Markets May Continue to Move Up

Daily Chart 

 Breakout from downtrending channel and previous short term high of 11832.

Daily Chart 

Rising wedge if forms another leg up then previous highs of 12103 will be taken out easily to form new highs.

Bank Nifty Daily

 

 Bank Nifty making same pattern !

Conclusion : Markets may go up in this bearish pattern !

 
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Lakshmi Ramachandran

Holding 11600 Area Crucial To Further Umove

Weekly Chart 

 Daily Chart 

Half Hourly Chart

The Nifty is around the crucial support area of around 11600 where Gap support and the green neckline lie --shown on half hourly charts. Break of this will see a fast fall to around 11400.Failure to reverse after filling the gap will see a test of 11100.

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Lakshmi Ramachandran

A Pullback in the Offing?

Daily Chart 

Today's candle -a spinning top- could be indicating a minor break in the fall.

Half hourly charts show a minor positive divergence and support taken at the support line of falling channel.A pullbackto around 11870 could be possible.

Half Hourly Chart 

 



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Lakshmi Ramachandran

More Evidence For A Correction Creeps In

Weekly Chart

Daily Chart

 Negative divergences continue  indicating weakness


Daily Chart 

A close below 11769 will confirm a lower high lower low formation for the short term and increase possibility of continuing lower.


Half Hourly Chart

Bank Nifty already made a lower high lower low formation in the short term with negative divergences intact.

Bank Nifty Daily Chart

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Lakshmi Ramachandran

Correction Due

Monthly Chart 

 Weekly Chart

Daily Chart

Monthly and weekly continue within the rising wedge coupled with negative divergences on oscillators indicating a correction due.

Daily charts too show negative divergence giving weight to the chances of a correction.

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Happy Trading !!


Lakshmi Ramachandran