BANK NIFTY

TOP IS NEAR

Nifty top is very near. The maximum Stretch I am assuming up to 6290-6310. As we are seeing in hourly chart below that it seems that expanded triangle pattern has form. As per chart Analysis it is in its final leg of expansion and  If nifty enter above green trend line and if it close above this trend line as shown in picture below then there will be high possibilities that nifty may jump up to 6290-6310 level. After that a big fall is awaiting in market. And if nifty break below lower thick red trend  line then down move may stretched. In very short tern any slide below 6070 will increase the possibilities for downside. Trade cautiously. Weakness in rupees may flow water on bulls expectation.

  

WHAT TO DO IN NIFTY NOW

As you are seeing in chart below that it seems expanded triangle pattern formation has prepared on nifty hourly chart. But nifty is trading in very tight range due to concern of weakness in rupees. I would like to keep aside my self for some time from trading. Let the market decide. Nifty is moving in no trading zone.

Trade above 6125 for positional long and Positional short trade below 6050 followed by 5990.

 NO TRADING ZONE BETWEEN 6050-6125. WASHOUT ZONE FOR MARKET. 

NIFTY LATEST ELLIOTT WAVE UPDATE

NIFTY LATEST CHART PATTERN UPDATE

INDIAN MARKET THE WEEK AHEAD

Indian Market Week Ahead: News and International effect :- 
Indian Market expected to remain volatile due to F&O Expiry and GDP data.After five consecutive weeks of gains, Nifty slide 300 points last week and manage to close at 5983 level . 24 stocks was down out of the 30-stock from Sensex group. We may see another red week ahead, as concerns about global economic outlook on the back of some weak data from China will give effect on the sentiment.The market is expected to see some wild swings ahead of expiry of May series derivatives contracts next week. Market mood for most part of the week, may remain cautious as investors will be eyeing on the March quarter GDP data, which will come out on May 31, 2013. In the December 2012 quarter, India saw a GDP growth of 4.5%, significantly dow from a 5.3% rise a quarter earlier.
Some major famous company quarterly results like Cipla, ONGC, Oil India ,Sun Pharma, Hindalco, GAIL India, Power Grid Corporation, REC, Indian Oil Corporation, BPCL and Hindustan Petroleum Corporation, Wockhardt, Neyveli Lignite Corporation, Canara Bank, NMDC and Colgate Palmolive will help to increase the volatility in the market in coming week amid speculation the U.S. Federal Reserve may start unwinding its asset purchase program soon,  and this could set up a weak start for Asian markets on Monday.
Fiis have been net buyer of Rs 18000 crore in the current calender month, this may prevent from a significant direct fall.

Technical effect for the week ahead:- A bearish engulfing pattern has formed on nifty weekly chart clearly indicating in the change of trend. The gravity force of 50 day moving average is attracting nifty price towards 5843 level. The nifty fall took support at 38.2% level last week. As per Nifty daily chart price has given two consecutive close below 20 day moving average giving vote to bears. As per nifty RSI on daily chart is at 49 level and calling more bears.
As per Elliott wave perspective it seems that rising wave pattern is valid on nifty weekly chart attracting price again towards 5670 level. As per nifty Hourly Chart RSI is trying to improve upside with consolidation in price indicating more dip is due in the market. 
In short Market is in sell on rise mode until nifty give a break and close above 6080 level technical level.

 TATA MOTORS weekly chart is given below. Clear rising wave pattern has formed on weekly chart with losing momentum on RSI indicators. Break below lower trend line bear will take TATA MOTORS towards 125 level.

DON'T LOSE MONEY AND HOPE IN THE MARKET

So many traders would have loosen  their money in the market today. Because definitely you would have heard this time also when most of fake analyst had been talking about 6700+++. These days hundreds of website providing nontechnical tips and recommendation to innocent people. I would like to request to all viewers that be careful with this type of website.  Don't loose money and hope in the market. Where you have lost there you will get only. If your one lac may be 10000 then your 10000 may also be 1 lac. Market have both  the capacity only you need to change your trading style. Yes ! Change your trading style and stop losing money. Actually why this happen because they think that they are smart than market. But in reality market is smarter then them self. Always try to read the market not your expectation. Market doesn't runs on one expectation.  If you know the better idea to trade then definitely you would have applied it. 

Learn the fantastic way of trading and forecasting the market. Be a trading hero. Join NIFTY EYES MULTILEVEL MONEY MAKING CLUB and stop loosing money. Join before your all capital washed out.

Two days back I had boldly written. Just see what I have written:-

I wrote in my previous post that Nifty has completed its 3rd standard of correction and break below 6140 will drag nifty towards 6059 and 5953. Today nifty closed at lower trend line as shown in picture below. Expect nifty kiss 6059 level tomorrow. Bias are negative now until nifty give closing above 6180 level. Nifty is in sell on rise mode. Next few days action will be very important. Be careful with your overnight position.

 Above line was written on 21 May.

On 16 May I wrote keep patience for 6250. Market went very near to our target. After that I gave you indication that market has completed 3rd standard of correction. Now result is just before you. What else you want now. If this information is not enough for you than i will pray OH GOD SAVE INNOCENT PEOPLE FROM LOSING MONEY.

Technical:- Currently nifty has given closing below 20 day moving average after 24 days. RSI is in favor of bears. Any two consecutive close below 20 day moving average may drag nifty towards 5900. Nifty weekly charts rising wage trend line support attracting with negative divergence on RSI  towards 5600 but it will be little early to talk about this level. Pattern is completely sell on rise until nifty give breakout above 6080 level. One should improve stop loss in this type of market so that big rally could acquire if downtrend converted into big rally.

click on chart for its larger view.

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FROM 6180 TO 5960 BOLDLY WRITTEN. 

WHAT ELSE ANALYSIS YOU WANT ?

NIFTY UPDATE

I wrote in my previous post that Nifty has completed its 3rd standard of correction and break below 6140 will drag nifty towards 6059 and 5953. Today nifty closed at lower trend line as shown in picture below. Expect nifty kiss 6059 level tomorrow. Bias are negative now until nifty give closing above 6180 level. Nifty is in sell on rise mode. Next few days action will be very important. Be careful with your overnight position.

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NIFTY ELLIOTT WAVE CURRENT UPDATE

As I wrote in my previous post that nifty may correct. The correction in nifty today seems that nifty has completed its 3rd standard of correction and may move in b-B wave. If this wave count is valid then nifty should fall minimum up to 6059 and 5953 as indicated in the chart below. Below 6140 fresh short position can be created for the above mentioned target with 6229 as stop loss. Nifty is making higher high and higher low formation. Bias are still positive until unless nifty break and close below 6140 level. Bank nifty has nature to give indication of reversal in trend. As bank nifty has corrected much than nifty today supporting this view.

Traders should be alert at current situation towards long side.

CLICK ON CHART FOR ITS LARGER VIEW

INDIAN STOCK MARKET WEEK AHEAD

 Week Ahead: Quarterly results will set the trend; Some profit booking is expected in the week ahead.
​Nifty gained consecutive five weeks, as the momentum indicators are showing overbought zone therefore the Indian stock market may spend time in some consolidation next week. Movements are likely to be a bit range bound in next week, although a few front line stocks are expected to see some buying amid consolidation in index. Quarterly results from top companies, including State Bank of India, Oil India, Tech Mahindra, Larsen & Toubro, BHEL, Tata Steel and JSW Steel will give impact on direction of Indian market next week.
Adani Enterprises, Apollo Hospitals Enterprises, Divi's Laboratories, IFCI, Thermax, Hindustan Copper, Welcorp, TV Today, Dish TV India, Jet Airways and Spice Jet are among the other companies that will announce their quarter results next week.
We have seen heavy buying by Foreign Institutional Investors in previous five weeks  which contributes significantly to the market's gains last week, The U.S. markets closed on a high  on Friday (17 May) on the back of some impressive economic data, may help the Asian market start with positive note on Monday.
IT bellwether Infosys will be in focus following the Income Tax department slapping a fresh tax demand of Rs 582 crore on the company for financial year 2009. The company, which is already contesting additional income tax demands to the tune of nearly Rs 1200 crore for four fiscal years beginning 2005, has stated that it will take legal recourse against the fresh tax demand as well.
As per Nifty Hourly chart it seems that it has completed triple zig zag complex correction with indicating loosing in momentum. Break below 6140 will indicate that sideways to down trend has been started. Highest open interest in 6200 call may create hurdle for nifty on higher side. According to chart pattern rising trend line will provide resistance on higher side above 6200.

NIFTY VS DOW JONES

NIFTY ELLIOTT WAVE SCENARIO

The entire move from 2008 if you will see in the chart below you will find that there is lack of impulsive wave because i am not seeing any impulsive wave count in 1,2,3,4,5. If this is not impulsive wave then it is clear now that it is  corrective wave and nifty has been forming complex correction pattern since 2008 on weekly chart. 

In current situation just see the hourly chart give below, from 5480 to till now move is also forming in triple complex correction. I am giving two scenario of wave count below.

In scenario 1 is valid then it has completed its triple complex correction. In this move b wave has not fallen more than 38.2%. Therefore 38.2% of the move from 5970 to till now is coming at 6118. If this count is valid then market will break this level and will increase more dipper correction. Any break below 6080 will confirm that this up move was bull trap. And,

If the scenario 2 is valid than nifty must protect this level and will move more higher level towards 6300 in very short term.
Recommendation- Only Intraday trading is advisable for few days.

Click on chart for its larger view

KEEP PATIENCE FOR 6250 NOW

NIFTY UPDATE FOR 14 MAY

Why do you people trade with your expectation when technical analysis is wonderful tools to predict the possible trend. You can also be a good trader. Nifty Eyes Multi Level Money Making Club is ready to make you smart trader cum analyst. Choice is yours.  As I have given alert yesterday about this reversal in price pattern. Nifty fell highest in 2013. Only two stocks  NTPC and Power Grid close with marginal positive otherwise all stocks in nifty 50 group closed with negative bias. The mood is completely bearish now. Nifty retraced 23.6% in a single days of its previous up move. Now next support is around 5928 and after that 5871. Below 5871 direct fall up to 5400. 5830-5840 is immediate resistance for nifty.

click on chart for its larger view.

BIGGEST FALL IN 2013

BULLS GONE BEARS ON

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NIFTY X-RAY REPORT FOR 13 MAY

Frequently buying by foreign institutional investors, by supporting  firm trend in global markets and IIP data showing a surge in industrial production in March lifted indices Sensex and Nifty up by over 2.5% last week. Sensex ended the week with a gain of 507 points or 2.6% at 20,083, a 14-week high, the Nifty hit its best levels in more than two years, closing at 6095 gaining 151 points or 2.5% along with midcap and smallcap stocks too jumped higher on strong buying support, the BSE Midcap and Smallcap indices moved up by around 2.3%. FMCG heavyweight which hit a new high last week ended stronger by 6.7%. IT stocks were back again and successfully gain with some encouraging economic data from U.S. side. Auto sector had given strong jump too with market. Tata motors was the star performer in Auto sector gained 8% last week. While Coal India declined 5.7% and Sun Pharma was down 5% last week.

In economic news India’s industrial production rose 2.5% in march 2013 as compare to a revised 0.46% growth in February 2013.

After two days consolidation Nifty gave breakout and went above 6100 and closed above 6100 on Saturday special session. Bias is strong positive. Nifty has not given any single day closing below previous bar since it reversed from 5480 level in this up leg. According to Nifty daily chart momentum indicators are in overbought zone indicating nifty may tired any time. According to nifty hourly chart rising wage/ending diagonal pattern has formed on the chart, indicating that price may face resistance very soon and may turn its face towards downside. I still assume that This up move is a corrective wave according to wave principle. Break below the trend line which is drawn on hourly chart may drag nifty towards 5880 level but remember one thing that we have not got any price wise sell or reversal signal. Highest open interest in 6200 call indicating upper boundary for the current series.

In the last session FIIs bought 11104 contracts of index future worth Rs. 337.34  cores with increasing in open interest. As nifty Future was up 50 points and open interest increased in index future indicating that fresh long position was created in Friday’s session.

LAST   HIGH - 6105  LAST LOW - 6045
WEEKLY HIGH - 6105 WEEKLY LOW - 5867
5 DMA DAILY - 6046
20 DMA DAILY- 5844

50 DMA DAILY- 5783

200 DMA DAILY- 5703 

Several top  companies quarterly result still to come out in coming week, investors are advisable to tread cautiously  over the next few sessions. Global factors will continue to make an impact on the Indian market.

Sustained inflow of funds from FIIs was one of the major contributors for the market's rise to multi-month highs last week. And the trend is likely to continue for a while, But we are getting negative divergence sign on momentum indicators, giving warning sign. However we have  no significant negative news is around to warrant a sell-off.

Dr Reddy’s Laboratories, Bank of Baroda , Bajaj Auto, and Reliance Infra  will announce their quarterly results during the course of next week. The data on consumer price inflation for rural and urban India for April, to be released on Monday and it will set the further trend for the market in the beginning part of week. Encouraging report on industrial production of march will help keep the mood positive for a while but technical indicators are giving overbought indication so mood may turn cautious and even bearish any time, as no big positive triggers are in the market ahead. A positive close on Wall street may set up a steady start for the Asian Markets on Monday. In the latter part of week market may remain into sideways to negative. In the below Advance -decline chart market is showing in up trend but advance -decline ratio is in negative divergence indicating possible reversal in near term.

chart source www.icharts.in

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NIFTY LATEST ELLIOTT WAVE UPDATE 12 MAY 2012

ACCORDING TO NIFTY HOURLY CHART ENDING DIAGONAL PATTERN HAS SEEN WITH NEGATIVE DIVERGENCE ON MOMENTUM INDICATORS INDICATING NIFTY MAY REVERSE SOON. BUT I HAVE NOT SEEN ANY CONFIRMATION ON PRICE WISE. BREAK OF LOWER TREND LINE OF DIAGONAL PATTERN WILL GIVE FIRST CONFIRMATION AND THERE WILL BE OCCUR A CHANCE TO DRAG NIFTY 5880-5860 LEVEL. HIGHEST OPEN INTEREST IN 6200 CALL OPTION ALSO INDICATING UPPER BOUNDARY AND SUPPORTING REVERSAL VIEW.

ACCORDING TO NIFTY WEEKLY CHART THERE IS ALSO A WAGE PATTERN IS VISIBLE IN NIFTY A-B-C-D-E PATTERN.

BANK NIFTY:-

ON BANK NIFTY CHART BREAK OF LONG TREND LINE WILL DRAG NIFTY TOWARDS 12000 LEVEL.

NIFTY CRUCIAL UPDATE FOR 09 MAY

  Nifty is at make or break situation.6093 level will create trend changer level. If nifty does not reverse from this level then expect nonstop rally up to 6260-70 level. As per nifty today's price movement it seems that breakout will happen towards upside in spite of negative divergence on momentum indicators. On weekly chart rising wage pattern is also attracting nifty upside.   

Lets see......