@devinamehra "Jana Gana Mana," our National Anthem, was originally titled "Bharoto Bhagyo Bidhata" and composed by Tagore in Dec 1911. (Subhas Chandra Bose was about 15 then.) It is loosely based on the raga 'Alahiya Bilawal'. Compositions based on a particular raga can often sound similar.
Contrasting patterns on #Nifty50 daily closing chart:
1. Large rising wedge pattern from Mar30 low (22331) to Aug3 high (24774) that retraced 61.1% of fall from Jan2 top (26328) - close to Fibo 61.8% level; bearish
2. Nifty trading above 50 & 200 EMA; bullish.
Watch 24000-24800.
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#Nifty 50 daily chart is on the verge of breaching the up trendline drawn through the lows touched on Apr 2 and Jun 11. Some more downside towards 23100 is likely. #stockmarket
The worst may not yet be over for the Indian stock market. #Nifty 50 daily candlestick chart shows 6 consecutive 'inside days' following a big 'down day' in a bear phase (the index has been trading below its sliding 200 EMA for more than 4 months). A sharp down move is likely.
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@kbntwit The mid-east conflict can have long-term impact on oil prices. Longer it lasts, the worse it will be for India's economy. If you can identify technical reversal patterns at market turning points - not easy! - you will save money and live to fight another day. #stockmarket
Those who think the worst is over for the Indian #stockmarket may want to take a look at #Nifty50 daily chart below. The previous 14 odd trading sessions have formed a sharp bearish 'rising wedge' pattern typical of counter-trend rallies. Now isn't the time to go all-in.
Bears (read FIIs) are taking control of #Nifty50 daily chart. 22800 has been breached. Next support zone is between 22000-21500. A further fall below 21100 - i.e. a 20% fall from Jan 5 '26 high of 26373 - will technically confirm a bear market.
For superstitious investors: today is Friday the 13th and the last trading day before the Ides of March. No wonder, 'death cross' of 50 EMA below 200 EMA on #Nifty50 daily chart has heralded the start of a bear phase. 23300 support level was tested today. Next support at 22800.
@afisamichael@SVG__Collection Alice Coltrane played the piano and harp. She composed and released a few beautiful albums. 'Ptah,the El Daud' and 'Journey in Satchidananda' are recommended. Ravi plays tenor and soprano sax like his father. Check out his 'Spirit Fiction' album.