Bank Nifty - 3 Outside Up

Posted by Vinod Dhandapani / Labels: ,
On January 19th 2010, Bank Nifty and HDFC Bank has formed Three Outside Up candlestick Pattern.

Bank Nifty



13 EMA (9078) > 34 EMA (9030) > 55 EMA (9015) -->Bullish.
RSI(14) is at 60 --> Bullish
Stochastic - Blue line has Crossed Red line upwards --> Bullish

Initiate Long positions above 9150.

Possible Targets

9350 - Bollinger Band (20) upper band
9400 - Recent high on 3rd December before moving down
9630 - High on 20th October 2009 before moving down

Stop Loss - 8900

Thanks

3 comments:

BALA said...

Hi Dhandapani

good work .Since you are a software professional is it possible for you to develop a software to show various patterns of candles on daily basis on all stocks/ For example if I put ICICI then it should show what are the candle stick formed on that day and what are the patterns formed previously and implications. But today what patten and whether yesterday patten still hold good or target achieved or any other pattern formed

Thanks and best wishes
Bala

January 21, 2010 at 7:59 AM
Vinod Dhandapani said...

Hi Bala,

Iam working on that. You know there are 100s of patterns and it takes time to develop such a software in quick time especially I am learning and not an expert. But definitely that is in my mind.

Thanks

January 25, 2010 at 11:49 PM
Vinod Dhandapani said...

Regarding the above call, Bank Nifty needed to close above 9150 to initiate long position. But it closed below that on 9127 on 20th Jan. So no long position was initiated.

Thanks

January 26, 2010 at 12:00 AM

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