Nifty Charts, The WEEKLY above and the DAILY below :
Saturday, June 25, 2016
Wednesday, June 22, 2016
Tuesday, June 21, 2016
Monday, June 20, 2016
Sunday, June 19, 2016
Nifty Midcap PE !
I cam e across this site through twitter. Somebody has really done a lot of work to provide sectoral PE heat maps and other charts. Please do visit LINK!
Saturday, June 18, 2016
Friday, June 17, 2016
Thursday, June 16, 2016
Wednesday, June 15, 2016
Tuesday, June 14, 2016
Nifty Views !!!
What you see above is the Daily chart of Nifty;
- In the last two days it has slipped below and then taken support at the 20 period EMA.
- Two days Two Doji's a.k.a neither side wants to relent.
- Speaking of support at the 20 period EMA; Short term strength of the rally can be measured with the 20 period EMA, as many a people love to go long or short below it. Assuming that in the last two days the move below the 20 EMA was a shakeout as it was reclaimed back within a few hours on each day, have also flattened the average a wee bit. Any close of atleast 1% below it would have been a serious cause of concern.
- As of now in Bull speak the status quo of my previous post remains unchanged. No major damage to the chart besides the small gap on the upside. The bullish price structure of HH-HL still remains and so does the bullish juxtaposition of all the three key EMA's.
Now do take a look at the Hourly chart below;
- The HNS mentioned in the previous post played to the T. And so did the supports which were mentioned held well.
- A price congestion (marked in yellow), a double bottom with positive divergence and MACD crossover.
a. Support at the 20 EMA on the Daily Chart.
b. Clear Double Bottom at the support seen on the Hourly Chart.
c. Positive Divergence on the indicators as seen on the Hourly Chart.
A stop of just 20 points at 8080. With today's closing I think this low risk entry was not bad at all !
Sunday, June 12, 2016
Weekend Views On Nifty !
The Daily Chart and a few observations;
- The three key EMA's are bullishly inclined and the Price trading above it.
- The Price structure remains intact with HH-HL.
- The overhead resistance at 8335-50 still remains.
- As often mentioned that last few days price action was more of a consolidation to bring up the 20 periods EMA.
- 8100-8075 remain good short term support as of now.
The Hourly Chart ;
- In my previous post I had mentioned the negative divergence on the hourly chart and looks like it played well.
- Yes! you can see a small HNS on the hourly chart shaded in the ellipse. The necklie is precisely where the previous price congestion is.
- On the hourly chart 8150 looks a good support, breaking that with volumes might take it to 200 periods EMA below at 8100-8080 below.
- The immediate overhead resistance remains at 8250-8280.
It would be prudent to wait for the first 15 minute candle to be completed at tommorow's opening before initiating any trade. Not only it gives you some idea of demand and supply plus also puts the risk reward ratio at your side.
Weekend Views On MCX Crude !!!
Oil's well that end's well!
Below is the Monthly chart of MCX Crude and some observations;
The Weekly Chart;
The Daily Chart;Below is the Monthly chart of MCX Crude and some observations;
- Crude rose up from Feb lows and found resistance at the 20 period EMA at 3380 and closed below it.
- On the monthly the overhead resistance is the almost horizontal 200 period EMA at 3630.
- Having said that it also needs to close above the 20 periods 3380 and previous month's close at 3333!!!
- 3000 and thereabouts look like a good support on closing basis on the monthly chart.
The Weekly Chart;
- On the Weekly you can see that the chart met resistance at old price levels shaded in red band.
- Price is still below the 200 periods EMA but trading above the 20/50 EMA and 20 EMA is trying to crossover the 50 EMA.
- Last three week's action is more subdued and shallow probably since the price had drifted to far away from the nearest EMA and is trying to pull it upwards.
- A break below 3220-30 would mean a retest of the 50 period EMA at 2950 and thereabouts.
- Bullish alignment of all the key Ema's and Price trading above them.
- The price structure of HH-HL in place.
- The recent DT formation and a slight negative divergence on the charts has puled the price down to the 20 periods EMA.
- 3250-65 needs to be protected on closing basis to maintain this uptrend.
S&P 500 Daily Chart !
The above chart is the S&P 500 Daily chart, a few observations;
- The Price structure is still bullish. As the sequence of HH and HL still intact.
- Similarly the three key EMA's are bullishly inclined with 20 above the 50 and 50 above the 200.
- A recent negative divergence played out and the price pulled back to the 20 Ema support. Such momentum divergences should be played for small targets a.k.a price correction and should not be treated as trend reversals. For that I prefer the Price to break the HH-HL sequence.
The over head resitance is 2110-2115
The lower supports are at 2080-2090
Friday, June 10, 2016
Wednesday, June 8, 2016
Nifty Views !!!
Above is the Daily chart of Nifty. Its a line chart based on closing price and sometimes this is better to look at as it reduces noise and is rather much cleaner to look at! A few of my observations:
- In my recent posts I have reiterated whenever the price is far away from the nearest short term MA it tends to consolidate or pullback so as to enable the MA to catch up wit it. So far the sideways and slow moves are a proof of that.
- The intermediate uptrend is still in play. As you can see the upword channel in which the price structure of HH and HL is still intact.
- All three key EMA's are bullishily inclined; the 20 above the 50 and the 50 above the 200. And ofcourse the so called Golden Cross !
- RSI below has come to an OB zone.
- The MACD Histogram if you notice that intensity of the rally is gettin weaker and the peaks of the histogram are more shallow. Probably the bulls are tiring or simply the rally is losing some of its steam.
- The overhead resistance or rather the old support turn to new resistance marked in the thin Red band is at 8295 on closing basis. You have 8330-8350 what every one is looking at.
Below is the Hourly chart with the micro view of things:
Sunday, June 5, 2016
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