CNX NIFTY: Daily Review at Closing

Daily Chart

Nifty plunges about 150 points today and closed below its 100 day sma.

Currently it is standing right at the lower band of upslanting channel, Any close under this channel, may trigger further sell-off.

I could also see a probability of  AB=CD pattern formation.( marked), within a down-slanting channel.

Lower Top Formation is also apparent on the daily charts.

Size of the bearish candles is also expanding on daily charts.


Candle-Stick Patterns

• Daily : Long Bearish Belt-hold 
• Weekly : Bearish Enguling
• Monthly: Evening Star Pattern

INTRADAY CHARTS

Hourly chart

A  probability of pull back  to 8550, 8580, 8600, cannot be ruled out because nifty closed right at the lower band of up-slanting expanding channel, which coincides with 61.8% - 78.6% retarcement support zone of its previous rally from 8269-8844 further it is extremely oversold on intra-day charts.





IMPORTANT LEVELS TO WATCH

Support       :  8390, 8270, 8120

Resistance    : 8550, 8570, 8580, 8600, 8630

CEMENT MAJORS HAVING HEAD & SHOULDER PATTERN ON THEIR DAILY CHART: ACC, JKCEMENT, AMBUJACEMENT, JK LAKSMI, ULTATECHCEMENT

ACC Daily Chart

JKCEMENT Daily Chart

AMBUJA CEMENT Daily Chart

JKLAXMI Daily Chart

ULTRATECH CEMENT

CNX NIFTY: Daily Review at Closing

Nifty got above the resistance area 8785-8800, but couldn't hold above this new support area, in today's session and closed under yesterday's low.

Now Daily charts had a Bearish Engulfing Pattern , which wrapped around the entire previous day candle, which is a negative signal , until negated on closing basis.

If we look at Monthly, we still had Evening Star Pattern Intact.

On Hourly Chart , we had a channel breakdown.

Near Term Supports: 8700, 8630, 8500.
Resistance : 8844.

CNX NIFTY: Daily Review at Closing,

From the past few session we had  doji's , spinning top candles on Nifty daily charts, however all of those indecisive candles marked new highs and respected previous lows, signalling positive bias intact.

Accordingly in today's session, Nifty pushed above the 8800 mark resistance marked by doji and 61.8% retracement of its previous rally, on closing basis and now on principal of polarity same level  have become potential support.

Now Important Levels to watch are herein below:

IMMEDIATE RESISTANCE : 8900, 8930

IMMEDIATE SUPPORT: 8800

Lets look at lower degree charts to higher degree charts of CNX Nifty..

On hourly chart Nifty is riding along the lower band of  a bullish up-slanting channel.

On daily chart, nifty is moving in a bullish expanding channel.

On weekly chart we had a bullish candle which closed near its high.

On Monthly chart , we had Evening star Pattern , adding caution , that risk is still here, until this pattern is negated on weekly closing basis.

NIFTY DAILY CHART REVIEW: Closed Near 50 DMA

Near term Supports:  8620, 8550

Near term Resistance: 8717, 8795

ULTRATECH CEMENT : Inverted Head & Shoulder Pattern on hourly chart

ULTRATECH CEMENT Hourly Chart: Inverted Head  & Shoulder Pattern Unfolds

Apr 8, 2015

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• We have Inverted Head & Shoulder Pattern on the hourly chart of Ultratech cement.
• Price have broken through the neckline with increase in volume.
• However RSI is overbought, hence a pullback to the neckline can be expected, before the rally resumes to the upside.
• 3145,  3213: These levels can be seen on the upside in the near term 
• Stop loss can be placed at  2880, 2850.

Aurobindo Pharma: Hourly Chart Review

Aurobindo Pharma Hourly Chart: Bearish Crab Pattern Unfolds

Apr 8, 2015

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• Bearish Crab Pattern,( marked by XABCD) finally unfolds and may take stock to the levels of 1279, 1216 on the downside in the near term.
• Stop loss is to be placed at Point D

ACC: Flag Pattern on Hourly Chart

Flag Pattern is apparent on the hourly chart of ACC Ltd, which may take stock to the levels of 1685-88, in the short -term.

IDEA CELLULAR: Flag Pattern on daily chart

NOCIL: Weekly Chart Review

• On weekly Charts stock is might be in the process of  forming a potential Bearish Gartley or Bearish Crab Pattern,( marked by XABCD) which if unfolds, may take stock to the levels of 45 ( in case of Gartley Pattern) or 60 ( In case of Crab Pattern) on the upside in the near term.
• The Same levels would serve as Potential Resistances: 45, 50, 56, 60
• Immediate Support levels are 35, 32

Since this is a Reversal & Bearish Pattern, we may see stock topping out in the short term, from the reversal zone.

These Patterns would get negated, in case stock closed above respective D Points.

ASHOK LEYLAND: Stock is hovering near November 2010 highs.

On monthly Charts, Stock is seen trading near Nov 2010 highs, this previous high may serve as potential resistance for the stock.

Long legged Doji with small real bodies near previous high are also apparent on the monthly chart.

Stock holds good support in between 58-53 levels.

RSI is oscillating in overbought zone.

AUROBINDO PHARMA : Potential Bearish Crab Pattern on Hourly Chart

• Stock is seen forming a potential Bearish Crab Pattern,( marked by XABCD)  which if unfolds, may take stock to the levels of 1343, 1382 on the upside in the near term.
• The Same levels would serve as Potential Resistances: 1343, 1382, thus the zone in between these levels may serve as Potential Reversal Zone.
• Support levels are 1324, 1279.

Since this is a Reversal & Bearish  Pattern, we may see stock topping out from the reversal zone.This Pattern would get negated, in case stock closed above the reversal zone.