Monday, October 12, 2015

8115 Support. Though, Positive IIP Data - Still Chart Not looking Bullish.

Dear All,

>>> Nifty Hourly Chart <<<

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

Above chart - as per today's closing - Says some Bearish Out look. But Today's IIP and CPI (after market hours) may give a gap up Opening tomorrow. Many might have lost their patience - due to heavy volatile upmove for last 6 trading session and started asking about the Opposite trade also. Never mind, We go as per chart. No Judgement.
So what's the Problem ??? - Price getting extended so far, not able to give a break out till now. Indicator and counts are giving a Negative Outlook only. So far we have witnessed a lot of Volatile - still more to come. But we need a constant Proof for a change in strategy, till then remain with what it says. That's the Rule. But don't forget - Patience Pays at any Cost.
Since last 5 trading days, Price moving inside a channel (like an expanding triangle) as shown on above chart - gives a lot of possibilities. Now the Price must break and close above the Upper end of the Channel - 8260 - for a positive upmove. Lets see how the Price moves tomorrow.

>>> Bank Nifty Hourly <<<

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

RSI not moving with the Price. Even after 50 BPS rate cut from RBI - there is no positive break out on chart. So what's cooking. Only the coming result season has the answer. Many Banks are on Headlines like Bank of Baroda on 6000 Cr Money Transfer Case, IDBI on Kingfisher's 900 Crore Loan case. It looks like NPA are setting up a stage and might impact both the top line and bottom line soon for every banks. So we need some constant break out on chart - which must say to you that "ITS TIME TO BUY". I think its not happening so far. As usual - lets wait for tomorrow's move to decide. Cheers!!!