This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.

August 7, 2015

BANK NIFTY ANALYSIS

BANK NIFTY IS AT MAKE OR BREAK level. The Previous range between 19000 - 19800 has shifted to 19100-18900.

BEARISH VIEW: Breakdown below 18900 - would take it down towards 18800-750.

BULLISH VIEW- A typical Inverse Head and shoulder pattern has formed with breakout above 19100 SPOT LEVELS.





August 6, 2015

TATAMOTORS ANALYSIS

Tatamotors has corrected approximately - 50% from its High of 602 - to  364.

A Huge Falling wedge is in formation with Positive divergences in 14 RSi and Slow MACD. The falling wedge would Breakout above 385 - and the initial target would be 420-425 - at which the wedge would become a Channel. Breakout above this level of 420 would be highly Bullish.

This level of 385-390 is the previous support - turned resistance. So, if resisted - would retreat fast towards - 360-355 and also If the resistance is taken out the target would be 420.




BANK NIFTY ANALYSIS

Intraday Update 2.00 PM

The Diamond pattern became a busted pattern and again today support well found at 18830 - SPOT levels.
19050 spot- knocking for the fourth consecutive day - CAUTION with SHORTS.





August 4, 2015

BANK NIFTY HARMONIC PATTERNS

BN is within a narrow range of 18800 - 19050 - and either way breakdown or breakout is all set to give huge moves.

Harmonic pattern Chart:


http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_d71772d252b5602a171ffd45d8bf6164.png

BULLISH VIEW:
An EOD close above 19050 - Day channel breakout - would lead BN towards 20000++ as per the ABCD Pattern in the above Chart

BEARISH VIEW:
RESISTING AT 19050 - would drag BN towards 18000 levels as shown in the Bullish Bat Pattern of the above chart .

TRADE PLAN:
Sl for shorts initiated is 19050 SPOT LEVELS. On breakout of 19050 - to be converted to positional longs with 18950 as Sl - which would be the cluster resistance turned support area.


BANK NIFTY ANALYSIS

UPDATE 12.00 NOON:
As mentioned in Premarket view - supported at 18800 SPOT and bounced back upto 19050 spot.



Bullishness on Hour Close above 19050. So strict STOPLOSS  for shorts @19050. 

Investing.com Charts: Possibility of a Bullish Bat Pattern in Contention holding 19050

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_882a98106564dad2d39d9edfd6015fe7.png



August 3, 2015

BANK NIFTY ANALYSIS

Intraday UPDATE: 1.00 pm:




Reached Channel Resistance at 19000 spot- Corresponding to 80% retracement of 18174 - 19019 (present High). Breakout and EOD close above this will be Highly Bullish.

On resistance must watch the Fibo retracement along with the MOVING AVERAGES.

FIBONACCI RETRACEMENT FOR 18174 - 19019: 

38.20% 18696  20 DMA
44.70% 18641
50% 18596  10 DMA
61.80% 18496

TRADE PLAN: 

Book Longs as mentioned in Premarket view and Initiate Shorts with SL EOD close above 19050. On EOD close above 19050 - convert to POSITIONAL LONGS.