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Nifty is making "W"

Discussion in 'Technical Analysis' started by vishuhd1, Mar 21, 2013.

  1. vishuhd1

    vishuhd1 Member

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    Nifty is making a W with a strong support at 5669 levels (both legs of W exactly takes support at this level) starting from 20th Mar on a daily closing basis... Even today nifty bounced back from this levels quite decisively.. We are heading towards 5960 in next few trading sessions.. If nifty breaks 5960 on the upside, 6100 could be easily gettable target.. Please share your thoughts..
     
    vishuhd1, Mar 21, 2013
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  2. vishuhd1

    vishuhd1 Member

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    vishuhd1, Mar 21, 2013
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  3. shabbir

    shabbir Administrator Staff Member

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    I would wait for one or two trading sessions to confirm the W
     
    shabbir, Mar 21, 2013
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  4. vishuhd1

    vishuhd1 Member

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    Ok.. Sure Shabbir.. Lets wait till starting next week.. But my little bit of concern is that we are just 5 trading sessions away from Mar expiry and this may restrict Nifty to move upwards... Do you agree with this..
     
    vishuhd1, Mar 21, 2013
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  5. shabbir

    shabbir Administrator Staff Member

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    Yes but that does not mean we can execute an over-risky trade
     
    shabbir, Mar 21, 2013
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  6. vishuhd1

    vishuhd1 Member

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    Sure.. Thanks Shabbir for your inputs..
     
    vishuhd1, Mar 21, 2013
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  7. shabbir

    shabbir Administrator Staff Member

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    The pleasure is all mine.
     
    shabbir, Mar 21, 2013
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  8. verenmitter2001

    verenmitter2001 Member

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    Hi Shabbir
    Today nifty has made a very diferent candle.
    Can you comment on it.

    Thanks and regards
    Veren
     
    verenmitter2001, Mar 21, 2013
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  9. shabbir

    shabbir Administrator Staff Member

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    Can you share what difference you meant?
     
    shabbir, Mar 21, 2013
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  10. ajaysinghchand

    ajaysinghchand New Member

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    the candle indicates the bulls tried a pull-off a rally from the open but the bears are still very much in control, we may more pain , lets see.
     
    ajaysinghchand, Mar 21, 2013
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  11. verenmitter2001

    verenmitter2001 Member

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    We have discussed doji n pinbar in our forum whereas this was inverted pinbar with long tail.
    It does show weakness as bear takes over but is there any other indicator. Reversal ?

    Regards
    Veren
     
    verenmitter2001, Mar 21, 2013
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  12. shabbir

    shabbir Administrator Staff Member

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    This is not a pinbar but yes there are other indicators but then trying to look into every indicator would be more of a time waste.
     
    shabbir, Mar 21, 2013
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  13. verenmitter2001

    verenmitter2001 Member

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    Hi shabbir
    Nifty is making W or it is making M is yet to be ascertained. It is likely that it may form M.
    Whats your comment.

    Regards
    Veren
     
    verenmitter2001, Mar 25, 2013
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  14. shabbir

    shabbir Administrator Staff Member

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    Wait for it to form something instead of assuming what is being formed.
     
    shabbir, Mar 25, 2013
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