Sunday, May 28, 2006


nifty looks like making a channel support near 3200 nifty will
target 3400-3410 which is a stiff resistance neckline of H & S
crossing that means we r quite safe.


Nooresh Merani said...

good one nice levels and analysis . but i would like to see daily charts coz i m a more believer of end of data or say like closing data coz that is how mr dow jones founder of ta did it

Rish said...

thanks nooresh 4 ur valuable comments will keep ur point in mind

Ganesh S said...

hi guys i would say that we are crazy tp watch the charts nothing moves the market other than the news if your chart would have been helpfull everyone would have predicted that the market is going to go down by 1000 points , so i think we are just wasting time in this .

Anonymous said...

Rish, dont bother about comments of ididots like Ganesh who come to your site and then criticize you for something else altogether.

Your charts are insightful, keep up the good work (e.g. ONGC etc.)

Anonymous said...

Hi rish, Good work...... I believe Nifty must consistently cross 3255 and then 3280 and close above that for further upside movement. Tomorrow is crucial and if it breaks down then we might see a low of 2800 and 3450 is in the offing.

Anonymous said...

Hi rish,
In my view the last leg of chart indicates following the moving averages line cross over indicates short weakness as the fast mover has crossed the slow mover

Gautam said...

Hi Rish,

Your analysis is very interesting.However the resistance appears to be at around 3430-3438 level.This is the level where 50 SMA is and likely to be met by 20 SMA. Also this level also represents 61.8% retracement of the entire fall from 3774 to 2896.

Incidentally, I believe that the entire downward movement was over on 22nd when Nifty completed the zigzag correction. On weekly candlestick chart,nifty made a nice hammer pattern suggesting a change of trend again. The resistance at 3438 will be strong but will eventually be overcome and the bottom of 2896 may not be broken again very soon even in severe corrections within the current short-intermediate uptrend.

This of course is my personal analysis and every true (and humble) technical analyst knows that his reading can be wrong and an altogether different pattern may be developing which we maynot foresee at this time

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