Saturday, September 18, 2010

Nifty Point & Figure (PnF) Analysis - Week 20100920 - 0924

Apology for Typo mistake ... Correction highlighted* in Summary

Weekly Analysis:

Weekly chart is near much awaited UP channel resistance. Conservatively, 5800 was suggested in last month sometime! In absence of insider info and money power, this is really quite satisfying to see age-old technical analysis bearing the fruit of faithful study. My "Sir" iLango says this - "unbiased study".

However, in absence of major front-line stocks participating this rally, the sustainability of this break-out is quite doubtful. Major UP side resistance seen 5980 - 6020. A pull back from here should be a bit deep DOWN 5620 - 5660. A participation of retail involvement here will get into Euphoric zone. This level to be watched for future course of action.

Daily Analysis:

Daily chart also has reached channel top. Don't see breaching UP side 5930 before retesting intermediate channel support DOWN side at 5740 - 5750. A deeper correction will take it to next intermediate channel support at 5620 - 5640.

Hourly Analysis:

Breaking above the consolidation zone, again entered a narrow band. Two channels might play the act. The intermediate UP (maroon) channel in a trading zone might keep it in the range of 5870 - 5930. Another parallel channel (5820 - 5910) might provide some consolidation. And if this happens one more level of UP side break-out possible.


Daily & Weekly very near UP channel resistance (5980 - *6020). DOWN side support 5740 - 5640.
Hourly chart in a consolidation, expecting a DOWN side break soon!
5640 is an important level to watch!

DLF Update:

Those who stayed with the DLF call would have gained minimum 15% from it in a month. People who still have longer-term vision to this counter. I expect it to go further up may be near 385 - 390. However, break of 335 would weaken this possibility. With this DLF Update gets closed.


Weekly Chart:

Daily Chart:

Ispat Industries though largely a manipulated stock in the market. But looks quite promising for another period of long run. I am not sure of its fundamentals but the chart looks good. Looking for a pullback in the range of 22.5 - 23 would be a good entry point. However, breaking 22 would not be a good sign.

Entry: 22.5 - 23
SL: 21.5
Target: 26-28

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