ParimalDevnath

ParimalDevnath

Breakout of the resistance built over last 5-6 sessions targeting 10760 -- level of 200 DMA which will decide the future trend.

ParimalDevnath

Resistance -- a cluster of resistances ahead. Nifty is range-bound. A Megaphone pattern is visible. This range has to be broken to make meaningful move. We need to wait.

ParimalDevnath

Flag formation. Breakout will take price towards 370 and more.

ParimalDevnath

For last four sessions Nifty has been consolidating since there is a cluster of issues ahead-- at least three resistances. i) Previous high, ii) 200 DMA and, iii) Trading Gap. Moreover, on daily chart Stochastic has reached overbought level. So Nifty may take some more time to settle these resistances. Crossing and staying above 200 DMA will set the tone in...

ParimalDevnath

Infy holding above 200 DMA. Price approaching Trend Line resistance. A probable breakout will take price to 720+ levels. But Rupee and against Dollar is recovering. If the breakout does not occur, there can be further correction taking the price below 660.

ParimalDevnath

Immediate resistance for Nifty is the previous high at 10703. The second resistance is at the trading Gap (10754--10829) and 200 DMA (10765). Bulls showed good strength during last 5 sessions followed by two months of steady fall. 200 DMA will be the real test for bulls. 5 DMA is crossing 9 and 15 DMAs on the upside which is giving strength to long trades. OI...

ParimalDevnath

Price at 200 Hour MA boosted by Ease of doing business and Crude sliding. This level is to be watched carefully.

ParimalDevnath Updated 

After a day of rest yesterday, bulls charged today. A gain of 188 points. Bulls are prompted by Positive Divergence and Falling Wedge. OI Table: Bulls have been building strong support at 10000 Put strike (highest OI) and recently at 10200 Put strike -- second highest OI. Bears are holding onto 11000 Call strike which bulls will find tough nut to crack. Bull...

ParimalDevnath

After a day of 230 points, Nifty today consolidated during the most part of the session. At the fag end bears created a dent of about fifty points. Bears are exhausted. Bulls are trying to gain some ground. More consolidation is expected in next few days.

ParimalDevnath

Positive Divergence has triggered. The latest consolidation pattern is in the form of a Falling Wedge which has triggered. It may target 10770--top of the pattern. Previous low has lent support to battered bulls. Nifty has halted at 9 DMA. This level is close to 15 DMA. Real challenge for bulls is to turn the trend up by pushing Nifty beyond 200 DMA --10769....

ParimalDevnath

Second Consolidation making a pattern of Broadening Pattern or Megaphone is activated on the downside. It may reach 9956: the previous low to seek support. Trend is down. A Positive Divergence is developing on major indicators. It is yet to trigger. If it triggers, a small relief rally may come by. But this seems difficult at the moment. Nifty is also making a...

ParimalDevnath

Below 200 DMA, trend remains firmly bearish. During the present downslide, Nifty is making Second consolidation. First Consolidation made a chart patter of Descending Triangle and it triggered pushing the price to new lows. Now the second consolidation is running making a chart pattern of Broadening pattern or Megaphone which is yet to trigger.

ParimalDevnath

Long term view is good to see the larger spectrum of trend. This monthly chart shows that Nifty is in a strong uptrend since it is making higher high and higher low. But there were corrections which on an average lasted for one year time. The present correction has started in September 2018. Will this correction also last for one year???

ParimalDevnath

A Doji candle is made. This indicates to indecision and this also may say that bears are about to pause after 8 weeks of dominance. So bears can take profit on expiry. Short covering can see some recovery. Nifty has formed a Broadening pattern or Megaphone pattern on daily chart. Price might have reached the bottom of the pattern. OI Table: Bulls have increased...

ParimalDevnath

10138 the low of 11.10.18 is coming. Sold on rise -- this is the strategy followed by traders. This confirms prevailing down trend. Below 10138, prominent indicators will develop Positive Divergences on daily chart as well as WEEKLY chart (Nifty crashed due to negative divergences on daily and weekly charts on RSI Stochastics and Woodys CCI indicators) which will...

ParimalDevnath

Bulls had to retreat fast from 10730 level since bears have built a strong resistance at 11000 Call strike --highest OI position. Nifty is making a Megaphone pattern which might take support at around 10000-- the previous low. This view is corroborated by OI Table. OI Table also gives some indication that there will be some range-bound movement with negative...

ParimalDevnath

Bulls tried to catchup with 200 Day SMA and also the support line of the up-sloping channel wherefrom Nifty broke down. This rise was on the basis of: a) short covering and b) Positive Divergence on RSI. But Rising Wedge played out. So despite morning exuberance of bulls on Wednesday, bears stood formidably on the way through the second part of the session. ...

ParimalDevnath

Price breaks out. Previous high may be coming.