Sunday, April 22, 2012

Technical Analysis for Nifty



For the whole Month of April till now the range of Nifty is just apprx. 200 points even with important events as Results and RBI policy etc gone by . It may be making most traders uncomfortable as this sideways , low range and low volume Market tends to whipsaws all trading systems. Below are some charts with observations.


1. Weekly :



2. Daily :



3. Hourly :



4. Five Min :



Its best to wait on sidelines or trade light and wait for breakout to happen with visible increase in volumes on one side. Patience ,Price levels and Position size will surely Pay in the end . 

10 comments:

Kumar Technicals said...

Dear RV!

Very nice analysis, clear n crisp:))

Thanx n rgrds,

Kumar

sam said...

thanks for your valuable views as always

AAR VEE said...

Thanks Kumarji

Just went through ur analysis too and reciprocate the same.

Regards

AAR VEE said...

@Sam

Thanks for leaving the comment

Waquar said...

Very nice of u to post every things on the charts itself ...
and as always damn good analysis :- )

piyush sharda said...

good one rv. pleasure to read as always.

KRG said...

Hi AarVee: Leading Diagonals are a tough construct to defend.. There is no logic for a 1st wave to behave like an ending construct and in most cases, a better explanation might be that market actually ends at a higher low or a lower high (what may be perceived as end of 2nd wave)....

Cheers

AAR VEE said...

@ KRG ,

Thanks for ur views . The 1-2 count in itself looks like invalid now.

Regards

AAR VEE said...

@ Waquar,

Thanks and hope it helps.

@PS ,

Thanks for the scrutiny :) and comment .

AAR VEE said...

Few observations on today's trading-

1. A wave 5th down was to unfold from 5305-20 resistance zone. It may be so but looks more like an extending 3rd from 5342. The broder count of 1-2 from 5184 now looks invalid.

2.Prices have broken the daily trendline of Triangle and moved back into it. Now 5135 (last pivot low) and 200dma holds the key.

3.A whipsaw of 200dma and last pivot low of 5135 can be expected.

4.For trading ,let lower tf (5min /60min )show reversal to enter into longs ,book part profits on shorts at imp. supports.

5. Volumes are still on lower side and this headless chicken trend may continue till expiry.

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