NIFTY UPDATE :30 OCT 2012

NIFTY:
No Change in the view but we can start buying in small quantity in few good high beta stocks ,as NIFTY will complete its a-b-c correction very soon 5585(38.2%) or 5545 (a=c) . USD/INR will correct very soon as there is a negative divergences and 5 wave rise from 51.20,so i m expecting a (a-b-c) correction in USD/ INR.US market  will bounce for a retracement of minimum 50% of the fall as i m able to see a clear 5 wave fall  in NASDAQ-100.
R.K.

NIFTY WEEKLY:22-26 OCT 2012

NIFTY:There is no change in the view, what i posted last week . The correction from 5815 in NIFTY is a-b-c correction of 4th of C ,The minimum correction of NIFTY is 5615 i.e. (0.618* a) or ideally  it can do 5547(c=a). Though i guessed that we r going to bottom out last week but i m wrong ,If NIFTY close below 5620 than only we can expect 5540 ,other wise the correction can over at 5615(minimum correction) also
This is expiry week so try to trade in the range of 5620-5720 break out on either side on closing basis will decide further direction, i m expecting expiry around 5650 +/- 20.and weekly range is 5540-5720.NASDAQ 100 had achieved its H&S target .

R.K.

NIFTY :15 OCT 2012

NIFTY: The correction from 5815 in NIFTY is a-b-c correction of 4th of C ,The minimum correction of NIFTY is 5615 i.e. (0.618* a) or max it can do 5547.Now its look very difficult that NIFTY will break 5550 on closing basis for short term,as there is -WW below 5550 which gives the target of 4950 and there is H&S ,neck line at 5620 which gives the target of 5390,The correction will over on 15/16 OCT ,a panic low any where in between 5615-5550 and a reversal for the final up move of 5th of C.There is no major participation in the 5th wave ,so buy only selected NIFTY50 stocks.So buy any panic in between 5615-5550 for the final up move for the target  of 5935/65 ,time frame last week of OCT or 1st week of NOV.

HAPPY TRADING :
R.K.

NIFTY & NASDAQ-100 UPDATE:09 OCT 2012

NIFTY 50 :
Nifty had faced the resistance at the trend line of the wedge and H&S breakout and unable to cross the break out level ,Considering a-b-c correction of 4th of C from 5815 NIFTY can move towards 5585(38.2%) retracement of 5215-5815 and than towards 5515 i.e.50% retracement ,as i stated in my last post i like to wait till 11 or even 12 of OCT for correction to be over ,NIFTY had taken the support near median line of the channel ,breaking and closing below 5705 will open the target of 5585/5515.Refer my previous hourly chart.My personal trade i m still on short side still holding .

NASDAQ-100:
Refer my last post on  Nasdaq-100 There is H&S formation and Nasdaq-100 given the breakout today Break out level is 2778 and target is 2675,and currently trading at 2743,similarly there is also H&S formation on S&P 500 ,and many world indices are forming H&S so again warning be cautious .

R.K

NIFTY UPDATE:08 OCT 2012

Now the big question is the correction from 5815-5666 is impulse in nature or corrective , The fall looks like impulse but Friday spike is creating a confusion ,The wedge break out and a H&S Break out on Hourly chart giving the target of 5600/5500 respectively ,NIFTY had taken the support near 23.6% retracement of the rise and the median line of the channel ,breaking 5680 NF will leads to 5515 zone which is 50% retracement of the rise from 5215-5815,and support for the channel .The selling pressure is converting on daily chart also.so sell below 5680 NF for the target 5515.

R.K.

NIFTY : 07 OCT 2012

There is a clear 5 wave rise from 5215 to 5815 ,but there is no sign of correction ,than how to trade in coming weeks .The trend line and the channel drawn in the chart is going to be our trading  strategy for coming weeks, This is  NIFTY FUTURE chart showing a wedge and a channel ,The upper trend line of wedge is 5860 NF and increasing daily by 10 points ,selling NF is advisable at near that trend line and break out of the wedge is near 5735 NF and this trend line is also increasing daily by 10 points,The break out of the wedge will show further weakness in NF towards 5680 zone which is the middle line of the channel and breaking 5680 NF will leads toward 5500.The wedge target is around 180 points.
The Q-2 results are going to be out one by one ,so market will try to be in the range of  (5500-6000),and highly volatile .

R.K.

NIFTY UPDATE:

NIFTY chart showing a Expanding wedge which is highly bearish pattern and a top out pattern ,The rising trend line of the rising wedge  is around 5855 NF.so sell near 5855 NF ,and further weakness in the NIFTY only below  5680.There is a clear 5 wave from 5215 to 5800+.
R.K.

NIFTY UPDATE:

NIFTY is doing extension in 5th of 3rd so max it can do 2.618*wave1(160 point) which is 5954,and the wedge break out in NIFTY is on upper side giving a target of 5930 so better hedge your positions.

R.K.

NIFTY + BANK NIFTY UPDATE :3rd OCT 2012

The NIFTY is forming rising wedge break down is 5690 and target is 5500 and upper trend line is at 5745 and BANK NIFTY is forming triangle break down is at 11400 and target is at 10900 so those who don't want to short buy only above upper break out level .

R.K

S&P 500 : 2nd OCT 2012

Here is a EOD chart of S&P 500 showing a smaller H&S pattern at the top,H&S break out level is  at 1430 on closing basis and it will leads to 1400-1390,similar formation is there in NASDAQ-100 also.so US market had all ready started the correction ,when we r going to join the party ?? very soon .so be cautious at higher level .

R.K.