Nifty Weekly Technicals

[a1b1trader]

According to Gann calculations of time and price squaring the trend is reaching its maturity levels.It is actually healthier for the market to go through a reasonable correction and then resume its uptrend. Second half of October may bring in such a correction...

Thanks TS for your views.
You mean to say that the correction is due in next week. Then what about todays decline. Is it not a correction according to you.
How much correction do you expect. Upto 5648 NS or more.
Thanks

PS I advised you to start with a technical plus astrological analysis thread. Have you thought about it.

 

[tekkiesuresh]

@a1b1trader:
This is a correction alright. The trend is not down that is all. The overall trend is positive, but we do have to correct the excessive movements.Have a look at the charts.If you consider the Impulse from September 06, we have started wave 4 on Friday, Oct 05.What we are currently seeing is the first down-leg,a.We should hope for an improvement now as b ( how strong or weak this is going to be is an important factor) and then a bigger down move as c. My expectation is that it would not go beyond 5585 in the first stage. Watch the levels 5633 carefully for further clues.Once we break 5585 in the second stage then the critical support of 5448 kicks in.Wave 4 should consume rest of the month I guess.
After that we should have wave 5.Important turn dates are when long term Gann angles and lunar phases coincide.It looks like October 19, 22 and 30 are quite important.It is better to sell on rises from now on till a significant turn.
For the very short term,today is a Saturn day. Expect improvement. Tomorrow is ruled by Mercury. So an STBT looks likely.

 

[tekkiesuresh]

@a1b1trader
Regarding a separate thread for Technicals and Astro here, paucity of time is what is preventing me. Writing in my blog, managing my regular life activities and then maintaining a detailed thread is a bit too much for me at the moment. Let me be a fringe player here for a while...
Thanks a lot for your consideration, a1b1.

 

[a1b1trader]

Thanks TS for answering my query and think over my suggestion.
Yes I can understand about the time constraint for starting a new thread here.
Anyway I will visit your blog regularly to satiate my hunger of technical and astro analysis.
Thanks

 

[San2000]

As expected nifty was in the range of 5630 and 5900 last week and there was good amount of buying @ 5650 levels. There were not many surprises this week.

What's going to be the trend this week? There are a few possibilities now. The overall trend is still bullish and 6100 is definitely on the cards. But the question is when? If we assume that the markets are going to reach 6100 by Diwali time then there are chances that markets can be sideways for some time with 5630 being the bottom. Suppose if 5600 is broken then nifty can touch 5510 too. Between 5510 and 5550 is a point which is a great buying opportunity. So the markets this week can be between 5510 and 5900.

Happy Trading
Sankalp

 

[mtvmani]

Nice Information and analysis.

@a1b1trader:
This is a correction alright. The trend is not down that is all. The overall trend is positive, but we do have to correct the excessive movements.Have a look at the charts.If you consider the Impulse from September 06, we have started wave 4 on Friday, Oct 05.What we are currently seeing is the first down-leg,a.We should hope for an improvement now as b ( how strong or weak this is going to be is an important factor) and then a bigger down move as c. My expectation is that it would not go beyond 5585 in the first stage. Watch the levels 5633 carefully for further clues.Once we break 5585 in the second stage then the critical support of 5448 kicks in.Wave 4 should consume rest of the month I guess.
After that we should have wave 5.Important turn dates are when long term Gann angles and lunar phases coincide.It looks like October 19, 22 and 30 are quite important.It is better to sell on rises from now on till a significant turn.
For the very short term,today is a Saturn day. Expect improvement. Tomorrow is ruled by Mercury. So an STBT looks likely.

 

[jinubinu]

hi umesh12,
san2000 is doing good technical analysis,why cant u say thanks to him.Not blame others if u cant get ur view correct.

 

[San2000]

As expected nifty was in a range of 5630 and 5900 last week too with lot of support @ 5630. Not many surprises this week too.

This week is expiry week. So you can expect lot of volatility. If Nifty trades below 5600 with volumes then it's a safe bet to sell for a target of 5510 and if the longs unwinding does not take place then 5450 is also a possibility too. This is the time for grabbing good number of Nov futures & Options. In case if 5630 holds, then the short sellers will try to take cover and 5900 is a sure shot. We can clearly observe in the daily nifty charts that there is a possibility of a cup and handle formation. Monday would be crucial though.

Happy Trading
Sankalp

 

[timepass]

We can clearly observe in the daily nifty charts that there is a possibility of a cup and handle formation.

I do not see a cup and handle on the daily. Can you please post your chart for the same ?? Thanks.

 

[San2000]

As expected nifty was in a range of 5630 and 5900 last week too with lot of support @ 5630. Not many surprises this week too.

This week is expiry week. So you can expect lot of volatility. If Nifty trades below 5600 with volumes then it's a safe bet to sell for a target of 5510 and if the longs unwinding does not take place then 5450 is also a possibility too. This is the time for grabbing good number of Nov futures & Options. In case if 5630 holds, then the short sellers will try to take cover and 5900 is a sure shot. We can clearly observe in the daily nifty charts that there is a possibility of a cup and handle formation. Monday would be crucial though.

Happy Trading
Sankalp

Hi Timepass,
You are right there's no cup and handle formation formed yet. But I just said that there's a possibility as I can see half cup now . Though assumptions are dangerous but this can be one of the possibilities, hence I said that Monday is crucial.

Happy Trading
Sankalp