Reigning The Nifty Weekly Update 14th May 2011

 Weekly Chart

 Weekly Chart II

The weekly candle formed an Inside day pattern indicating indecision.The candle seems more a  pause in the selling rather than an exhaustion of the selling.The green support line from 5177 lows still proves good support. For the coming week support on this line is at 5487.Two important trendline shown on weekly chart II have supports at 5550 and 5330.Only a break of the second support will bring in panic selling as 5300 is good support. Oscillators are weak showing a downward bias.

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Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning the Bank Nifty 13th May, 2011

Daily Chart

 Daily Chart II

The pennant, a continuation pattern indicates  further fall . The Bank Nifty fell hard and broke down from the pennant.Target should be 9665.  This move should break the head and shoulder pattern having neckline around 10677 furthering the target to  9377.

Supports on the way down are at 10756-10677-10546.



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Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 13th May 2011

Daily Chart

Half Hourly Chart

The bears won breaking down from the Inside pattern.The forming of bearish patterns-- a pennant , bearish head and shoulder patterns , expanding triangles , which I have been pointing out since some time had already indicated the bearishness. The fall from 5912 since beginning of May could be retraced by just 23.6%.The lack of volumes on recovery from 5443  led to suspicion of the upmove continuing.Trading below the 200 dema once again for the past two weeks  was an alert too.

As shown on the charts the break from the pennant is decisive and the fall should target 5100. Strong supports on the way down are at 5443-5348-5335-5232-5177.

Trading above 5472 ( neckline support) -5443 (previous low)  could see some recovery attempts.


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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning The Nifty - 12th May 2011

Daily Chart

The tussle between bulls and bears continues without an outcome with an Inside day pattern. Advantage bears with trade below 200 dema. The expanding triangle in red has depicted enough bearishness and the next leg down could have some unbelievable targets which should be visited after the low of 5177 breaks.
The bearish patterns head and shoulers pattern ,with the neckline in dark purple has support at 5460. If broken can give a downmove of around 550 points from  breakpoint.

 Half Hourly Chart

Half Hourly Chart II

The number of bearish patterns are many with nothing bullish  in sight. The tiny head and shoulder pattern within the pennant formation on chart one and the larger head and shoulder pattern with the green trendline which translates into the dark purple neckline on daily charts says it all. Enthusiastic longs should be well hedged.

Holding 5545 to 5565 for the day , which is support from the pennant,  will see bulls trying to gain control. The inverse head and shoulder which grows wierder in shape by the sideways action is still valid with the neckline resistance at 5600-5605.



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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com

Reigning the Bank Nifty 12th May, 2011

 

 Daily Chart

 Daily Chart II

The lower top at 11213 is now firmly in  place with today's candle unable to cross it and recording a lower bottom.The neckline at 10677 remains crucial level for bulls.The 200 dema has once again been scaled but unimpressively. The falling channel and pennant shown on chart II has resistance at 11120. Support at 10950.The pennant, a continuation pattern indicates  further fall .



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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com