S&P500 30th March 2012

 Daily Chart

With another lower high lower low candle the very short term trend is down.Yesterday's candle is a hanging man, which is a bearish candle,  provided today is a down day..  If we have an UP day today  then we rechristen it as a hammer which is a bullish candle reversal pattern.The key is yesterday's low.Breaking it is bearish and holding it bullish.

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Lakshmi Ramachandran
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Reigning The Nifty 30th March 2012

Daily Chart

Daily Chart

The Nifty gapped down but the gap was filled soon enough.Trade for the entire day was below yesterday's low of 5169 but managed to close above it.The support from the falling channel from November 2010 is at 5109 and from the flag is at 5056.Chances of the uptrend resuming is high if these supports hold.

Half Hourly Chart

Fibonacci supports and resitances marked in the chart above.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 30th March 2012

Daily Chart

Daily Chart

The Bank Nifty gapped down but the gap was filled soon enough.Trade for the entire day was below yesterday's low of 5169 and closed below it too.Having found support at the lows and closing in the green the break down from the descending triangle is not convincing  enough to turn into a bear.The support from the falling channel from November 2010 is at 9686 and from the flag is at 9716.Chances of the uptrend resuming is high if these supports hold.

Half Hourly Chart

Fibonacci supports and resitances marked in the chart above.

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Lakshmi Ramachandran
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S&P500 29th March 2012

Daily Chart

 

Supports at  1402-1387-1367 . Resistance at 1413-1418.

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Lakshmi Ramachandran
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Reigning The Nifty 29th March 2012

Daily Chart

The doji failed to make it's impact.  Till the support line or resistance line of the ascending triangle shown below is broken it is Whipsaw time .

Daily Chart

Half Hourly Chart

Resistances on the way up marked in chart above.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 29th March 2012

Daily Chart

Daily Chart

The doji failed to make it's impact.  The earlier low of 9940 was broken intraday but bulls manged to get a close above it.Watch for the low of today to be taken out to signal further bearishness.

Half Hourly Chart

Resistances on way up marked on half hourly chart above.

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Lakshmi Ramachandran
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S&P500 28th March 2012

 Daily Chart

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Lakshmi Ramachandran
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Reigning The Nifty 28th March 2012

Daily Chart

A long legged doji showing extreme indecision/confusion. The doji made a higher low and higher high and closed in the upper half of today's as well as yesterday's candle hinting at bullishness. Closed above the 200 dema once again.Having occured in a good support zone it may be indicating a reversal.Stochastics supports a reversal having given a buy after giving a positive divergence.

Half Hourly Chart

Breakout points have been marked on the charts.Bullish 5400 and bearish below 5050.Till the flag support breaks bullish efforts will continue.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 28th March 2012

Daily Chart

A long legged doji showing extreme indecision/confusion. Closed above the 50 dema and mauve trendlineonce again.Having occured in a good support zone it may be indicating a reversal.A potential double bottom could have been made today.Look for the support trendline to be held as shown below.

Daily Chart

Half Hourly Chart

Levels for support and resistance marked in the chart above.Till the flagsupport  is not broken bullish efforts will continue.

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Lakshmi Ramachandran
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S&P500 27th March 2012

 Daily Chart

Bullishness persists. Resistances at 1428-1431.

 



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Lakshmi Ramachandran
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Reigning The Nifty 27th March 2012

Daily Chart

Revisited 5171. Well,  almost. The candle is bearish with no upper shadow and an insignificant lower one.The close is below the 50 and 200 dema and the red trendline drawn through the 5171 low.Crucial for the bullish case is support at 5122 on the downtrending channel from which the Nifty broke out in January turning the scene bullish.5075 is the support line of the flag.

Daily Chart

Now the pattern is more of a descending triangle which could target 4700 if the support line is broken.

Half Hourly Chart

If breaks 5171 then the next fibo targets are 5080-4969-4950.Resistance as shown on the chart above.

The Nifty is at an important point.Break of 5171-5122-5075 will turn the trend bearish and if holds then the bullishness continues.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 27th March 2012

 

Daily Chart

 

Today's candle is bearish with no upper shadow and an insignificant lower one.The close is below the 50  dema and the mauve trendline drawn through the 9939 low. Crucial for the bullish case is support at 9707 on the downtrending channel from which the Bank Nifty broke out in January turning the scene bullish.9758 is the support line of the flag.

 

Half Hourly Chart

The Bank Nifty has crucial supports at 9758-9707.If breaks then the bears will dominate else the bulls continue to hav the upper hand. Fibo supports  and resistances marked on the chart above.

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Lakshmi Ramachandran
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S&P500 26th March 2012

 Weekly Chart

The higher high higher low candle continued inspite of negative divergences developing on weekly charts.The candle formed however indicates indecision and there may be a pause in the uptrend.So long as 1371 is not broken chances of testing 1550 and above is possible as shown below.

 Weekly Chart

 Daily Chart

 Daily charts show a pause in the ongoing correction. Good supports at 1377-1340.

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Lakshmi Ramachandran
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Reigning The Nifty 26th March 2012

Weekly Chart

Weekly Chart II

Bullish Indications :Breakout from the downward sloping channel of November 2010 to December 2011 intact.40 & 100 wema in buy. Price bounced off both 40 & 100 wema after taking support on them.         Only  40 % of the rally from 4532 retraced and this low of 5171 held for the third week in a row.The bullish flag forming during correction from 5629 still valid.Rsi14 above 50 level.Medium and long term moving averages 50,100 & 200 wema bullishly aligned.

Bearish Indications : Lower low lower high candle formed.Uptrendline from the lows of this rall joing swing low of 5171 has been broken. Stochastic has moved below 50 level.macd given a down tick. 20 wema still bearishly aligned with the 40,50 & 100 wema.

Daily Chart

Bullish Indications : Support taken on the red trendline joining lows 5076 and 5171.Closed above the 50 dema and green trendline once again.20,50,200 dema bullishly aligned.Flag pattern still valid.Bounced off the 200 dema

Bearish Indications : An inside day pattern after an outside day pattern showing confusion. 5 and 20 dema bearishly aligned.Macd continues to give a downtick and now in negative territory. Stochastics and Rsi14 below 50 mark.Nifty continues to be be below the uptrendline from 5432.

Half Hourly Chart

Nifty is in a short term downtrend and will reverse the trend only if successfully moves above 5500 which is the lower top made on 14th March 2012.Till the low of 5171 is not taken out chances of breaking out from the flag formation is high.If 5171 breaks then technically the Nifty would  resume it's downtrend having made a lower high and lower low.It would be prudent to watch whether the flag support survives the bear onslaught and then declare the trend down.

Fibo resistance on the way up to 5500 are at 5318-5344-5388.

 
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Lakshmi Ramachandran
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Reigning The Bank Nifty 26th March 2012

Weekly Chart

Weekly Chart

Bullish Indications : Breakout from the downward sloping channel of November 2010 to December 2011 intact. 40 & 100 wema in buy. Price bounced off both 40 & 100 wema after taking support on them.         Only  38.2 % of the rally from 7766  retraced and this low of 9940 held for the third week in a row.The bullish flag forming during correction from 11226 still valid. Rsi14 above 50 level.Medium and long term moving averages 50,100 & 200 wema bullishly aligned.

Bearish Indications : Lower low lower high candle formed.Uptrendline from the lows of this rally joing swing low of 9940 has been broken. Stochastic has moved below 50 level.Macd given a down tick. 20 wema still bearishly aligned with the 40,50 & 100 wema.

Daily Chart

Daily Chart

Bullish Indications : Support taken on the magenta colored  trendline joining lows 9509 and 9940.Closed above the 50 dema  once again. 20,50,200 dema bullishly aligned.Flag pattern still valid.The downmove could also be drawn as a pennant as shown in the daily chart above.However bothe the flag and pennant are continuation patterns and in this case bullish.

Bearish Indications : An inside day pattern after an outside day pattern showing confusion. 5 and 20 dema bearishly aligned.Macd continues to give a downtick and now in negative territory. Stochastics and Rsi14 below 50 mark.Nifty continues to be be below the uptrendline from 7888.

Half Hourly Chart

The Bank Nifty is in a short term downtrend and will reverse the trend only if successfully moves above 10912 which is the lower top made on 14th March 2012.Till the low of 9940 is not taken out chances of breaking out from the flag formation is high. If  9940 breaks then technically the Bank Nifty would  resume it's downtrend having made a lower high and lower low.It would be prudent to watch whether the flag support survives the bear onslaught and then declare the trend down.

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Lakshmi Ramachandran
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S&P500 23rd March 2012

 Daily Chart

The Outside day pattern broke down.The slide is expected to continue. Supports marked on charts.

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Lakshmi Ramachandran
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Reigning The Nifty 23rd March 2012

 Daily Chart

An Outside day pattern breaking the low of 5233.Close below 50 dema and the green trendline.This is bearish.Support taken at the 200 dema which is now at 5203.Earlier low support at 5171 and flag support at 5099. 5130 is crucial support from the downtrendling channel from November 2010 from which the Nifty broke out in in January 2012.Break of these supports will put the rally from 4532 in danger.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 23rd March 2012

 Daily Chart

An outside day pattern was formed which is bearish.Break of the uptrendline once again increases the bearishness. Holding the low of 9940 is very important to this rally from 7766 as a lower high lower low will confirm the start of a downtrend if  broken.

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Lakshmi Ramachandran
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S&P500 22nd March 2012

 Daily Chart

 An Inside day pattern.Short below 1397 and long above 1414.

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Lakshmi Ramachandran
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Reigning The Nifty 22nd March 2012

 

Daily Chart

Bullish candle closing above the uptrendline having taken support on the green trendline and the 50 dema. This is bullish.Stochastics given buy in oversold zone and Rsi14 moved above 50 line. Macd has given an uptick and is in positive territory.

Half Hourly Chart

 

Closed above the downtrendline from 5499 but would not consider it as a breakout.Resisted at 50% retracement level of fall from 5499-5233. Fibo cluster at  5397-5400 so should be difficult level to overcome.The medium term trend is up while the short term trend has turned sideways.Buy on dips till 5233 is broken decisively.

Resistances at 5371-5400-5455-5500  Supports at 5345-5320-5302-5286.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 22nd March 2012

Daily Chart

 

 Bullish candle closing above 20 dema.The 5 and 20 dema are in a buy again.Stochastics given buy in oversold zone and Rsi14 moved above 50 line. Macd has given an uptick and is in positive territory.Breakout from the flag is awaited by the bulls to turn the scene bullish.

 

Half Hourly Chart

 

 

 Breakout from the down trending channel.Resisted at 50 % retracement level of fall from 10912-10135.The medium term trend is up while the short term trend has turned sideways.Buy on dips till 10135 is broken decisively.

Resistance for tomorrow at 10630-10577 and support at 10456-10401-10350-10300.

 

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Lakshmi Ramachandran
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S&P500 21st March 2012

 Daily Chart

 A blip in the uptrend.Better ignored.

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Lakshmi Ramachandran
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Reigning The Nifty 21st March 2012

Daily Chart

A very small pullback which would better be termedas a pause in the fall. Support at the green trendline held well.Stochastics has reached the oversold zone but still falling.Oscillators weak signalling the fall may continue.

Half Hourly Chart

Resisting at the 5297 level since yesterday which is also the 23.6% retracement level of fall from 5499 to 5233.5500 needs to be crossed to resume the uptrend.

The short term is in a sell. The falling channel has resistance at 5290-5234 and support at 5169-5117.Half hourly oscillators showing positive divergence raising chances of the pullback from 5233 continuing.Only a cross above 5450 will resume the uptrend.

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Lakshmi Ramachandran
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Reigning The Bank Nifty 21st March 2012

Daily Chart

Today's candle was a pause for the bears and a tiny flicker of hope for the bulls.The close was below the uptrendline and the 5 and 20 dema has given a sell.However yesterday's low was held.Stochastics has reached oversold zone but no signs of turning up.Macd gave another downtick and on verge of falling to negative terrritory.

Half Hourly Chart

The Bank Nifty has made a minor higher low.A higher low at 10150 and higher high at  10369 has been registered. If the low of 10150 is not breached then a good pullback could be seen.Falling channel has resistance at 10342-10168.Crossing it would signal some bullishness and break of 10135 low could mean a test of 9940.

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Lakshmi Ramachandran
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