Update : IDFC

As expected in this post after breaking 168 levels IDFC made low of 155.25 yesterday.

IDFC : Rising Wedge

IDFC has broken down from rising wedge pattern , the stock could take support at 168 levels but if that level gets broken decisively then the stock is expected to fall upto 150 .

Dow :Rising wedge

Dow is forming a rising wedge on daily charts ...this pattern could take another 2-3 weeks to get completed at around 12700 levels.

Update : Nifty Rising Wedge

Both the targets given in last post reached.

Nifty :Rising wedge

Nifty is forming rising wedge pattern on hourly chart.....with target of 4980-4920, if nifty starts trading above the upper trend line or after breaking the lower trend line (which as of now stands at 5040) it starts trading sideways the pattern will get invalidated.

Update : Petronet

Petronet target given in this post reached today.

Petronet

Petronet chart show a breakdown from rising wedge...........so now the stock could target 105.

Update : Rising Wedge in Nifty

After a breakdown from lower trend line price didn't move lower but started moving sideways which indicate pattern failure.

Nifty : Rising Wedge

Nifty has formed a rising wedge on hourly chart, so if 5040 is taken out with volumes nifty could target 4900 and then 4800.

Update : Rising Wedge in Nifty

Nothing new as market has been trading in narrow range, Market were already in extremely overbought conditions but were not correcting so now the RBI action of increasing repo rate and reverse repo rate would work as a trigger for overdue correction to come. Breaking of lower trend line(which as of now stands at 5220) with good volumes would take nifty to sub 4900 levels but 5100 area could provide strong support.

Nifty : Rising Wedge???

It looks like nifty is forming rising wedge on hourly chart, any fall below 5170 with volumes could take nifty to 4850 level.

Update : Rising Wedge in Nifty

Pattern Failed as nifty reversed from 4748.

Nifty : Rising Wedge

There is rising wedge in nifty break below lower trendline with volumes could take nifty to previous lows of 4676 with some support at 4726-4730.
********************************************************************************
Update at EOD

Sensex and Nifty

Sensex

As sensex has given a breakdown from rising wedge it should target 15335 but since market are extremely oversold, sensex could move up and try the gap area.

Nifty

Rising Wedge in Nifty

Rising wedge developed in nifty daily chart would break once nifty closes below 5030-5040.
************************************************************************************
Update at EOD

rising wedge broken.

Nifty

Rising wedge is seen in nifty hourly chart with target of 5078-5088.
*************************************************************************************
Update at 3:00 pm

Target reached.

Nifty Weekly Chart

Nifty has broken support line in rising wedge on weekly chart , pattern wise target comes out to be at 3900 but 4750 is a very strong support and would be tough to break.

Nifty Weekly Chart

Nifty has formed rising wedge on nifty's weekly chart.

Nifty

Rising wedge in nifty with target of 4580.

*********************************************************************************


negative divergence persist in all indicators even though nifty is moving up slowly.

Positive divergence in nifty

********************************************************************************
Update at EOD

Positive divergence failed.
***********************************************************************************
Update on rising wedge in nifty

Target of 4440 reached.