Triangle . . .

Hi All,

For  consecutive 2 days Nifty has given positive closes above 1%, which is a good sign for bulls. On daily charts, Nifty has created a higher high around 7215 levels near  resistance level of 7210-7230 which is used couple of times which as per theory means that the same has become weak and is likely to be taken out, , however as mentioned yesterday 7210-7230 is a resistance area, and it is advisable to wait for it to surpass.

Above 7210-30 next pit stop for Nifty can be 7280-7330-7370.

On lower side, after a strong pull back of around 1%, the level of 7100-7120 will be very important to watch out for and if Nifty goes below it next supports can be near 7070-7000-6950 and finally 6850.

On hourly charts Nifty is making a Ascending Triangle like pattern, which will see a break out above the resistance levels of 7210-7230…. On the lower side the triangle trend line support will be near 7100-7020 levels.

If Nifty has to bounce back it should ideally hold on to the 7000-7100 levels, else a further down side can be expected.

Daily chart now shows a higher top higher bottom formation, though not a convincing one, and therefore its advisable to wait for a break above 7110-7130 levels. An hourly close above the said levels can mean a lot for bulls, and bears will take a step back.

The India Vix (Volatility) settled yester with a loss of 150 basis points and settled near 21.30% mark, and in order to allow markets to go even higher from now on, India Vix should not cross 22.30-22.50% mark.

So, in a nutshell, key levels to watch out for intraday today will be 7210-7230 on the up side and 7120-7100-7050-7000 on the lower side, since Nifty theoretically created a higher top on daily charts the bias will continue to be bullish and buy on declines near supports will be advised, provided we get some bullish confirmation on 115 minutes / hourly charts.

Cheers

Intraday bottom formed...

Hi All,

Nifty has taken a support near the 15 minutes Super Trend and looks like it had formed the intraday bottom near the support zone of 7120-7140, and expected to go up from here on…. However, it should ideally cross 7170-7185 levels as a second confirmation…

However, don’t take any overnight long positions as markets are still facing resistance near 7200-7220 mark as expected in morning, let us play safe.

Cheers

Let's Play Safe....

Hi All,

As expected, after breaking 7170 levels Nifty slipped lower and is currently trading near 7130-40 levels. Short traders can book intraday profits on a safer side as it approaching a support area near 7120-7100…..

Cheers

Battle on again.....

Hi All,

In first hour of trade, Nifty traded in range bound manner between 7178-7220 and these levels will act the trend decider for the day. A move above 7211-7230 can take Nifty higher till  7270-7310-7330, where as a break of 7178-7170 levels can be a negative implication for Nifty in intraday, breaking 7170 levels, Nifty can further slid to, 7130-7100 levels...

So 7111-7330 on the upside and 7170-65 on the lower side are the levels to watch out for the intraday trend.

Cheers

Forming a Higher Top Higher Bottom.... Wait and Watch for 7220...

Hi All,

As suggested yesterday, traders who bought on dips for last 2 days, can book profits now at the opening as Nifty is up by almost 90 points and trading near a resistance of 7220 mark, and wait for the further course of market action.

7220, will be crucial and above that, the daily chart will confirm a higher top higher bottom formation which is surely a sign of at least as short term bottom for Nifty confirmed at 6850-6860...

Cheers

Bulls getting ready . . . ? ? ?

Hi All,

As expected, after bouncing back from the said support of 6950-6960 and surpassing 7020 on the way up, Nifty zoomed in to the positive territory giving a total bounce of almost 150+ points.

As mentioned earlier, the bias for markets was positive for yesterday and is likely to continue for today as well, SGX Nifty is already up by almost 50 points (Pre Market up by ~70 points), however an hourly close above 7150 and then surpassing the crucial levels of 7175-7220 will be crucial for any further upside.

On the lower side supports can be found near 7030-6985-6950-6910-6850 levels.

On the India Vix front, the daily chart RSI of volatility has taken a resistance near 60 mark, which is a bullish sign going forward, and breaking 20-20.5% mark could mean a further cooling off of the volatility for some time at least.

So, in a nutshell, the markets will trade with an in principle positive bias, and I will update the levels after the first hour of trade if required. However it is advisable to wait and watch for first 15-20 minutes before taking any trade for the day.

Cheers

6950 crucial

Hi All,

Though markets did not go higher at the opening and went down sharply, it bounced back strongly from the said support zone of 6950-6960...

Now the bias can be positive to sideways for the day till the time Nifty is trading above 6950-6960 levels, on the higher side crossing today’s high will mean a complete positive bias for Nifty. 7020 will also be a hurdle for bulls in intraday trading.

Cheers

And the battle is on again..... ! ! !

Hi All,

As expected yesterday, after creating a bearish Belt Hold pattern on hourly charts, Nifty could not cross 7210 mark and tanked sharply till 7050-7030 levels. And the Morning Star Pattern could not be confirmed.

On daily charts Nifty the RSI has taken resistance near 40 mark which is a bearish sign, however as mentioned yesterday a Hammer on daily charts can offer a respite for bulls so the low of the Hammer should be broken on closing basis to change the bias, however on account of lack of further bullish confirmation, buy decline strategy should only be applied after a confirmation on hourly charts. Those who bought yesterday after the market decline can think of booking profits at the opening today as SGX Nifty is already up by around 40 points. Still risky traders can take a chance of buying on dips with final supports below 6850...

Going forward, 7140-7175-7210 will act as strong resistances for Nifty today where as 7000-6945-6910 will act as supports.

The India Vix, though dropped sharply in the first half of the trading session, it bounced back sharply from a demand area near 17%, as expected traders need to take a look at the same as key important events are lined up for this month end as suggested earlier.

Cheers

A nice read on the JNU champter.... Worth reading ! ! !

Hi All,

Something other than markets... 

Got this forward about the JNU Story.... Worth reading.....

I have a different perspective on the JNU issue. Think about it.

Take a hard look and you will notice JNU drama is timed with the "Make in India week" initiative in Mumbai. This is the largest such event ever hosted in India and foreign governments, delegates and businesses are invited. Also of course Indian businesses and media will participate as well. This event will cover major investments and deals that will provide employment and opportunities in coming months and years. It is very positive news for India in this global economic uncertainty. This event is in line with the Vibrant Gujarat Summit which all of have read about and may be even attended.

There are institutions and political parties who want local and foreign media to talk about JNU 'created' issues and not "Make in India week" initiative. They will attempt to show India in a negative light. You will see Indian media go ballistic on JNU issue in pursuit of TRPs. So be aware of this and be very smart how to beat them in their own game. Don't play into their hands. Instead of discussing JNU I suggest spread the good word about "Make in India week". Once it starts trending on whatsapp and Twitter, the Indian media will move away from JNU. Again in pursuit of TRPs.

Think !! JNU issue will not create employment or job opportunities but Make in India will.

Also we can read the post of thelogicalindian.com (http://thelogicalindian.com/story-feed/opinion/all-you-need-to-know-about-the-jnu-controversy-and-the-logical-indians-opinion-on-the-issue/)

Cheers

Hrishi

A Morning star in making . . ? ? ?

Hi All,

Exactly as expected, Nifty rallied sharply after breaching the resistance of 7030-7050 mark, and almost came near to the 7200 mark (High of 7182).

No going forward, 7210-7220 levels will be crucial to watch out for as Nifty has been making a look alike pattern of Morning star on the daily charts and crossing 7220 will confirm the pattern.

We also have to remember that Nifty has already created a Hammer Pattern earlier on 12^th Feb, which suggest that Nifty will trade with a positive bias if t sustains above 7220 levels.

The only concern is that the India Vix, i.e. the Volatility Index which fell by almost 10% yesterday is trading near a daily support zone and a bounce in volatility usually means a  fall in Nifty. Volatility is currently @ 22.38% and has a support of 21.40-21.50%

In a nutshell, thanks to the Hammer and a look alike Morning Star on Daily charts suggest that Nifty should trade with a bullish bias at least until 7270-7300-7330 levels and unless it creates a bearish pattern on hourly charts we can apply Buy on Dips strategy.

Levels to watch out for –

Supports – 7150-7120-7050-6950-6900-6850-60

Resistances – 7190-7220-7260-7280-7330-7400

Traders are advised to trade with cautious and with strict stop losses as high volatility can be expected in markets owing to the key events this month.

Cheers

Bulls are back at least for a while . . .

Hi All,

As expected on Friday, Nifty zoomed up by more than 100 points today and which means that the high of Friday, i.e. 7034 is been surpassed easily.

Thanks to the Hammer Pattern on daily charts, the bias for a while looks bullish with bulls fighting back strongly in the opening.

India Vix too is down by almost 10% and is currently trading near 22-22.50% mark.

As we have plenty of important economic events lined up this month end, traders are requested to take positions with strict Stop Losses...

Levels to watch out for –

Supports – 7050-7030-7000-6950-6910-6860

Resistances – 7130-7170-7190-7230-7265-7310

Cheers....