Closing Bell - Nifty

Hi,
So market behaved as expected and formed a doji pattern. On EOD its double doji. Profit taking can be clearly seen on the graph and considering the Q4 results it got to correct more from here.
So whatz special in todays post. Well nothing new but would like to point the punching of Nifty values on NSE site. See the graph - It shows todays open at 3342 which it assumes from the previous days close. Now for statistics its ok for recording purpose but from T.A perspective its a big blunder. Why? 1st It ignores the gap up and down opening which is very very important to every techincal analyst. 2nd If you draw EOD candles by taking NSE values it will give altogether different picture. Like today if we go by NSE we will see a star pattern but actually its a doji candle and everybody knows how important on charts a doji is.


Here an Ideal Chart got to look like : thnx to iCharts.



So point here is Nifty has not gained 1.21 % today and from the analysis purpose its a flat closing indicating some correction coming up ahead. Its interesting to see how 3300 breaks in coming days.

But they also adjust there data Post EOD and this is how the charts look on daily:



So I had discussions with ST(icharts moderator) about this and he said that they had to readjust the data as per NSE. I asked him about the first punched figure of Nifty's Opening and He gave a figure of something like 3378. So for analysis purpose market hasn't moved anywhere it started and ended flat. Same things are witnessed at Yahoo charts too. But a clear and non biased way to catch this is to just look for 5 or 10 minutes time frame on yahoo or iCharts and you'll notice a clear gap up there.

Hope you loved reading this.
Happy Trading.