Nifty chart: a midweek technical update (Jan 16, 2019)


how to do bitcoin trading

FIIs were net buyers of equity on Tue. (Jan 15), but net sellers on Mon. & Wed. (Jan 14 & 16). Their total net selling was worth Rs 6.6 Billion. DIIs were net buyers on all three trading days. Their total net buying was worth Rs 12.5 Billion, as per provisional figures.

India’s wholesale and retail inflation eased further in Dec ’18 on the back of cooling food and fuel prices. CPI-based inflation slipped to an 18 months low of 2.19% from 2.33% in Nov ’18 and 5.21% in Dec ’17. WPI-based inflation was at an 8 months low of 3.8% against 4.64% in Nov ’18 and 3.58% in Dec ’17. 


A vicious battle for supremacy is raging on the daily bar chart pattern of Nifty, with no quarter given and none asked.

On Mon. Jan 14, the index dropped below the ‘diamond’ pattern – within which it has been trading since the beginning of Nov ’18 – and even slipped below its 200 day EMA into bear territory intra-day. 

Just when it looked like bears were going to dominate, bulls bought the intra-day dip and ensured that the index closed just within the ‘diamond’. On Tue. Jan 15, the index broke out and closed above the ‘diamond’ pattern on the back of combined FII and DII buying.

However, the breakout has not been a convincing one. Volumes (not shown) were not significantly higher to technically confirm the upward breakout. Today’s lacklustre trading and formation of a small ‘shooting star’ candlestick pattern is an indication that bulls were unable to drive home their advantage.

Nifty is trading above its three EMAs in bull territory. A convincing index close above the previous (Dec 19th) top of 10985 is necessary if bulls are to regain control of the chart. 

Daily technical indicators are in bullish zones, but not showing much upward momentum. MACD is moving sideways after merging with its signal line. RSI is above its 50% level. Slow stochastic is rising towards its overbought zone. 

Nifty’s TTM P/E has moved up to 26.17 – which is much higher than its long-term average in overbought zone. The breadth indicator NSE TRIN (not shown) is oscillating in neutral zone – hinting at some near-term consolidation.

Q3 (Dec ’18) results declared so far have been a mixed bag. Upcoming results of Reliance, HUL, ITC can give some impetus to bulls. 

But oil’s price is inching up and the Rupee is slipping against the US Dollar. So, the probability of a sustained bull rally appears low.

(Note: Thinking of adding quality mid-cap and small-cap stocks to your portfolio? Subscribe to my Monthly Investment Newsletter. Paid subscriptions are being offered to blog visitors, followers and subscribers for 5 more days only – till Jan 21, 2019. Contact me at mobugobu@yahoo.com for details.)

news forex trading

forex no deposit bonus

Leave a Reply

Your Name (required)

Your Email (required)


Your Message

BonusMin. DepositMax. ReturnsRating
ayrex$10,000$20090%Rating Ayrex Options Review
$10,000$581%broker Rating Freestyle Review
Finmax$10,000$20090% FiNMAX Review
StockPair$20,000$585%broker Rating Falcon Finance Review
24optionUnlimited$25089%Top Binary Options Brokers Rating 24option Review

To invest with binary options you will work with an investment broker who is licensed to work in this field. Working with your broker, you will identify which asset you want to buy an option on, how much you want to invest and when the option will expire. Once the option is placed, you simply watch the trading activity on that asset to see if your prediction was accurate or not.

Binary options are one of the most popular trading choices for investors today, due in large part to their simplicity and the fact that you always know all the risks and payoffs ahead of time.

  • regulated: we promote only regulated brokers whose business models and marketing practices are checked by relevant government authorities.
  • special features: here we list all the important features that a broker offers. These are usually listed as perks offered trough various account types which bring different levels of service, depending on the minimum funds deposited
  • bonuses: almost every Top Binary Options Brokers offers these rewards that increase trading potential. Fair Binary Options also lists terms and conditions that come with the bonus money so traders always know how will these affect their trading efficiency.
  • the best binary trading platforms reviewed: we review the software that makes trading possible. There are several big providers, such as SpotOption, TechFinancials, Tradologic, MarketsPuls… Every software has some special characteristics, and not every software is suited for every trader
  • assets: Fair Binary Options review provides basic info on the amount of assets available for trading
  • customer support: we chat with the customer support to test how the broker has set up the help desk that should support traders. This is the best way to assess the service.
  • payments: we list all the payment options available by the Top Binary Options Brokers, list minimum deposit requirement
  • withdrawals: we warn traders if withdrawal requirements are too high, or if it takes a long time to get the money back.
    • Keras - self-learning NEURAL networks for
      Stock market forecasting
      Get it FREE








      *number of participants is limited

      Customer Testimonials

      Fellas what broker is legit in States ? binary options binary options broker USA?
      FrankyP