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Nifty opened gap up
Took resistance @ 10370 levels.
Formed Hanging man with large wick... candle can be
ignored as it is formed after short move.
Note: Nifty did not made a high higher than the previous session, though it made a low below previous session.
Today session suggesting that nifty might stay range bound for sometime.
Hence one should wait for break...
In today's session a follow -up bearish candle has formed, which was quite expected on seeing strong Bearish engulfing in yesterday's session.
If you look at candles, you could find that the today's momentum was bit less than the previous session, which suggests keeping near near term resistance levels in check, so that the further move can be tapped on the right...
Index opened on a higher note, rallies to 10384 levels, but couldn't sustain, though its not able to break near term support 10350- 10340 and is trading in this small range .
Considering the Bearish session of yesterday, if it sees a break below 10340 level, free fall can be seen till 10250 levels.
Currently index is struggling near bull line of the Uptrending channel.
Capacite Infra listing took around 399 level, but it fell sharply the very day on its listing and closed near 342 levels.
However those applied in its IPO still made decent IPO as, IPO price was in Rs 245-250 band.
Now , who have applied for the just listing gains, might have already booked their profit and ran out of the stock.
But those applied for longer term...
Three Falling Peak Pattern
1. This pattern is a pattern that signals change in current trend and start of new trend.
2. This pattern is explained by Thomas Bulkowski in his book " Encyclopedia of Chart Patterns "
3. This pattern is used to avoid creating long positions in stock that may enter in bear markets.
Rules of this Pattern
1. There should be a...
On weekly chart , we can see nifty trading in a range of about 500 points. ( 10140-10180 - 9680-9690 )
As long as it is trading in this range, expect lackluster moves..
If we look at the price action closely , it is observed that a potential peak had been formed at 10140 levels , from where index saw a sharp decline, though it took support near 9680 levels, and...
Nifty witnessed a negative closing ending the week 355.60 points down or 3.53 per cent down.
Lets analyse, why ?
Technically , if we go by analyzing past three week candles, they were all indecisive candles,suggesting both bulls and bears are fighting for their runs. let see what are those candles.
1. Doji - Indecisive candle
2. Shooting Star - Indecisive...