Saturday, October 17, 2015

Weekly Review - 19.10.2015

Dear All,

>>> Nifty Daily Chart <<<

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

Nifty closed above 8208. As we have mentioned in our earlier post, Price so far moving as A-B-C - expected to complete near 100% or 8208. But last week price managed to close above 8208 or 8230 shows price may extend towards 127.2% as shown on above chart. Hence we exited our shorts with loss. Now price need to close above 8250 for next move towards 8350-60. Lets see more details on hourly chart also.

>>> Nifty Hourly Chart <<<

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

Friday price made a turn around from 8150 or the channel support as shown on above chart. Hence forth, it may be an 1-5 upmove - and may test the wedge top as shown on chart.

>>> Bank Nifty Daily Chart <<<

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

Bank Nifty hourly - shows price extending on the upper side. Price need to close above 100DMA to test the channel resistance.

>>> Bank Nifty Hourly Chart <<<

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

Price need to break above the wedge for next upmove.

>>> SIEMENS - Follow Up <<<

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

We are still holding our shorts with (lot of) patience... Waiting for a reversal confirmation to exit our short. Above chart looks like an ending diagonal pattern, break and close above may confirm the next upmove to decide our short.

>>> LICHSGFIN - Follow Up <<<

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

Yet to decide on our Shorts...

>>> M&M - Follow Up <<<

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

Range bound above Support 1267..Earlier broken channel has been retested - Holding short to decide further. Cheers!!!