Saturday, October 8, 2011

NR 7 in Nifty Weekly Chart

Nifty made a pattern of NR 7 in weekly chart. For the weekly, NR 7 represents, narrowest weekly range over the last 7 weeks. The NR 7 represents the contraction phase. After a contraction we expect an expansion. The key question is, "In which direction".

A move above the week's high at 4922 will suggest that the expansion is coming on the upside. Chart below:

4 comments:

DK said...

Another Superb post...

While All were talking abt inverse hns u come with hns pattern in nifty ..Superb Sir,

Herohonda-in falling market stock always give some hope as it did in 2008..and ur support is exactly placed at the point when stock started it journey for 2200..

http://netprofitideas.blogspot.com/2011_08_11_archive.html

Rushabh Shastri said...

nifty on weekly chart basis are at strong support now bear safe below 4728 cash only...as told by you BIG MOVEMENT expected I expect BY ON DIPS THAN SELL ON RISE.

Technotrader said...

Sir, I was BIASED with my view on Nifty and overall market as I was bearish when it was @ 4750 also. Today I learned to see the market with opened eyes as it looks like not with the glasses I wear as I was wearing bearish glasses and it costed me. Thanks

Prashant Sarnaik

Technotrader said...

Sir, I was bearish and biased when market was telling me that it will not fall below 4700 I was not willing to listen and paid the fees for this. I learned the lesson to listen to the market and not to the noise, to see the charts with opened mind and not with biased view.
Thanks sir
Prashant Sarnaik