports this view.

Daily Chart

Falling wedge on daily charts. This is a bullish pattern.However wait till it breaks resistance line to go long.

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Lakshmi Ramachandran
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Happy New Year

2011-12-31T17:27:00.000+05:30

Reigning the Nifty 26th December 2011

2011-12-25T14:36:00.003+05:30

Weekly Charts

4650-4720 supports held on closing basis on weekly charts which is a positive

Daily Charts

The daily charts are weak with a lower low.Only a cross above the lower high of 5100 will turn the short term bullish.Till then a break below the lows of 4531 is a high possibility.

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S&P500 23rd December 2011

2011-12-23T18:48:00.001+05:30

Daily Chart

An upmove within the triangle continues.Resistance at 1256-1267-1280. Support at 1234-1226-1213.

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Reigning The Nifty 23rd December 2011

2011-12-22T18:43:00.000+05:30

Daily Chart

Bullish follow up candle with a breakout from the short term downtrend channel.The upmove has formed a channel with resistance at 4790 and support at 4686.

Strong resistance at 4818.If manages to scale 4818 then can target 5100.

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Reigning The Bank Nify 23rd December 2011

2011-12-22T18:19:00.002+05:30

Daily Chart

Bullish follow up candle breaking out of the short term down trendline.Oscillators moving up from oversold zone indicating some more upsides possible.

Resistance at 8602-8951.

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S&P500 22nd December 2011

2011-12-22T10:35:00.001+05:30

Daily Chart

Bears still active and pushed prices down but bulls won by taking it up to close positive.Trend unclear in the short term till the breakout from coil.Trade light.

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Reigning The Nifty 22nd December 2011

2011-12-21T17:39:00.003+05:30

Daily Chart

False breakout from the bearish neckline.The oversold status did it's job with a good rally on the highest volumes this month. It is still a sell on rise market. Watch out for 4818 which is strong resistance.

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Reigning The Bank Nifty 22nd December 2011

2011-12-21T17:38:00.000+05:30

Daily Chart

Pullback due to the oversold status caught bears on the wrong foot proving the neckline breakout false.Strong resistance at 8705.

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Lakshmi Ramachandran
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S&P500 21st December 2011

2011-12-21T10:39:00.000+05:30

Daily Chart

Surprise rally ! Strong resistance at 1258-1267.

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Reigning The Nifty 21st December 2011

2011-12-20T20:25:00.000+05:30

Daily Chart

The downward sloping neckline was broken decisively finally giving a target of 3876.The oversold status of the market may bring in some pullback. So selling on rise would be prudent.

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Reigning The Bank Nifty 21st December 2011

2011-12-20T20:15:00.002+05:30

Daily Chart

Selling continued inspite of the oversold status and positive divergences.Further targets marked on charts.7720 should hold .If not then a slide to 6300 probable.Sell on rallies would be prudent rather than taking a short position.

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S&P500 20th December 2011

2011-12-20T15:12:00.000+05:30

Daily Chart

Break down from the triangle clearly shows the trend down. Supports now at 1192-1158.A fall below 1158 should change the short term uptrend to down.

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Reigning The Nifty 20th December 2011

2011-12-19T19:15:00.002+05:30

Daily Chart

A hammer at trendline support on the daily chart.This is a bullish reversal pattern.The positive divergences and the oversold status of the stochastics support the possibility. Confirmation of it's bullishness is required with an upside follow through today else we get the downside targets.

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Reigning The Bank Nifty 20th December 2011

2011-12-19T18:58:00.002+05:30

Daily Chart

The Bank Nifty broke below the downward sloping neckline giving a target of 6370.The positive divergence is still intact.Further fall will invalidate this so bulls need to pull up the Bank Nifty to take advantage of this for some pullback.

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S&P500 19th December 2011

2011-12-19T17:00:00.000+05:30

Weekly Chart

Daily Chart

The weekly candle is bearish and made a lower low lower high.The triangle formed is an equilateral one making it difficult to predict the direction of the breakout.Oscillators on weekly and daily are neutral except the daily stochastics which is in oversold zone.So better wait for a break of the triangle resistance or support and trade in that direction.Between these two levels will be a listless market full of whipsaws.

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Reigning The Nifty 19th December 2011

2011-12-18T19:45:00.001+05:30

Weekly Chart

Daily Chart

The 2010 year's low was broken but still hesitating to break the 4650 levels decisively.The daily has formed an Outside Day which is a one day reversal pattern.Watch the next candle to see whether the reversal is confirmed.If 4600 is held then an attempt at reversal may be made by the bulls.Else expect 4400 as the first target.

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Reigning The Bank Nifty 19th December 2011

2011-12-18T14:26:00.001+05:30

Weekly Chart

Daily Chart

A bearish candle on the weekly breaking below the downward sloping channel and the 50% fibo retracement level of rise from March 2009 lows.This could mean a test a of the 61.8% level at 7120.

Outside day on daily charts.This could be signalling a short term reversal as it is a one day reversal pattern.Watch out for the next candle to see if it does reverse.

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Busy Packing , So can't concentrate !

2011-12-14T18:05:00.001+05:30

Busy packing to get back to India. Will be back with a post for Monday if jetlag permits.Sorry !

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Lakshmi Ramachandran
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S&P500 13th December 2011

2011-12-13T19:02:00.000+05:30

Daily Chart

The Inside Day pattern and the red down trendline was broken on the down side intraday.This shows both the bulls and bears undecided and non committed.

Supports are at 1232-1223 Resistance at 1253-1267-1277

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Reigning The Nifty 13th December 2011

2011-12-12T21:55:00.003+05:30

Daily Chart

Daily Chart showing the latestH&S Bearish pattern with crucial support at 4620 threatening a 750 point move downif broken.However this is strong support area as shown in earlier posts.The intraday charts showing a falling wedge which is a bullish pattern. So wait to see what direction the Nifty takes to trade further.

Intraday One Minute Chart

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Reigning The Bank Nifty 13th December 2011

2011-12-12T21:44:00.002+05:30

Daily Chart

The big bearish candle after a doji confirms the downtrend is not willingto reverse. Weak oscillators support the continuation of the downtrend.

The second chart shows a bearishhead and shoulder pattern which if broken could give a down move of 1663points. Neckline support at 8115.

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S&P500 12th December 2011

2011-12-12T18:29:00.005+05:30

Weekly Chart

The weekly candle resisted at the down trendline from the 1356 top it made in July which offers resistance at 1264 for the week.Strong resistance at the red neckline is at 1276 and the previous top at 1292.Having made a higher high at 1158, a move above the 1292 top will bring in the bulls.

Daily Chart

The upmove from 1075 seems to be in a channel with resistance at 1342 and support at 1180. The S&P500 is at a strong resistance area with the 61.8% retracement level at 1258, the downtrendline at 1265, the green neckline at 1278 and the previous top at 1292 all of which need to be crossed to attract the bulls.

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Reigning The Nifty 12th December 2011

2011-12-11T16:51:00.001+05:30

Nifty Weekly Chart

Friday was a day of volatility as can be seen in the intraday chart below. The result was a long legged doji. This candlestick has long upper and lower shadows with the Doji in the middle of the day's trading range, clearly reflecting the indecision of traders.

The fall which started in November 2010 is more than a year old now and the bears seem to have been hesitant about the downmove till now allowing bulls to win every now and then making the fall slow.The weekly chart above shows an established range between 4639-5400 since more than three months.Sooner or later this range should be broken to give a good move of a minimum of 750 points.

Weekly Chart Showing positive divergence which raises hopes of a bullish breakout.

Ranges are difficult to trade unless you are adept at it.The short term is always difficult to trade and leaves one an emotional wreck.I prefer to make the most of falls and pick my favourites slowly but surely.

Anyone interested in joining me can write to me at vipreetsubscription@gmail.com to subscribe to the picks Nishit Vadhavkar (he blogs at money-manthan.blogspot.com) and I have made. We have a report on Gold too !

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Reigning The Nifty & Bank Nifty

2011-12-04T19:49:00.001+05:30

Attending to my Mom who sufffered a sudden fall.Hoping she gets well soon and I can get back to the markets soon.

Meanwhile,

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S&P500 2nd December 2011

2011-12-02T07:21:00.001+05:30

Daily Chart

Resisted at the down trendline once again making it a crucial resistance to cross for the uptrend to continue.

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Reigning The Nifty 2nd December 2011

2011-12-02T01:14:00.001+05:30

Daily Chart

A gap up opening reacting at the 50 % fibo retracement of fall from 5399-5369.Support taken at 20 dema.Crucial resistance at 4965 and Support at 4812 on the upward moving channel.

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Reigning The Bank Nifty 2nd December 2011

2011-12-01T19:45:00.001+05:30

Daily Chart

Gap up opening.Candle formed with a long bearish upper shadow crossing with a failed breakout from the rising channel. Resistance now at 8931 and support at 8497 on the channel.

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S&P500 1st December 2011

2011-12-01T19:03:00.001+05:30

Daily Chart

Bullish candle on good volumes.Resisted at down trendline.A little more effort to cross crucial resistance of 1275 at neckline and previous top at 1292 needs to be put in by the bulls to get the bears to retreat completely.

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Reigning The Nifty 1st December 2011

2011-11-30T21:10:00.001+05:30

Daily Chart

Nifty moving in an upward channel.Longs can keep a stop loss of 4782 or 4757.Crucial resistance at 4930.If crossed then could target 5100.

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S&P 500 30th November 2011

2011-11-30T07:24:00.001+05:30

Daily Chart

Shooting star at resistance? This is bearish for the short term uptrend.Resistance at 1205-1215-1233

Supports at 1192-1187-1181-1175

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Reigning The Nifty 30th november 2011

2011-11-29T23:50:00.001+05:30

Daily Chart

A breather in the short term uptrend.Resistance at 4866-4930-4984 Support at 4774-4693

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Reigning The Bank Nifty 30th November 2011

2011-11-29T23:49:00.001+05:30

Daily Chart

An outside day pattern occured .It is a bearish signal and could lead to a reversal of the short term uptrend.
Support at 8587-8488 Resistance at 8843-8985.

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S&P500 29th November 2011

2011-11-29T05:09:00.001+05:30

Daily Chart

The inverted hammer's bullishness was confirmed by a huge bullish candle.Was able to draw an upward trending channel which has support at 1160.Till the support line holds attempts to move up will continue.Resistance at 1205-1215-1233.

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Reigning The Nifty 29th November 2011

2011-11-28T22:40:00.001+05:30

Daily Chart

So the Inside Day pattern did it's reversal job.The bears though saw to it that the 4854 levels were not closed on a closing basis.Till the 4639 support holds bulls have a chance of taking the Nifty higher to 4930-4984-5019 levels. Daily oscillators too supporting the bulls.Supports at 4805-4775-4750.

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Reigning The Bank Nifty 29th November 2011

2011-11-28T22:35:00.001+05:30

Daily Chart

The expanding triangle's leg up gained momentum.Oscillators are showing strength.Resistance now at 9124-9308.

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Lakshmi Ramachandran
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