NIFTY IN TRIANGLE

--Nifty is currently in correction to the uptrend.
--correction seems to be in triangle.
--any breakout from the triangle will be a big trading opportunity.

blog update

this is to inform you all that blog will not be updated for next few days.

RECTANGLE TRADING

--AFTER GAP UP OPENING NIFTY TRADED SIDEWAY IN A RECTANGLEAND THEN GOOD BREAKOUT OCCURS FROM IT.

--A-4920, B-4941, C-4927, D-4949, E-4931.

--WAVE E CONSUMED 9 FIVE MINUTE CANDLES WHICH WAS TAKEN OUT BY JUST 2 CANDLES AND THAT IS ''BULL POWER''.

CUES FOR SEPTEMBER 16

TECHNICAL CUES---

• Nifty made high and low of 4899 and 4808 yesterday.
• SGX Nifty is trading around 4942.
• Last swing bottom is at 4786.
• Trading above 4899, up move will be seen up to 4950, 4980.
• Below 4860, weakness will be seen up to 4840, 4810, 4780.
• Currently Nifty is in uptrend (medium term) with targets of 4900(achieved), 5100, 5300.
• Nifty is in short term uptrend also with remaining targets of 4950, 4980.

DERIVATIVE CUES--

--Nifty September future premium decreased to 8 points so cost of carry decreased. (Bearish)
--Nifty open interest increased by 10 lacs suggests short addition. (Total OI now at 3.24 cr)
--Nifty calls shed 8 lacs and puts added 47 lacs in open interest. (Bullish)
--Nifty open interest put-call ratio is at 1.59.
--4800 puts had open interest of 49 lacs (+33%) and 5000 calls had open interest of 41 lacs (+4%), so 4800 and 5000 will be important levels to watch for.
--India VIX closed at 30.20, decreased by 4.6% suggests stability. (Bullish)
--In Nifty stocks, advance-decline ratio is at 45/5. (Bullish)

BULL POWER

***factors favouring bulls---
--downward trendline broken in nifty.
--macd shows positive divergence.
--downward trendline broken in rsi also.





--today in secong part of the day bulls were having more power then bears.
--from 4832 to 4791, nifty consumed almost 15 candles but 4832 was taken out from 4791 in just 9 candles suggesting of the bull power.
--now interesting part to note is that from 4846 to 4791 nifty cosumes almost 38 candles.
--so if 4846 is taken out on monday before 11 A.M. then whole correction will be over and nifty will resume its uptrend again.

BEAR POWER

--NIFTY CONSUMED 21 FIVE MINUTE CANDLES FROM 4819 TO 4861.
--AND CONSUMED ONLY 6 CANDLES FROM 4861 TO BELOW 4819.
--THIS SUGGESTS THAT BEARS WERE IN MORE POWER THEN BULLS TODAY.
--THUS MARKET CAN CORRECT MORE ALSO.

nifty daily chart

--RSI and NIFTY had given a breakout from a triangle suggests more bullishness ahead.

triangle breakout

--nifty gave breakout from the triangle.
--updates were given live for same on twittwr at http://twitter.com/niftydoctor