WEEKEND EDITION
SENSEX QUARTERLY CHART :
THEORY :
1) JAN QTR HIGH 17530
2) MARCH QTR HIGH 17793 ( HIGH OF JAN QTR + 1.5% = 17793)
3) JUNE QTR HIGH 18047 (HIGH OF MARCH QTR +1.5% = 18059)
4) SEPTEMBER QTR HIGH 18317 ? ( HIGH OF JUNE QTR + 1.5%= 18317)
IF WE FOLLOW THE ABOVE THEORY THEN SENSEX HAS STRONG RESISTANCE AT 18317 IN THIS QUARTER
NIFTY DAILY CHART :
"TOLD YOU SO" : NIFTY MADE A HIGH OF 5481 ON 4th AUGUST WHICH WAS THE EXACT LEVEL I HAD MENTIONED IN MY POST ON 26rd JULY WHERE NIFTY WOULD FACE RESISTANCE
ON 5th AUGUST NIFTY MADE A HIGH OF 5487 WHICH IS NEAR TO THE LEVELS MENTIONED ABOVE AND CLOSE TO NEXT RESISTANCE OF 5500 &5520
NIFTY DAILY CHART:
TRENDLINE: NIFTY HAD TAKEN SUPPORT AT AROUND 5350 ON 30th JULY AND ON 2nd AUGUST WHICH IS ON THE TRENDLINE , WHERE ON PREVIOUS OCCASION WE HAVE SEEN NIFTY FINDING SUPPORT AT VARIOUS POINTS
NIFTY DAILY CHART :
RETRACEMENT THEORY:NIFTY WILL FACE RESISTANCE AT 5481 WHICH THE 76.8 % RETRACEMENT FROM ALL TIME HIGH OF 6357 ( 8/01/08) TO ALL TIME LOW 2252( 27/10/08)
NIFTY DAILY CHART:
CLIMAX ZONE: AS CAN BEEN SEEN FROM THE ABOVE CHART WE ARE SEEING CONVERGENCE OF 2 TREND LINES ( BLUE AND ORANGE TREND LINE) AT AROUND 5500
THUS 5500 WOULD BE IMPORTANT LEVEL TO WATCH WHERE WE HAVE MULTIPLE RESISTANCE WHICH WOULD BE DIFFICULT TO BREAK
WEEKEND EDITION:
NIFTY WEEKLY CHART
RISING WEDGE: NIFTY HAS FORMED WHAT LOOKS LIKE A RISING WEDGE PATTERN ON WEEKLY CHART WHICH IS A BEARISH SIGNAL
IN ODER TO NEGATE THIS PATTERN NIFTY HAS TO BREAK THE UPPER TRENDLINE WHERE THE RESISTANCE IS AT 5500
IN CASE OF BREAKDOWN THE TARGET WOULD BE CALCULATED AFTER THE BREAK OF THE LOWER TRENDLINE
NIFTY DAILY CHART :
TRENDLINE: NIFTY HAD TAKEN SUPPORT AT VARIOUS POINTS(DIAMONDS) AS SHOWN ABOVE ALONG THE TRENDLINE
AS THE TREND LINE IS VERY STEEP VALIDITY WOULD BE QUESTIONED IN CASE OF BREAKDOWN FROM THESE LEVELS
