Friday, September 12, 2014

Nifty does a weekly deadlock..

Spindle (Weekly) candlestick: A short and small candle body, this pattern is called "spindles", which means dealing with square wrestling contention.
The opening price and the closing price are of only slight movement to the final price which is also the highest and lowest prices.
The buyer or seller is not dominant over the other (to each other), resulting in a deadlock. If the spindle follows a large white candle or a prolonged rally, it means that there is lack of pressure on the buyer, & the market is likely to immediately reverse.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices heading towards lower channel after breaking the mid-channel.
FII's continues their big purchases with subdued VIX.
Prices suggest of:
a) a major correction is underway from 8180.
b) the minor (4)th wave has completed or "c" unfolding from 8180 to channel bottom.
The inside day created "Two day low at 8126" was broken tilting the ST to bears..
The"Trend has reversed in day t/f" with prices closing below DHEma & DEma after showing signs of exhaustion with -ve divergences.
Mild bearish scenario has opened up below "8125" & more would be below 8050-61 & 8007-22, the two cluster supports.
Mild Bullishness returns above 8115 for the day & more above 8134.