CHARTS AND PATTERNS ANALYSIS: May 2012

Thursday, May 31, 2012

SELL TTK PRESTIGE BELOW 2810

SELL BELOW 2810

STOP LOSS 2835

TARGET 2776 - 2730 - 2702

NIFTY FUTURE STRATEGY FOR 1/06/12

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LAST CLOSE @ 4916

RESISTANCE @ 4927 - 4938 - 4955 - 4964

SUPPORT @ 4877 - 4860 - 4827 - 4812

CLOSING BELOW 4888.... HELPS BEARS....MAY EXTENT NON STOP FALL UPTO

4852 -4815 LEVELS.

BULLS NEED TO CLOSE ABOVE 4938 LEVEL FOR ANOTHER UPMOVE.

SBI-AXIS-ICICI-RELCAP- RELINFRA ANALYSIS FOR 1/06/12

LAST CLOSE @ 2056

RESISTANCE @ 2093 - 2107 - 2118

SUPPORT @ 2038 - 2017 - 1986

CHART INDICATES TECHNICALLY WEAK

TRADING BELOW 2093 INDICATING WEAKNESS

EXPECT NON STOP SLIDE UPTO 2017 - 1986 LEVELS.

YESTERDAY BOLDLY WRITTEN.... IF PRICE TRADE BELOW 2082.... INDICATES NEGATIVE FOR BULLS.....CLOSING BELOW 2082 .....BEARS MAY TRY TO EXTENT THE FALL UPTO 2047 - 2017 LEVELS..SO CRUCIAL SUPPORT @ 2082

LAST CLOSE @ 783

RESISTANCE @ 799 - 805 - 807

SUPPORT @ 781 - 768 - 762

TECHNICALLY WEAK

ULTIMATE TARGET 768

INITIATE BUY POSITION ONLY ABOVE 815.

YESTERDAY WRITTEN TRADING BELOW 817....INDICATES WEAKNESS....DON'T TAKE LONG POSITION,IF TRADE BELOW 817....CLOSING BELOW 817 INDICATES FAVOURING BEARS....LEAD SLIDE UPTO 790 LEVELS.

LAST CLOSE : 971

RESISTANCE @ 991 - 1000 - 1012.

SUPPORT @ 962 - 951 - 944

MAIN SUPPORT @ 951 - 922

INITIATE LONG POSITION ONLY ABOVE 991

YESTERDAY TOLD TRADING AND CLOSING BELOW 990 INDICATES BEARISH.....MAY SLIDE TO 975 - 962 LEVELS.

LAST CLOSE @ 308

RESISTANCE @ 312 - 316 - 320

SUPPORT @ 301 - 290 - 288

CLOSING BELOW 301 INDICATES TECHNICALLY WEAK.

SUPPOSE CLOSE BELOW 301... BEARS MAY TRY TO KISS 290 -282 LEVELS.

LAST CLOSE @ 449

RESISTANCE @ 460 - 465 - 472

SUPPORT @ 446 - 440 - 435

MAIN SUPPORT @ 422

TECHNICALLY WEAK

GO LONG ONLY ABOVE 477.

ULTIMATE TARGET 433 -423

LAST CLOSE @ 404

RESISTANCE @ 411 - 415 - 419

SUPPORT @ 399 -396 - 390

MAIN SUPPORT @ 388

TECHNICALLY WEAK

Wednesday, May 30, 2012

NIFTY FUTURE STRATEGY FOR 31/05/12

LAST CLOSE @ 4933

RESISTANCE @ 4952 - 4964 - 4988 - 5011

SUPPORT @ 4926 - 4882 - 4877 - 4865

TECHNICALLY CHART INDICATES BEARISH

PRICE TRADING BELOW 4952 SHOWS WEAKNESS.

CLOSING BELOW 4952, MAY LEAD 4894 - 4852 LEVELS...SOON

MAIN RESISTANCE @ 4952 -4988 LEVELS..

MAIN SUPPORT @ 4894

AXIS-ICICI-SBI-TATA MOTORS-TATA STEEL-ONGC ANALYSIS FOR 31/05/12

LAST CLOSE @ 2098

RESISTANCE @ 2105 - 2118 - 2128 - 2150

SUPPORT @ 202 - 2069 - 2047 - 2017

IF PRICE TRADE BELOW 2082.... INDICATES NEGATIVE FOR BULLS.....CLOSING BELOW 2082 .....BEARS MAY TRY TO EXTENT THE FALL UPTO 2047 - 2017 LEVELS..SO CRUCIAL SUPPORT @ 2082

LAST CLOSE @ 817

RESISTANCE @ 826 - 837 - 844

SUPPORT @ 813 - 805 - 796

TRADING BELOW 817....INDICATES WEAKNESS....DON'T TAKE LONG POSITION,IF TRADE BELOW 817....CLOSING BELOW 817 INDICATES FAVOURING BEARS....LEAD SLIDE UPTO 790 LEVELS.

LAST CLOSE @ 1001

RESISTANCE @ 1014 - 1017 - 1032

SUPPORT @ 996 - 991 - 983

CLOSING BELOW 990 INDICATES BEARISH.....MAY SLIDE TO 975 - 962 LEVELS.

LAST CLOSE @ 307

RESISTANCE @ 314 - 316 - 320

SUPPORT @ 305 - 301 - 295

CLOSING BELOW 305 SHOWS NEGATIVE.....LEADS TO 299 - 284 LEVELS.

LAST CLOSE @ 455

RESISTANCE @ 463 - 470 - 476

SUPPORT @ 448 - 440 - 434

CHART INDICATES TECHNICALLY BEARISH.....CLOSING BELOW 468....BEARS MAY KISS 440 - 434 LEVELS VERY SOON

LAST CLOSE @ 410

RESISTANCE @ 415 - 420 - 425

SUPPORT @ 408 - 402 - 397

CHART INDICATES TECHNICALLY WEAK.

DON'T INITIATE LONG POSITION , IF TRADE BELOW 415.

PRICE MAY SLIDE 396 -390 LEVELS VERY SOON.

LAST CLOSE @ 243

RESISTANCE @ 246 - 252 - 255 -260

SUPPORT @ 241 - 235 - 231 - 223

MAIN SUPPORT @ 231

TRADING AND CLOSING BELOW 231,MAY SLIDE TO 222 LIKELY.

LAST CLOSE @ 618

RESISTANCE @ 622 - 630 - 632

SUPPORT @ 609 - 595 - 591

LONG POSITION INITIATED ONLY ABOVE 632 PRICE LEVEL.

CURRENTLY,CHART INDICATES WEAKNESS,MAY SLIP TO 585 -580 LEVELS..

LAST CLOSE @ 252

RESISTANCE @ 259 - 262

SUPPORT @ 250 - 247 - 243

LONG POSITION INITIATED ONLY ABOVE 254.

IF PRICE TRADE CONTINUOUSLY BELOW 254 INDICATES BEARS MAY EXTENT THE FALL TO 248 - 242 LEVELS LIKELY.

MAIN SUPPORT @ 240

EVENING STAR PATTERN IN NIFTY

TODAY NIFTY JUST CLOSING BELOW 20 SMA AND SUPPORT LINE, INDICATING WEAKNESS.

RESISTANCE @ 5020

SUPPORT @ 4931 - 4890 - 4850 - 4830

BEARISH EVENING STAR FORMED,SHOWS THAT MARKET TURNED NEGATIVE.
WHAT IS EVENING STAR PATTERN..?SEE EXPLANATION

Recognition Criteria:

The Evening Star Pattern is a bearish reversal pattern, usually occuring at the top of an uptrend. The pattern consists of three candlesticks

On Day 1 . We see a long white candlestick. On the first day, bulls are definitely in charge, usually new highs were made.

On Day 2, we see a small candlestick with a gap in the direction of the previous uptrend.

On Day 3, we see a black candlestick that moves well within the first period’s of the long white candlestick.

Explanation

Evening Star is a major top reversal pattern formed by three candlesticks.

Evening Star formation is one of the most reliable candlestick pattern for reversing from a uptrend to an downtrend. This pattern clearly shows that the market now turned bearish.

The first part of an Evening Star reversal pattern is a large bullish green candle.

On the first day, bulls are definitely in charge, usually new highs were made.

The second day begins with a bullish gap up. It is clear from the opening of Day 2 that bulls are in control. However, bulls do not push prices much higher.

The candlestick on Day 2 is quite small body and can be bullish or bearish which imply the incapacity of buyers to push the market to higher.

Day 3 begins with a strong black candlestick gap down and bears are able to press prices even further downward, often eliminating the gains seen on Day 1 proves that bears have taken control.

An ideal Bearish Evening Star Pattern has a gap before and after the middle real body.

A gap between the first day and the second day adds to the probability

that a reversal is occurring.

The third day is a large sell-off day. If there is big volume during these days, it shows that the ownership has dramatically changed hands.

The colour of the star and its gaps are not important.

The reliability of this pattern is very high, but still a confirmation in the form of a black candlestick with a lower close or a gap-down is suggested.

Tuesday, May 29, 2012

NIFTY FUTURE STRATEGY FOR 30/05/12

LAST CLOSE : 4982

RESISTANCE @ 5011 - 5028 - 5046 - 5056

SUPPORT @ 4966 - 4955 - 4925 - 4900

SBI-AXIS-ICICI-ONGC-TATA STEEL- TATA MOTORS-ONGC ANALYSIS FOR 30/05/12

LAST CLOSE : 2120

RESISTANCE @ 2128 - 2150 - 2169

SUPPORT @ 2101 - 2084 - 2076

TRADING ABOVE 2085.... INDICATING BULLISHNESS....BULLS NEED TO CLOSE ABOVE 2170 - 2183 FOR ANOTHER BLAST...

LAST HOPE FOR SBI @ 2075....TRADING AND CLOSING BELOW 2075.... WE CAN SEE 2015.....?????

LAST CLOSE : 839

RESISTANCE @ 846 - 854 - 867

SUPPORT @ 834 - 826 - 815

STIFF RESISTANCE BETWEEN 846 -855 LEVELS.....NEED TO CLOSE ABOVE 870....TO MAINTAIN UPTREND

LAST CLOSE : 1024

RESISTANCE @ 1030 - 1038 - 1050

SUPPORT @ 1019 - 1014 - 1004

MAIN SUPPORT @ 997

LAST CLOSE : 318

RESISTANCE @ 327 - 332 - 336

SUPPORT @ 317 - 306 - 301

BEARISH ENGULFING PATTERN FORMED.... SHOWING BEARISHNESS....DON'T GO LONG IF TRADE BELOW 316....

LAST CLOSE : 473

RESISTANCE @ 479 - 484 - 492

SUPPORT @ 465 - 455 - 448

TRADING AND CLOSING BELOW 471.... INDICATING LOSING MOMENTUM....DON'T GO LONG ,TRADE BELOW 471....BULLS HAVE TO CLOSE ABOVE 479.... FOR ANOTHER FIRE WORKS.....