Sunday, August 09, 2015

Weekly Review - 10.09.2015

Dear All,

>>> Nifty Daily Chart <<<

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

If the upmove till 8654 as Wave B, then the current trend line as shown on above chart plays an important bear role. Next Week - Nifty may feel more pressure from bears, if the trend line get resisted continuously. The Head and Shoulder pattern formation is still valid and hence every one knows what will be the result. Above 8654 - current Pattern and counts get truncated and upmove to continue.

>>> Bank Nifty Daily Chart <<<

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

Last week RBI Denied Rate Cut. Rising NPA on PSU Banks looks scary. IIP and Inflation data on 12th Aug may be an important trigger. Just like Nifty - Bank Nifty also resisted by a trend line - as shown on above chart.

>>> ARVIND <<<

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

We are short on Arvind from 321 with a good profit. Both Price and RSI confirmed the Down Trend - Looking for more such Fall.

>>> LICHSGFIN <<<

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

We are holding our Short on LIC. Key Resistance 524 - Unable to Cross means - expect more correction. Price must break the Trend lines as shown on chart for such weakness.

>>> ASIANPAINTS <<<

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

If the above EW count on this script is not wrong, Expect a good correction. Key Resistance @ 924 & 927. We have shorted at 910 and looking for some fall.

>>> DISHTV <<<

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

Yes - Again a Bearish counter. Price and RSI confirmed the fall - after breaking their trend line. We are in short also. Expect more correction if the price holds below the trend line. Cheers!!!