Wednesday, April 09, 2014

6830 - Above Upmove may Extend !!!

Dear All,

>> click the chart to see on full screen <<<

Nifty started moving up again inside the channel. Broken previous high 6774 shows that the 5th wave is still ON. Tomorrow if able to break above 6830 as shown on chart, then upmove to continue again.

So traders who have taken short should maitain Stop loss @ 6830.

Many asking me about the Nifty movement comparing with election results. I have no idea about the probability, as I am a TA, and I do follow levels. After getting support @ 6650 on Monday, Nifty made a aggressive move today shows that the 5th wave is alive.

Though its a last leg of upmove, its important to follow Stop Loss and we need to protect our capital. Lets See.

>>> SBIN - As Updated Last Weekly Review <<<

>> click the chart to see on full screen <<<

I have mentioned on my weekly review that SBI has formed a channel on daily chart and 1-5 upmove seems like ending on the hourly chart also.

>>> Happened <<<

>> click the chart to see on full screen <<<

Instead SBI took support at the channel bottom and started moving up. Though we made a part booking earlier, today the stop loss met at 1962 and we loss nearly 5875.

>>> IDBI <<<
>> click the chart to see on full screen <<<

IDBI broken the channel with good volume. We are long since 65 and made some part booking for Rs.8000. Now if stays above the channel then expect some good upmove. Lets See.