29.04.2011_Friday

30 min Nifty Chart

Target at median line meeting point reached close to projection of 5700 at 5706.Break of 5760 gave a short trade till 5700.

28.04.2011_Thursday

30 min chart_Nifty



Daily chart 28.04.2011

27.04.2011_Wednesday

Posting after a long Gap.Hope to resume my blogging updates :-)

Chart for nifty trading levels for 28.04.2011- 30 min chart

31.03.2011_Thursday

30 min chart

Price has reached the ML at the range expected between 5830-5860 with high of day at 5872.The afternoon session was volatile on settlement day and EOD it recovered from day's low which went below yesterday's close.The close is positive on EOD basis but the high of today met a lot of resistance levels and the tug of war was expected.Closing below 5780 will confirm the correction to the recent rally.

The parallel swing line drawn from todays high to the Lower median line parallel indicates the support at 5600 levels.This is also the 50 % retracement of current rise.Holding 5600 we should move upwards to higher targets.

Stoch readings have moved down and indicates the correction in prices has set in.

Strategy is to look for pullbacks to short with strict stoploss.

29.03.11_Tuesday

28.03.11_Monday

30 min chart

Median lines from immediate swings marked as P0-P1-P2 .The price rally moves beautifully across the ML and has reached the Upper Median line parallel.Expecting the test of the UML tommorrow( 29.03.11)On retest of the UML at 5740 range and falling down , can enter a short at 5740-5700 range with strict Stoploss at 5750 as this will be a counter trend trade.The fall expected is a pullback till it reaches a target of 5550-5525 at LMLH.Multiple supports are present in this range.Consolidation for further upmove will be expected.

Confirmation for entering short position

- Test and retest of UML at 5740 levels

- Stoch readings crossing below 80

-Price fall below 5650 which is the immediate minor low pivot .

Alternate View-Price can consolidate in a range between 5750-5650-5600 levels before commencing the next upmove to 5800 range.If the consolidating move extends for a few days then shorts to be closed.

Daily Chart

Trend has turned Positive with the price move above 5600 levels.Price looks to be heading towards the Magenta median line and the red UML parallel - 5750- 5720 range.

Stoch readings are reaching oversold levels.

To confirm entering a short for a short term trade, stoch reading should turn down from 80 levels.For this next few days should be range bound/ negative close days.Positive momentum last week with the rally should result in a few days of consolidation this week.Any pullbacks should be supported at 5600-5550 levels.Only below 5550 levels , will have to review about the trend.

24.03.2011_Thursday

30 min Nifty Chart

The price moved beyond the resistance levels and close to prev Swing high.Medain line targets are at 5550 - 5600 levels.Stoch is at oversold levels but not crossed down below 80.So trend is still going up.As price moves above 5535- the immediate Swing high,return of positive momentum is probable.Swing moving above 5600 will reach out to higher targets.Pullback levels to be watched out once price meets median line whether they can be a good point to enter longs again.