Nifty 11-11-2017

Nifty has taken support at iii-B trend-line in Daily chart. We can expect some bounce from here.

If bounce comes, we need to watch RSI at 62-67 level In HOURLY CHART (Nifty @ 10360-10400). As at this level we can expect this bounce correction to complete and trend to start falling again. In case Nifty HOURLY RSI is able to sustain above 67, then we can expect this UP Trend to continue and think that whatever correction happened is over on Friday (10-10-2017).

Break of iii-B trend line in Daily chart will lead to big fall and we’ll put wave (3) complete at high around 10500.

Nifty Hourly

Nifty Daily

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Nifty 29-10-2017

Earlier I said wave (3) may be over (please see weekly chart). I am changing it now as I think wave (3) is still in progress.

Medium term outlook is UP, until trendline iii – B is broken (see daily chart).

In very short time (Hourly chart), there could be mild correction in wave iv form. We can see divergence in RSI

Nifty Hourly

 

Nifty Daily

 

Nifty Weekly

Nifty 27-09-2017

There is possibility of pull back tomorrow. If that happens, aggressive trader can make hefty profit in view of tomorrow being expiry date.

Technicals giving some indication of reversal which I am highlighting below:

Daily

  • We are near Low of 11th Aug – 9685 as shown in Daily chart below. If Bulls have to come back, this is the place.
  • MACD is near zero (reversal zone)
  • RSI near 33 (reversal zone)

Hourly

  • I can see 5 wave move down which is in matured stage
  • Divergence in MACD
  • Divergence in RSI

Following strategy can be applied for Big gain, if it comes

  1. Near support area 9680-9700, look for reversal candlestick pattern in 5 min.
  2. If found, buy 9700 CE or 9750 CE
  3. Stop Loss: 2 points below LOW of reversal candle stick as in point 1.

NOTE: I already see a candlestick reversal pattern (hammer/dragonfly) in hourly chart (last bar). Hence I am not sure if reversal has already started or will it give better opportunity tomorrow

Daily Chart

Nifty 27-09

Hourly Chart

Nifty H 27-09

Nifty 19-09-2017

Is current up-move(correction) over?

Channel resistance line, Indicators suggest that we are near next wave down.

  • Divergence (MACD, RSI) in Daily
  • Daily RSI in reversal zone (62-67 level). Same in Hourly
  • Divergence in Hourly
  • Near all time high(resistance line)
  • Near Channel resistance line (hourly)
  • Last 2 days support at 10130-31. This will be 1st support to watch for

Nifty Daily

 

Nifty Hourly