Nifty Technical chart Analysis

Hi friends,
                   Revisiting nifty again its been in same range for about a week now
6250 to 6140 either side break we can expect some trending move,Retest of breakdown
trendline took place yesterday,I expect one more retest by this week to complete pattern
for down sidemove to continue.

Lets wait for the range to break ,To witness a trending move ,Last week saw many intra whipsaws
which took lot of intrday stoplosses.

Trade wisely

Regards
Rish

Few Technical charts we discussed

Hi friends,
                    Last week i disccused here RCOM and BOB charts and showed on chart how a short
term weakness was visible on chart which can be used as a short opportunity.
When i was discussing RCOM the rate was 131+ link to chart RCOM
We can see the stock has already fallen from 131+ to 121.

Next chart I discussed was BOB ,This stock I mentioned both long and short opportunities,
Lets see the respective charts.
For long opportunity the stock moved from 650 to 680+  have a look at the chart BOB LONG
For short opportunity the stock fell from 680 to 610 have a look at the chart BOB SHORT

My point of sharing these charts was to show how market moves in waves with experience
we can point out repetive powerfull patterns which help in predicting future moves,Of course
at time we get it wrong in that case stop loss takes care of it.Try learning wave theory
The Eliiottwave theory ,I have put a nice piece on elliottwave theory on my blog readers can go through it its explained in detail Trading Elliottwaves

Regards
Rish

Nifty technicals discussed

Hi friends,
                   Nifty has been sideways now for few days atempting a sideways pattern
a closer look at the chart shows us that the yesterdays move was a triangle
now if the triangle has started from low then we have upside capped,But if its a b wave triangle
then we can see a sideways uppish move till 6200-6230 .
The following chart shows triangle

And the big picture is shown in following chart.

Lets see how nifty behaves

Regards
Rish 

Reliance Technical chart

Hi friends,
                   Revisiting reliance had posted this stock in october  but nothing much
has changed from that its still moving in the same range and yet to breach either side
though off lately its hugging the upper trend line,Look for old post here Reliance .

As we see from the above chart the upper trendline still holds and the price reversed
ferociously this time according to triangle this should be the last leg before the break
out of triangle happens.
Have a interesting thing to share A fractal ,The kind of move we are witnessing in reliance
has already happened way back in 2001-2003

A kind of sideways triangle we saw a sharp dip followed by a rise followed by a shallow dip
and small rally with sideways pattern for sometime and then a break from the pattern.
Lets look at the present structure.

We had a sharp fall followed by a rise followed by a shallow fall a small rally
and presently sideways in range,Both structures are almost same.
I have already said 2014 would witness outperformance from OILand GAS sector.
Look to buy oil and gas in falls.

Regards
Rish