I must thank David for posting those videos and thanks for all his efforts for explaining everything in such a lucid manner.....
For all charts i consult http://www.icharts.in/charts.htmln/charts.html where all basic charts are available for free.....
Now the from the first few lessons i learned about the different chart patterns....And i found one such chart pattern in NIFTY....The chart pattern is 'Double Bottom'
In above chart i have put two black lines...beteen these two balck line the pattern formed is called double bottom...as u can see that market fell twice (marked by two arrows)..when this happens there is chance of trend reversal and this xactly happened...when market break the top black line...they are bound to rise and there will b uptrend...the xtent of the uptrend can be found by the difference betwenn upper balck line and lower balck line...
Here Upper black line is rufly at 4400
Lower black line is roughly at 4600...so markets must move by 200 points (4600-4400) from the upper black line...so the target for NIFTY (short term) should be 4800....
Thats what exactly happened...
I will post more analysis soon.....
Till then post your comments...
Market has added huge open interest and higly overbougt.Near term move should be downwards.
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