Nifty seems to have broken the trend line from last four months(blue line) but it has not support at the three months trend line(pink line) which happens to be at 6100. if nifty moves past the 6100 then we can expect a bigger correction and in this case the minimum correction should be around 5777 and it can extend up to 5624. but if it moves below  5950 then the larger picture would unfold which is indicated in the chart below which i have shown in last weeks update.

if nifty break below the 5950 then it would break the 5 year trend line indicated in chart above(red line) in such case the correction can be more severe that anticipated. But now we would stick to current one only and see if it moved past the targets give above. if the 5 year trend line is taken out then we would work out accordingly and the new targets would be arrived at.

M.Sri Mahidar
Trend is Freind.

ACC which was in a bull run for last five years from the end of 2008 onwards and currently seems to have turned down. So the bears have become active in the stock. ACC has broken the five year trend line(blue Line) subsequent to that it has tried to move above it and failed in its two attempts. and now you can see it is struggling to moved above the sloping resistance line(pink line) so as of now appears that bears have upper hand in ACC which can head towards 800 levels(61.8% level) in the months to come so the stock can fall nearly 25% from current levels.

M.Sri Mahidar
Trend is Friend.

bank nifty has broken the support line in july 13, unlike nifty which has still not broken the trend line there is a good amount of divergence in these two charts. Bank nifty has nearly 25% weightage in nifty so we can see nifty breaking the support line sooner or later. In case of bank nifty it has broken the support line below down and not attempting to conquer the fall.Time wise it has taken 15 weeks to fall from 13200 levels to 8400 levels and it is currently in 16th week of retracement which is more time than fall indicating that the rise is one of corrective nature and not impulsive.So it has all chances of facing resistance blue line which happens to be around 12450 levels. if it fails to move above this levels we can see it falling towards its low of 8400 so we have to keep a watch on this.

M.Sri Mahidar

Trend is Friend.

It can be seen in the chart that nifty is moving in a range from December 2011 onwards. it is not 104 weeks till now and we are still in the box only. between the two trend lines. so now we should see either nifty making a new high and moved down to the lower trend line or we can see it moving down now only. if Nifty breaks 6120 level then we can see it drifting towards lower trend line which at present is around 5500 level it would be a huge fall in the current scenario. So as of now in medium term we might see 5500 as a formidable support. So wait and watch for the market to give the clue.

M.Sri Mahidar

Trend is Friend.

nifty has made an all time high today followed by all time closing high. So are we in a bull run or have started a new bull run, it appears to be certainly not. We are in a short term bull run and till the market confirms the reversal we have to be bullish what ever the studies suggests. the time periods donot indicate a bull run as the retracement time is far more than the fall to justify the bull run as per elliott. the current move from November middle onwards is largely based on gap up openings and not more there have been four gap up openings three have been big gaps and the last two have been nearly 100 points above. The big red candle of today is indicating that the bulls might have liquidated their position at-least for the time being.it has been following by closing at the lowest point of the day which indicates that we might have formed an exhausion gap and we have chances of nifty moving down towards the gap opening before any attempts are made to made to move up. The last candle is indicating that we might be in for surprise on down side for market. is something happening in US tonight wait and watch.

M.Sri Mahidar.
Trend is Friend.

tata motors is in an uptrend for last one month so what does the chart indicate. it has formed a very power ful WW pattern which is bearish indication atleast for short term. the pattern has been formed over a period of last one and half year which should be a power indicator for reversal.remember patience is a virtue.

M.Sri Mahidar

BHEL off late has been moving up so we look technicals. It indicates better times for it especially for short term.
M.Sri Mahidar