Nifty 29 Feb 2016

5 mins chart

Nifty is trading around RED line which is a trend decider. Outcomes of Budget may decide further trend.  The trend which is on chart is sideways now.                                                                                                                                              

Nifty 26 Feb 2016

                                                           5 mins chart

Nifty has been trading near RED line since last two trading sessions. It should sustain above RED line for more upside as overall trend is down.

Nifty 24 Feb 2016

                                                                          5 mins chart

RED line is an important level to watch.

Nifty 18 Feb 2016

                                                                    5 mins chart

Nifty's recovery from day's low and its close near day open is a positive sign. Let's see how Nifty trades next week.

Nifty 17 Feb 2016

                                                             5 mins chart

Yesterday, Nifty did break out of triangular pattern but later failed. (it happens as technical analysis is not exact science and the reason why one should always have proper stop loss and money management skill before trading in the markets.)
Today, Nifty is in downtrend (in intraday) but if it breaks out of the RED  line (near 7030) then the trend may change. 

Nifty 16 Feb 2016

                                                          5 mins chart

Nifty must break out of the falling triangular pattern in order to resume yesterday's uptrend. 

Nifty 12 Feb 2016

                                                               5 mins chart

Nifty fell sharply once it opened gap down near RED line (trend decider) as mentioned in previous post. Also it broke down from previous low (near 7241) and panicked yesterday. Today it extended yesterday's downfall. They say that in the panic forms a bottom. We are yet to confirm whether there will be any trend reversal from current level. 

Nifty 8 Feb 2016

                                                                    5 mins chart

I have encircled a pattern in the Nifty which was seen in charts on 2nd Feb (bigger dotted circle) and on today (shown with smaller dotted circle) after this pattern Nifty has given  a huge fall on both the days. 

Nifty 5 Feb 2016

                                                                  5 mins chart

Nifty took support at RED line yesterday and now it is trying to break out of a consolidation zone. 

Nifty 4 Feb 2016

                                                                5 mins chart

Above 5 mins 20 days chart shows that Nifty has a strong resistance above current levels because of the consolidation zone created by nifty from 25th Jan to 29th Jan (nifty broke out of it on 29th Jan). At downside Nifty has support near RED line. This RED line is also a trend decider.