Thursday, August 1, 2013

Positive Nifty opening expected on 01 August 13

Positive to gap up opening is expected eod nifty candle closed making  perfect hammer at extremely oversold zone..need confirmation for a up swing ..traders are betting that now it will retrace to up side and I feel Nifty is trading in ABC pattern at 5700 -6100 let us see.Perfect hammer/doji combo candle at eod chart ..we can expect 6150 and above within 90 days …up trending  line – blue is intact..

Positive indication Hammer


Trade in nifty Futures as per these levels

Buy at / above: 5795   Targets: 5811 – 5830 – 5849 – 5868
Stoploss : 5776
Sell at / below: 5776   Targets: 5759 – 5740 – 5722 – 5703
Stoploss : 5795

The hammer is another candle pattern that many traders rely on. It is supposed to act as a bullish reversal and testing reveals that it does 60% of the time, placing the reversal rank at 26. That is quite respectable. Once price reverses, though, it does not travel far based on the overall performance rank of 65 where 1 is best out of 103 candle types.

Hammer’s Important Results



Theoretical performance: Bullish reversal

Tested performance: Bullish reversal 60% of the time

Frequency rank: 36

Overall performance rank: 65

Best percentage meeting price target: 88% (bull market, up breakout)

Best average move in 10 days: -4.12% (bear market, down breakout)

Best 10-day performance rank: 48 (bear market, down breakout)

All ranks are out of 103 candlestick patterns with the top performer ranking 1. “Best” means the highest rated of the four combinations of bull/bear market, up/down breakouts.


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Positive Nifty opening expected on 01 August 13

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