Stiff Resistance Ahead

Weekly Chart

50% fibo level of fall from 12430 to 7511  @9971

Horizontal line joining previous lows @ 9952

High made on the upmove from 7511 @ 9889

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Lakshmi Ramachandran

Short Term Upward Momentum Intact

Daily Chart 

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Lakshmi Ramachandran

Nifty Breaks Out

Daily Chart 

Nifty broke out of the trendlines with a bullish candle. This is reassuring to bulls and we may turn mildly short term bullish for targets of 9584-9889. A close below 9000 will negate this view.

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Lakshmi Ramachandran 

Nifty at an Important Crossroad

Daily Chart 

A break above 9255-9300 area will be a bullish move having crossed the falling channel as well as the long term trend line.However crossing of the previous high made at 9584 should be awaited for confirmation of bullishness.

A failure to breakout from the trendiness will see the down move continue.

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Lakshmi Ramachandran

Downtrend In Nifty Resumes

Daily Chart

The Nifty formed a bearish Rising Wedge in the bounce after the crash.A confirmation of the downtrend resuming is evident from a Lower high and Lower Low being formed after breaking down from the Rising Wedge.

The Rising Wedge  has a technical target of 7155.

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Lakshmi Ramachandran 

NIFTY CONFIRMS REVERSAL

Daily Chart 

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Lakshmi Ramachandran 

Bearish Island Reversal on Nifty

Daily Chart 

Half Hourly Chart

An Island Reversal pattern as clearly depicted in the charts above indiactes a reversal of the current trend. Bearish Island Reversals have statistically been proven more reliable than bullish ones.

In case of Nifty it is a bearish Island Reversal. Prices gapped up on the first day -30th April- followed by a gap down on the second day 4th May ---- leaving a gap up and a gap down clearly leaving an "Island" of price movement as is clearly evident on the half hourly chart. 

The Island Reversal is based on the idea that the two gaps in the formation will often not be filled—at least not for awhile. 

The  reversal will be nullified if the gap left today is filled ! 

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Lakshmi Ramachandran 

Stiff Resistance Ahead

Weekly Chart

Finally managed to put up a Nifty chart ! Been held up in the USA without my laptop 😒

Seems like Nifty may face stiff resistance soon - around the 9950 - 10000 levels.

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Happy Trading !!


Lakshmi Ramachandran