NIFTY SHOULDER HEAD SHOULDER

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

CNX NIFTY 5,985.95   -138.10   -2.26 %

Nifty, I had written on May 29 th, that it is forming a Shoulder – Head- Shoulder pattern on the hourly charts.I said that the right shoulder is remaining to be formed.And you see today, 3 days after the prediction the right shoulder is on the verge of completion.

What does a Shoulder Head Shoulder Pattern foretell ? If the neckline is broken i.e 5937 in current case, expect a fall of about 300 points.This pattern is negated, if prices stay above 6133, i.e above right shoulder..Sometimes though prices may test the neckline at 5937 and then rally up above 6133 in which case it will be bullish.

NIFTY HOURLY

WEEKLY

Last week I said that because of the formation of a red engulfing type pattern, Nifty may stall.

NIFTY INTRADAY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY ( 6,124.05) +19.75  +0.32 %

 

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

CNX NIFTY  6,111.25  + 28.10  + 0.46 %

Nifty hourly chart shows a Shoulder Head Shoulder Pattern, though the right shoulder is not complete and only forming. A break below 5937 is bearish and a break and close above 6230 is bullish.If long be careful near 6230 as chances of a double top exist.

NIFTY HOURLY

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY  5,983.55  + 16.50  + 0.28 %

Nifty as I said, has taken support at 5971 for the time being. On daily charts watch this level.On the Weekly charts, the Hanging Man is followed by a big red candle which is not a perfect engulfing candle, but a bearish candle which engulfs only the body of the Hanging Man.Anyhow this bearish candle will be able to stall the upmove for the next 2-3 weeks atleast.Any weekly close above 6230 will be bullish.

DAILY

 

WEEKLY

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY  5,967.05  -127.45   -2.09 %

Nifty broke 5971 to the downside.It has made a lower bottom but higher top. So too early to take any call. Wait for a 2 day confirmation of break of 5971. Next support is at 5919 which is 50 dma.

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY (6,187.30) +17.40  +0.28 %

Nifty after crossing 5971 has had a pullback by testing 5971 and zoomed from there. Right now market is bullish and all longs can be had with a stoploss of close below 5971.Only watch for reaction of the market to S&P downgrade.

NIFTY DAILY

NEXT POST 20 th May

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY 6,043.55  + 72.50  + 1.21 %

Nifty finally broke the 5971 barrier.Since the recovery from the bottom is a “V” shaped recovery ( See Yellow line), any entry will not have a close stoploss.So all entries have to be managed only based on Intra day patterns. If Nifty corrects as shown by the pink line, then a long entry can be taken with the bottom as support.Wait and watch.

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY  5,944.00   -55.35  -0.92 %

As I said, Wait for the RBI Policy.And you see markets again came below 5971 which is a very important level.So wait and watch.Unless markets close above 5971, there is no bullishness.On weekly charts also there are topping tails on two successive weeks which show markets are resisting upmoves.

DAILY

WEEKLY

NIFTY AND RBI POLICY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY (5,999.35) + 69.15  +1.17 %

Nifty has finally managed to close above 5971.But wait for RBI Policy tomorrow, which will determine the future course of the Market.

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

CNX NIFTY (5,930.20) + 26.10 + 0.44 %

Nifty is being resisted at 5971.It may form an inverted Shoulder Head Shoulder pattern which will be clear in the next few days.Support exists at 5844.