Fell from the Top......

Hi all,

As expected, Nifty took resistance near the levels of 8090-8100, traders should avoid going long.

Ideally Nifty should not come below 7960-7950 if this up move has to resume, breaking that would violate the gap up opening today.

Nifty support zones 7960-7950-7920-7880-7850...

Cheers...

Sign of Concern ! ! !

Hi All,

After crossing 7930 level and sustaining above it, markets rallied further by another 100 points. Now there is a big resistance zone from 8060-8230, and markets are likely to face some tension here, so it’s better to be a bit cautious and conservative.

If you have taken positions near the lows of 7770-7800 for this rally then it’s time to book some profits as markets are nearing multiple selling zones of 8060-8090-8165-8200-8230.

However, going short without any confirmation will also be not advisable.

Cheers....

Bottom Fishing Successful ! ! !

Hi All,

As predicted in the morning post, Nifty witnessed a bounce of almost 100 point today and now thanks to the hourly bullish pattern, we also have same pattern on daily charts (Bullish Hammer), which is usually a reversal pattern, however this time can be lesser impactful due to 2 big gap down openings.

However, for the pattern to be successful, Nifty should sustain above 7930-50 levels tomorrow, then one can expect some more bounce till 7990-8060-8100 levels.

Cheers

Bottom Fishing ! ! !

Hi All,

After a massive sell off for few days Nifty has created a Bullish Pattern on hourly charts and is sustaining above it.

If Nifty sustains above 7800 and closes above it, there is a chance of having a small bounce back; however, the resistances are near 7930-7990-8060....

Since the markets are very volatile, traders are advised to trade with strict SL on both short and long positions...

Please note that this bounce may not be a short term trend reversal and just a relief rally, let the time decide....

Cheers

Hrishi

Black Monday ! ! !

Hi All,

As stated in the earlier post, after breaching 8300-8180 Nifty continued its downward journey and reached the targets of 7900-7800....

Now on daily charts it may find a small support near 7700-7750 levels and witness a small bounce after a massive sell off of past 2 days, however, that may not be a start of a fresh up move and Nifty is likely to come down further to the levels of 7500-7400 at least.

Any bounce from now should be taken as a selling opportunity till the time Nifty does not cross 8550-8650 levels.

As per FM’s and RBI Governor’s statement nothing is drastically wrong with Indian economy except a below normal monsoon, which I personally feel is been discounted in the current sell off.

For investors - this is a golden opportunity to procure quality stocks at these levels with an appetite to invest a bit more if Nifty falls below 7500.

Traders are expected to trade cautiously as the IV (Implied Volatility) has shot up by 70-80% in a single day, suggesting markets are going to be extra volatile in coming days, advisable to trade with strict stop losses on either side...

Cheers....