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NOORESH)

Sensex Technical View :

The current technical formation on Sensex and Nifty seems like a rising wedge which is generally seen as a reversal sign after a major run up. A move above 15500 would negate that .

Sensex support is now placed at 14500-14600 which if broken for 2-3 sessions could lead to a deeper correction to the momentum line near 13500/13900.

Continue to maintain cautious move on long trades as stocks have fallen much more from highs then the index. Index may not always give a clear picture as we have seen from an recent post of http://nooreshtech.blogspot.com/2009/05/statistics-are-deceptive-classical-data.html

Stocks to watchout for :

Reliance , LnT , IVRCL ( shorts advised at 332 to clients ) charts posted below.

Pharma and FMCG stocks are firming up on charts and could be a good place to shift.

Cadilla

The stock has done nothing in the last few years but a move above 355 would lead to a quick 10-15% move.Can buy on dips with a stop of 315.

ITC on dips with a stop of 185 , Dabur with a stop of 109 also look good.

Elder Pharma,Lupin also are firming up.

Some large cap stocks and support levels below which they can get weak on closing basis.

Siemens 465

SAIL 156

Axis 755

(NOORESH)

RELIANCE INDS :

The stock continues to face severe resistance around 2350-2400 which is a top similar to 15500 of Sensex.

Good support seen around 2145-2160 which if broken for 2-3 sessions could turn the tide for the index.

IVRCL Infra :

The stock has given a 400-500% move from the lows. Stock may correct below 310.Exit if holding.

MY CHART

Nifty :: Sensex and Nifty almost made double top at high with bearish Wolfe Wave pattern. May be short term tops formation in both indices Nifty exactly close near Wolfe Wave 2-4 line.. Breakdown of 2-4 line made more bearish chart structure in coming days.. Watch support 4421/4317.. Avoid selling if Nifty open gap down.. Our strategy still same as yesterday sell at high (S.L 4508) buy on deep (S.L 4317).. Resistance for up move at 4500/4504/4550/4600.. Supports at 4421/4397/4365/4317..

(Inder Bhatia)

The Indian market opened on gap-down but bounces again saw selling pressure at higher level and close with red zone. As we had mention in weekly update about rising wedge still we had close near support zone on lower trend line if crack with volume we can see more sell of and lower side it can test 4320-4189 zone .On the upside trading above 4555 level it can test 4580-4609 zone

Axit D ShahHello Friends,

Nifty Unable to cross & Close above previous high of 4675 - 4690 & hence profit booking started as updated in our last post on this web.

Nifty hits target of 4488 as Mondays close is 4484.

Technically Nifty can test important support of 4444 / 4411 / 4381 & may bounce from these levels.

Nifty spot Close is about 200 points down from current highs in just 2 days time.

Nifty Futures closes at high premium at 4520 to spot close of 4484.

Nifty Spot resistances 4520 / 4545 / 4585

Yesterday market gapdown open and such time market will recovery to postive trend. again nifty will down upto 4480 levels.Today nifty will bounce back this levels. The Nifty will go further uptrend for this levels 4520,4540,4560,4580 and 4620 to 4780 levels. The market will open downside the nifty 4420 level will defently bounce back. Suppose the nifty 4420 level break nifty will come further downtrend for 4320 levels.

Nifty Spot

R-4518/4567/4650.
S-4436/4387/4305.

Nifty Fut

R-4540/4594/4667.
S-4464/4407/4334.

Sensex

R-14981/15156/15435.
S-14702/14527/14248.

Yesterday our nifty buy call not active. But sell call four target's achived. Today Nifty buy abv 4540 SL 4500 tgt 4560,4580,4620,4650 and 4680 levels. Nifty Sell below 4480 SL 4520 tgt 4460,4440,4420 and 4380 levels.

(Ilango)

Nifty's stay at the "Northside" would end on a break below 4450-4460.

Santy

Today Nifty opened below yesterday’s close and retraced back slightly above 4590 in early session and then continuously traded lower all day through hitting low at 4470 and finally closed at 4484. As I have mentioned in my previous post, our SELL order executed at 4530 for target at 4500. Tomorrow nifty could go lower and touch 4550, however a minor support is seen at 4450/30. If market comes down to 4450/30 level in first hours, then wait and watch how it reacts at this zone. If Nifty finds support and goes higher after initial dip ( always check higher highs and higher lows pattern for BUY and lower lows and lower highs pattern for SELL) then BUY above 4450/60 with stop loss at 4420 for target at 4510/4530.

pankaj564)

as per our anticipation we have corrected today. we have broken support line in a rising wedge, which is a bearish signal. we have broken rsi support line shown in chart.i have given retracement lvls on chart where we can get support and bounce.

our strategy shd be to sell on rise.we have already lost 800 points apprx from top so we may get bounces in betn from support lvls.

achandran)

Nifty Half Hourly Chart

Rising Wedge Target

Nifty Daily Chart

I had suggested booking out of longs in my post for 12th Friday, 2009 due to several warning signals on daily charts, which was timely. The fall which started on 12th, strengthened beyond expectations. We broke the level of 4551 with a little difficulty , but once it broke the slide was fast.

The Rising wedge has been broken on half hourly charts, but on the daily charts nifty has taken support on the wedge. Support level for tomorrow is at 4507. The line charts though have shown that the wedge has been violated. The RSI 14 has broken the low made on 9th June. As momentum action precedes price action we may expect 4507 to break tomorrow. Let us see whether the low of 9th June at 4365 holds or gives way.

Very minor positive divergences are seen on half hourly charts. We may get a minor bounce before continuing the correction.The fall has been sharp so we may get either a bounce or sideways movement after hitting 4450 levels.


(ss)

Here is a daily chart of Nifty Futures. In this set up, if we go down below 4385, then next is 4000~

(ss)

The Reliance daily chart shows a classic negative divergence - rising prices and a falling OBV line. The yellow line over the OBV indiactor is a 20 day average of the OBV line. The chart below shows the gap area in cyan circle. Note the increase in volume on today's fall.

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