Doji on Nifty and Bank Nifty

Nifty Daily Chart 

 Bank Nifty Daily Chart

Dojis on both Nifty and Bank Nifty with a lower low and high continuing with the negative outlook.

Gap on Nifty today was 10383-10338  and Bank Nifty 21592-21440 if closed then may see an attempt to move up again with resistance as marked.

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Lakshmi Ramachandran

Bank Nifty Update

Weekly Chart

  

Weekly Chart II

 Daily Chart 

   Half Hourly Chart 

 Bank Nifty has desperately tried moving up but already seems to be tiring as indicated by negative divergences.A move below 20925 may start a move down.

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Lakshmi Ramachandran

Nifty May Face Multiple Resistances

Weekly Chart 

 

Daily Chart

 Nifty is approaching a high resistance area and candles on the weekly - spinning top - and on the daily -small bodied candles after a bearish engulfing pattern on the 24th of June- point to hesitation by bulls to continue the upmove.

A close below 10194 will see more weakness.

Hourly Chart 

The hourly chart favours the bears with a rising wedge.

 

Only a clear move above the resistance areas marked on the charts will clear the way for an easy upmove.Till then caution to the Bulls.

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Lakshmi Ramachandran

Bearish Engulfing Candle on Bank Nifty

Daily Chart 

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Lakshmi Ramachandran

Nifty Reacts from Resistance as Expected

Daily Chart 

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Lakshmi Ramachandran

Bank Nifty Clears Previous Top

Daily Chart 

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Lakshmi Ramachandran

Strong Resistance Ahead

Daily Chart  

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Lakshmi Ramachandran

Shooting Star

Daily Chart 

Nifty formed a shooting star candle after a gapup open.The shooting star is a bearish candle and the bulls need to keep a strict vigil for the gap support to stay strong for the move to continue.

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Lakshmi Ramachandran

An Update

Nifty Daily Chart 

 Bank Nifty Daily Chart 

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Lakshmi Ramachandran

Bank Nifty Update

Daily Chart 

Today's bullish green candle supports bulls and we may expect a breakout of the 21967 resistance failing which it's back to bears breaking the 19507 support for a further meltdown.

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Lakshmi Ramachandran

Nifty Shows Consolidation

Daily Chart 

Nifty moved strongly above the 9889 mark - shown by horizontal green line - with a bullish green candle indicating bulls stronger than bears in this sideways tussle.The rising wedge may restrict the upmove at 10500 and only a move above it will clear the path for a good upmove else watch for support at 9700 for a meltdown to start.

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Lakshmi Ramachandran

Nifty Update

Daily Chart 

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Lakshmi Ramachandran

Bank Nifty Update

Daily Chart 

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Lakshmi Ramachandran

Nifty Update

Daily Chart 

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Lakshmi Ramachandran

Nifty Update

Daily Chart 

The uptrendline from 7511 lows and horizontal line at 9889 was superbly held indicating there may be some upmove left.

Low made at 9544 should be a good stop for longs.

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Lakshmi Ramachandran

Bank Nifty Update

Daily Chart 

Status quo.Wait for break and close above 21967  or below 19526 for a clear trend to emerge.

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Lakshmi Ramachandran

Bank Nifty Update

Daily Chart 

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Lakshmi Ramachandran

Nifty Update

Daily Chart 

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Lakshmi Ramachandran

Nifty Teasing

Daily Chart 

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Lakshmi Ramachandran

Bullish only above 11000 !

Daily Chart 

Bank Nifty has been one of the weak sectoral indices having failed to cross even the 38.2% retracement level.

Only a cross above the recent high of 10967, 38.2% fibonacci level and the round 11000 mark will bring in some upmove else expect it to move sharply down again.


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Lakshmi Ramachandran

Nifty Update

Daily Chart 

Possibility of the fall resuming increases with a second day of weakness. Trendlines drawn this way form a rising wedge which is also bearish.A breakout from it to the upside is necessary to resume uptrend.Level for breakout tomorrow is around 10385.

Fall below the uptrendline from 7511 lows will see the fall strengthening.



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Lakshmi Ramachandran

Nifty May Be Taking a Breather

Weekly Chart 

 Daily Chart 

A breakout above previous high at 9889 and the lows made in 2018 around 10000 represented by the red horizontal line has held well, and may well proceed towards the targets of 12300 mentioned in my earlier posts.

 Nifty is now in a higher high higher low sequence indicating an upmove in process till we break a low made which now is at 9945.Gap support is at 9707-9580. 

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Lakshmi Ramachandran

Bank Nifty

Weekly Chart 

 Daily Chart 

 Half Hourly Chart 

A move above 21967 is required to continue bullishness.

Supports are at low made at 20317 and gap at 19633-19297.

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Lakshmi Ramachandran

A Breather ?

Daily Chart 

A doji second day in a row at the strong resistance indicates mild weakness. 

 Daily Chart

A test of 9889 will be healthy for the upmove. However, a close below 9889 will see a test of the red uptrendline from 7511 lows.

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Lakshmi Ramachandran

Classic Example of a Shooting Star

Daily Chart 

Bank Nifty made a classic "Shooting Star" yesterday and confirmed it's bearishness today.

The shooting star candlestick is a chart formation consisting of a candlestick with a small real body, and a large upper shadow. This pattern represents a potential reversal in an uptrend. Appearing at resistance makes it all the more reliable as in the case of Bank Nifty.

Only a strong move and close above the Shooting star will negate the bearishness.

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Lakshmi Ramachandran

Bank Nifty Showing Waning Signs

Daily Chart 

A shooting star at resistance from earlier high at 21967 shows profit booking by bulls.

Bearishness will be confirmed if tomorrow's candle closes below the low made today. 

Time to be on the back foot.

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Lakshmi Ramachandran

Breakout From Cup and Handle Pattern

Daily Chart I

Daily Chart II

Nifty broke out successfully abobe the cup and handle pattern opening up possibilities of a target of 12300.The ride so far seems to have been one way and the Nifty has closed a few points above the 50% retracement level.

We may expect a few bumps at 61.8% of the entire fall at 10561 and the resistance line of the expanding triangle.

Booking profits on the rise is recommended.

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Lakshmi Ramachandran

Nifty Bullish Within a Bearish Trend

Daily Chart 

A cup and handle pattern is visible in the upmove from 7511. A break sustaining above 50% retracement at 9971 will have a technical target of 12300.

A move below 8800 would negate the upmove.

Daily Chart

The upmove from 7511 is also an expanding triangle so need to be vigilant about resistance at the upper trendline from where the next leg down could start.

Conclusion : Nifty is in a short term bullish move,  within the longer term bearish trend. 

The trend is your friend so be bullish now but keep vigil of the bear closing in !

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Lakshmi Ramachandran