Nifty chart in April month formed a consolidation pattern. At least twice Nifty fell below 6700 . Whenever it trades below 6700 ,Nifty regained energy and reversed trend and rallied again. During first week Nifty spot touched 6650 , Then we have seen Nifty rallying to all time high above 6800. A super 150 points rally. During 3rd week Nifty shed 120 points and fell below 6700 only to rally back to 6800 again.
We saw Nifty forming a double bottom and double top formation in April chart. Nifty traded 170-180 point ranges in April Month. Now Nifty is trading near to double bottom area. Let’s see what happened in Nifty chart during last 4 trading days. We have seen 4 consecutive days of selling in Nifty . But a small hope for Bulls are indecision pattern formed in Nifty 1 minute chart on last trading day. Considering this we can say Nifty may either stop selling at this level or there is a good chance to reverse the 4 day long selling. To be assure a bullish reversal Nifty need to close above 6750 on Friday. Then traders can expect Nifty touching new highs before the election results.
For making technical analysis we combined daily chart and 5 minute chart to avoid noises. Nifty 5 minute chart showing a strong buy in most of the indicators. Take daily charts as long term time frame and 5 minute chart as short term time frame. A buy signal occurs when the long-term trend is bullish and the shorter term turns bullish on the intermediate term trend. We can say with out doubt Nifty is still in bullish trend.
Favorable Global factors
The Dow closed at its first record high of 2014 on Wednesday after the Federal Reserve gave an upbeat view of the economy`s prospects as it announced another cut to its massive bond-buying program. In another report, however, US private employers beat expectations by adding 220,000 workers in April, the most since November, and gains in the prior month were revised up. Good news coming from around the world.
Indian ADRs ended mostly higher on Wednesday. In the IT space, Infosys gained 0.83 percent at USD 53.71 and Wipro shed 0.8 percent at USD 11.96. Tata Motors was up by 0.67 percent at USD 37.42 and Dr Reddy`s Laboratories jumped 1.01 percent at USD 45.07.
You do not have to anticipate the impact of economic and political news and events on your stocks, another endeavor that is impossible to always figure correctly. Just remember that stock charts reflect the sentiment of all stockholders to news and events - the smart people, the not-so-smart people, the big institutions calm objective traders and the impatient, emotional types combined. Chart data tells a story that analytics can interpret, so if we pay attention, Excella Trader computer driven analytics will provide us better guidance on stock direction than we could possibly develop on our own.
How we traded Nifty in last 2 trading days
Excella Trader Nifty trading signal generator driven by computer software analytics helped us to make 134 point profit in Nifty during last 2 days
Watch our Nifty trading details in last 2 days
We saw Nifty forming a double bottom and double top formation in April chart. Nifty traded 170-180 point ranges in April Month. Now Nifty is trading near to double bottom area. Let’s see what happened in Nifty chart during last 4 trading days. We have seen 4 consecutive days of selling in Nifty . But a small hope for Bulls are indecision pattern formed in Nifty 1 minute chart on last trading day. Considering this we can say Nifty may either stop selling at this level or there is a good chance to reverse the 4 day long selling. To be assure a bullish reversal Nifty need to close above 6750 on Friday. Then traders can expect Nifty touching new highs before the election results.
For making technical analysis we combined daily chart and 5 minute chart to avoid noises. Nifty 5 minute chart showing a strong buy in most of the indicators. Take daily charts as long term time frame and 5 minute chart as short term time frame. A buy signal occurs when the long-term trend is bullish and the shorter term turns bullish on the intermediate term trend. We can say with out doubt Nifty is still in bullish trend.
Favorable Global factors
The Dow closed at its first record high of 2014 on Wednesday after the Federal Reserve gave an upbeat view of the economy`s prospects as it announced another cut to its massive bond-buying program. In another report, however, US private employers beat expectations by adding 220,000 workers in April, the most since November, and gains in the prior month were revised up. Good news coming from around the world.
Indian ADRs ended mostly higher on Wednesday. In the IT space, Infosys gained 0.83 percent at USD 53.71 and Wipro shed 0.8 percent at USD 11.96. Tata Motors was up by 0.67 percent at USD 37.42 and Dr Reddy`s Laboratories jumped 1.01 percent at USD 45.07.
You do not have to anticipate the impact of economic and political news and events on your stocks, another endeavor that is impossible to always figure correctly. Just remember that stock charts reflect the sentiment of all stockholders to news and events - the smart people, the not-so-smart people, the big institutions calm objective traders and the impatient, emotional types combined. Chart data tells a story that analytics can interpret, so if we pay attention, Excella Trader computer driven analytics will provide us better guidance on stock direction than we could possibly develop on our own.
How we traded Nifty in last 2 trading days
Excella Trader Nifty trading signal generator driven by computer software analytics helped us to make 134 point profit in Nifty during last 2 days
Watch our Nifty trading details in last 2 days
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