Introduction by ebook's author:
To make money from equity market one should understand not only fundamentals of the company but also the technicals. This book helps you understand how to analyze a stock for technicals and buy the right stock at the right time and at the right price.
In short this book is for traders and investors who want to learn how to make money from equity market by understanding
Let me give you a quick example to help you understand the support and resistance levels in the market. Let us take Nifty chart for last 6 months. The chart below is free chart provided by Yahoo Finance.
I have marked few pivot points on the chart. Green arrow (i.e. level of 5600) is where market makes small bounce after a sharp downfall from levels of 6200. Once the level of 5600 is broken, we see how it acts as a very strong resistance level for the market. Market reverses from the same 5600 level 4 times.
Now let us look at Nifty chart for slightly longer time frame (Say 1 year) to judge the market trend.
We see Nifty is in a down trend. We know the resistance level for Nifty. This helps trading in Nifty with lot more conviction along the trend and profit from it.
After showing support and resistance for Nifty as an example I got many phone calls asking if my chart patterns work on stocks as well or they work only on indices. So to clarify I am adding one more example to show the same theory in action to one of my favourite stock i.e. Nestle India.
Like Nifty example here also I have marked few pivot points to understand support and resistance levels for the stock. Nestle India bounces twice from levels of 3200 clearly suggesting strong support levels and needless to say 4200 acts as a very strong resistance for the stock.
Once you understand the support and resistance levels for the stock you can take a position in the market at the right time and at the right price.
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Disclaimer- Trading have large potential rewards, but also large potential risk. You must be aware of the risks and willing to accept them in order to invest in the markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to trade in market.
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