Technical Traders

                                        BUY BEML FOR THE TARGETS OF 1550 --- 1600 

Nifty on friday closed with mild gains forming a Bearish Harami Candlestick chart pattern on Weekly basis.After striking a high of 10137.85 market goes into consolidation followed by a steep 4 day correction.On the daily charts we have retraced marginally more than  50% of the previous fall.                                          The Bearish Harami Candlestick formation clearly reflecting weakness and Bearish Dominant hand in the market. In such cases we are likely to observe sell offs on rallies. Todays session also witnessing the same scenario. Nifty is having a strong support at 9650-9680 Zone. Markets are expected to test these levels in coming days since arrival of nifty at these levels could give markets a chance of bouncing back forming Double Bottom.

Today Nifty  opened more than 100 points down and Sensex with more than 300 amidst weak global cues.It ended this week following a 4 day losing streak.On daily charts Nifty has formed a long legged doji with a gap down indicating enormous uncertainty for markets next week.The Breadth continued to be in favour of the bears with 700 Advances to 1011 Declines on Nifty.In early trading sessions Nifty recovered about 70 odd points wherein bears pounced with 2nd leg of selling taking Nifty back to 9700.                                 The big boy SBIN came out with a disappointing set of results for which market gave a thumbs down, SBIN  & RELIANCE tumbles 5.6%  & 2.5% respectively adding further momentum downside.Today was the last session for this week , Nifty made a long Full body bearish candle on weekly charts ,alarming for further correction on the way next week , The ...

Market opened with a gap up continuing Fridays move,the markets manage to test 5630 the previous 9 months high and is expected to continue to do so.Well the markets did not manage to stay above 5630 since it faced supply at higher levels ,that was for certain.The markets posted aclose below 5630,yet holding 5600, indicating the euphria might be fading.The markets hammered a 5% rise in just 2 days,with the fundamentals still being porous.I fell that the markets are on thestart of bull rally.                                                                                    ...

Nifty gave an extremely marvellous session today posting a close at 5577 with a rise of ferocious 143 points.The Markets witnessed a strong gap up of nearly more than 100 points following domestic and strong global cues.With a gap up opening the markets made another rising window pattern which is an indication of strong  bullish market and theres more upside remianing.The broader market  favored the bulls with an 819 advances to 674 declines.With the todays move the Nifty has moved out of the rising daigonal pattern and will head further upwards in coming days to come.Todays "BURST IN NIFTY " been advocated by me in my previous 2 posts.certainly markets were strongly awaiting for this exponential rise.                                           ...

Nifty witnessed an absolutely sedate session,the bias looked positive but lacked momentum . The broader market was negative with 665 advances to 808 advances.The rally seemed to take a halt for a day before continuing further.i feel that the rally would take the markets to 5470-5500 before correction.since we are lacing fundamentally the longevity of this rally cannot be counted on.                                                                                                       On the hourly charts we are making higher highs and higher lows keeping the momentum intact,still as advocated a burst of 40-60 points on the nifty is still pending before correction ,i feel this might come tomorrow.Hence adding nothing more to i...

Another excellent day for markets posting a close at 5431 with handsome gains of 41 points on the cards.The broader markets favored the bulls with 867 advances to 617 declines..The current session turned a bit volatile but ended smartly with ample gains.Now finally we made possible a close above 5400,this has elevated our expectation more ,also the markets seems to accomplish a higher high this time  evidencing the uptrend.This rally has more 40 points to bag before it get a hurdle,the  5476 level corresponding to 61.8% fibonacci extension level.                                                                         ...