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Is Nifty chart saying something?
| From : Ankur Dhoot at 01:51 AM - May 06, 2011 ( ) |
Share it on FacebookCharts are showing long term support over 5300 and earlier resistances have came into picture properly...so now 5300 would be the point to watch, if close below that on weekly, we are going far more on downside...Options data saying we can touch 5300 and it will act as great support...for this fall...So if you see reversal near 5300 pick ur fav stocks in ur bucket for a good ride.
May be my views can go wrong, just tried to place what ever I saw...
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So Trendline broken...now EOD volumes will make things clear whether is it fake or we really gonna tank...
As per chart I have shown earlier we are quite near to our projected target :)
Now I am back with again some view which if happens then wooo its too scary but yeah it can happen, so let's have a look...
4620 - 4590 is the level you need to keep track of...if weekly close below this comes with some good volume then we are heading towards 3900...so before making entry to anything just keep this chart in mind and wait for any positional if u r going to enter into.
Now I may be wrong and I hope I should then the rally which is going to come due to failure would huge yes I mean it, it would be huge :)
Last times IHNS failed that has made it go to 4700 from 5740, point of reversal which was not made out. So we have been saved from 1000 pt fall with lovely pattern failure :)
How are you Murli Sir..
Thanks Nitin bhai...yes I too feel the same it will take good support there...till that Rupee also gets cool down, with this rising rate of Rupee we can never take any good support..
ANKUR BHAI,
ONE CHART FROM ME TOO...
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Welcome Ankur .....after 137 days !
Nifty ......I too feel the same.
5300 was the turning point, and the fall to come is BIG like 2008
NIFTY looks like can tgt for 4550 - 4520 in coming some time where it can get some support and if broken then good fall ahead and will update again in cominng some time...
Now this what I am looking on charts...Either we need a weekly close abv 5740, i.e today or next week Nifty has to cross 5740 with huge volume to make Breakout successful. Wait and watch for this move now coming ahead....
I know people here don't like views, they want directly call.....but this is also an important task, as based on this only we can go ahead with calls. Now regarding call u know where I use to live....
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Aren't chart saying all the story prior....
close on weekly below 5300???? NO
Did 5300 acted as good support????Yes
Did we see reversal from 5300????Yes
So till now 450 pt reversal has been came from our point of support....Who says chart don't speak it always just u need to read it properly. So this is my reply to people who think charts doesn't work.
pick ur fav stocks in ur bucket for a good ride????? Did u
Now what next...Stay Tune 
5300 as I said would be support that you need to watch and exactly from there nifty taken a bounce for 300 point...now 5800 would be resistance above which we are ready for 6100....
Now this was the answer to peoples who says does chart works...
Yess Karan Real Short Covering will start after 5600.
And One More thing I noticed...on 4-5 days back in my thread v wr discussing about huge built up in 5400 PE..tht time it waas buying ...and today also 5400 PE OI is very high ....this tym I think its selling.......But still ...no one can say wht was thr at 5400 PE huge OI 5-6 days ago !
Pls all share ur best stocks to pick up in dips. In this way we can make a consolidated sheet of all the best stocks suggested by various members..
Yes definately there was short covering , zadda long build up nahin hua. Krishna bhai exact trendline pe support liya hai, u r right even i checked it yesterday . right now the range seems 5475- 5630 until we see new long build up , that will only happen along with short covering above 5630 . Till then big players will eat the premium , we should be ready to enjoy with them in this range. Anyways do keep a tab on the India vx , we had a fall of arould 400 points from the highs and still the vix is hovering around 21 levels, pretty strange. Fear nahin hai logo mei zadda kya ??? :-)
Banks Mai Buyinh hui hai..Chk CNX IT too It Bounced Back...Made a Triple bottom Thr at 6480 !!
Commodity and Silver Prices fall heavily..usi ka asar hai !
Sham Ko FII aur DII data se clear hoga aage ka kahani !
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