Nifty 4600 target achieved today - Descending triangle - Update 20 Dec 2011

Dear Members/Investors,

The NIFTY TARGET of 4600 predicated @ 5500 in early July 2011 reached today. Kindly see my below update and attached charts, where I did point out the trend change on every bounce back.

Hope the updates were useful and profitable.

Best Regards,

Happy Investing !!!

InvestBourses

 
---------- Forwarded message ----------

Date: Thu, Jul 21, 2011 at 1:53 PM
Subject: Nifty Daily Chart update - 21 July 2011 (double bottom-descending triangle)

Dear Members,

Hope you have enjoyed the rally and booked the profit as well, Nifty moved exactly the same as mentioned in my earlier updates on 23 & 30 June 2011. Nifty did bounce back from possible double bottom formed in June 2011 and on positive diversions in momentum indicators but failed to cross the 50% Retracement level @ 5767 (Nov10 to June11).

Nifty currently ranging between 50% and 23.6% Retracement levels 5767 and 5466 respectively, watch this range carefully for any sharp break up/down.

Happy Trading.

Thanks,

Commodity Daily

---------- Forwarded message ----------

Date: Thu, Jun 30, 2011 at 4:59 PM
Subject: Nifty Daily chart update - 30 June 2011

Dear Members,

Hope you have enjoyed the rally in Nifty as per my last update on 23 June 2011, below.

Nifty did bounce back 8% from possible double bottom as expected (Nifty update on 23 Jun 2011), now watch for 50% retracement level @ 5767 and Trend line resistance @ 5700 (If nifty able to cross and close above 38.2% retracement level @ 5632 today or tomorrow).

Happy Trading.

Thanks,
Commodity Daily

---------- Forwarded message ----------
Date: Thu, Jun 23, 2011 at 6:28 PM
Subject: Nifty Daily chart update - 23 June 2011

Dear Members,

As you can see in the attached chart Nifty topped @ 6338.50 on 05-Nov-2010. Nifty was trading in range of 6200-5800 for a while before it breakdown below the triangle formed between this period on 11-Jan-2011 @ 5698 and completed our (600 point) expected correction by making bottom @ 5177.7 on 11-Feb-2011. As nifty was oversold it did break through the resistance level of 5600 on 25-Mar-2011 with gap and surged to 5944 level on 06-Apr-2011, which is near the 61.8% retracement level @ 5902 (Movement of 1160 point correction from Nov-2011 Top to Feb-2011 Bottom, also a trend line resistance - green line in the attached chart) and plummeted dramatically to 5328 level on 25-May-2011 as nifty failed to cross 61.8% level. After 600 point dramatic correction nifty rose 300 points to 5600 level again in first week of June 2011(the same resistance level faced in early Feb-Mar 2011 period) but failed to sustain at that level and made another bottom of 5195 on 20-June-2011. (which is nearby the earlier bottom formed @ 5177.7 on 11-Feb-2011, Possibly a double bottom )

In the period of 8 months (Nov-2010 to June-2011) nifty made three LH (Lower High) @ 6338.5 on 05-Nov-2010, @ 6181.05 on 04-Jan-2011, @ 5944.45 on 06-Apr-2011 and made possible double bottom @ 5177.7 on 11-Feb-2011, @ 5195 on 20-June-2011. Nifty 50% and 38.2% retracement levels are 5767,5632  respectively for the above said 8 Months of movement of Nifty from Nov-2010 to June-2011, Nifty must cross and close above this two levels to validate this possible double bottom. However, if Nifty fail to do so and break below this two bottom, it may correct up to 4600 level in coming moths. (Another view is forming from the chart is Nifty either forming big Triangle with 8 months time frame or Head and shoulder pattern with 6 month time frame, which is yet has to be confirmed)

Thanks,

Happy Investing.

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