Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Sunday, January 14, 2024

Some Bearish Pointers on the Nifty and Bank Nifty.



Bank Nifty Weekly Chart 


Huge negative divergences are seen in Bank Nifty weekly charts.


Bank Nifty Weekly Chart 


Weekly shows a rising wedge  which is a bearish pattern.


Bank Nifty Daily Chart 


Daily shows a bearish head and shoulder pattern after breajout from the rising wedge as seen on Weekly charts above.


Nifty Weekly Chart


Negative divergence in Nifty too with Nifty making higher highs and RSi14 and Macd failing to do the same.

Nifty Weekly Chart 


Target of 22150 within reach after which we could expect a correction.





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Happy Trading !! 


Lakshmi Ramachandran

Wednesday, December 13, 2023

Reigning The Nifty 14th December 2023



Daily Chart


Nifty had formed a broadening pattern which is a bearish topping pattern. However, the euphoria due to the Election results led to a breakout on the top. 


Daily Chart 



The breakout seems to be petering out with a bearish engulfing pattern followed by a hanging man, proving the breakout should mostly be a false breakout.

Supports at 20702  break of which could lead to filling  the huge gap area 20508-20267.





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Happy Trading !! 

Lakshmi Ramachandran

Tuesday, November 29, 2022

Reigning The Nifty 29th November 2022



Daily Chart 



Nifty is moving in an upward-sloping channel with plenty of room on the upside. We're talking of the upside since the all-time high has been broken.

 The first sign of weakness would be a close below 18100.


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Happy Trading !! 


Lakshmi Ramachandran

Saturday, November 19, 2022

Reigning The Nifty 21st November, 2022


Weekly Chart



Daily Chart Showing Huge Negative Divergence



Weekly Chart



The negative divergence is quite marked indicating a fall may start. The Doji candle on weekly charts shows hesitation by bulls to carry on the upmove.

However, the earlier peak at 18114 was broken on the upside so only a trade below 18114-18096 would indicate further weakness and a potential double top forming at 18604.



follow me on Twitter http://twitter.com/#!/lucksr 

Happy Trading !! 


Lakshmi Ramachandran

Sunday, July 3, 2022

Reigning The Bank Nifty 4th July 2022


Weekly Chart 



 Daily Chart 



Resistance from Gap area and downtrendline remain.


follow me on Twitter http://twitter.com/#!/lucksr 



Happy Trading !! 


Lakshmi Ramachandran