Bulls waiting..... ! ! ! Let's take a chance....

Hi All,

As expected, Nifty took resistance near 7550 levels and dropped sharply, however it is trading near the support zone of 7430-7450....

Risky Traders can Go Long in Nifty near 7470-7475 with SL below the supports (Risk of < Rs.2000 for 1 lot of futures) with targets near 7500-7530-7550....

Update @ 12.35 - 

Long trade initiated near 7470-75 levels, is nearing first target near 7500..... Conservative traders can book partial profits and trail SL at cost.....

Update 12.55 -

Conservative traders can book full profits in Nifty near 7515-7520, rest can trail stop loss at cost...

Hope you made money today and recovered the loss of yesterday.

Update - 13.18-

It’s advisable to book profits in Nifty @ 7515, as the Advance Decline Ratio is not in favour of bulls, so play safe and Enjoy the profits for the day....

Nifty future trading at par with spot after a discount in the morning, so we might be booking out early but better to have a small profit ...rather than incurring a loss

Cheers

Stuck . . .! ! !

Hi All,

Unfortunately, after triggering our stop loss for the Long trade yesterday, Nifty bounced back sharply from 7450 levels to 7506 levels in the second of the day.

However, in spite of the bounce back Nifty could not hold on to those gains and closed negative by half 0.5% (45 points) @ 7486, which means after a solid bounce from 6825 levels for almost 4-5 days, Nifty gave a first bearish candle on daily charts which can be a sign of concern for bulls.

On the lower side 7390-7420-7450 will act as supports where as on the upside 7510-7535-7550 will act as resistances.

Till the markets are trading between 7400-7550 levels, they are expected to consolidate before deciding the further course of action, hence it is advisable for traders to keep a strict watch on these levels and then take a trade if some supporting evidence appear on the charts.

Cheers

Let's Take a Chance....

Hi All,

Nifty gave a Hammer Candle on the intraday charts with a support of Supertrend indicator.

Risky traders Can Go Long in Nifty only above 7500 with SL Below 7470..... Initial targets can be 7540-7550....

Please note . . SL modified below 7460...

@ 11.20 AM A Surprise fall in Nifty triggered the slop loss by 20 paise.... For such clients for whom the SL orders were not placed, can hold the position by keeping SL below the day’s low.

Cheers

Wait and Watch.....

Hi all,

Nifty slipped sharply by 50 points, we will wait for a signal to go long rather than just buying because it fell down.....

Cheers

Hrishi

Bulls win.......

Hi All,

As mentioned yesterday, Nifty had given a couple of alarming candlestick Patterns, i.e. Hanging Man and Doji, however yesterday’s strong close above the key levels of 7520-30 will negate the impact of these patterns.

As our regular strategy, rather than buying on a break out of resistance, one can think of entering on dips. Intraday supports near 7505-7490-7475

Next pit stop now will be near 7580-7610....

7610-7620 will be the next key areas to watch out for the medium term trend reversal.

Cheers!

It's a Doji.....

Hi All,

On daily charts Nifty has created a Doji pattern (sign of acute indecision) after the Hanging man pattern on Friday.

Which now means, that owing to the confusion created by these patterns, Nifty will have crucial levels at 7440-30 on the lower side and 7520-30 on the higher side. A sustainable move beyond these levels will decide the future course of the price action.

We booked another small profit yesterday in the short trade and Nifty bounced back sharply from thereof to close almost flat near 7485, hence giving us a Doji Pattern on daily charts.

After taking profitable trades on 2 consecutive day, we will wait and watch today for the price action to gain a momentum, SGX Nifty is down by 25 points which means it will open near 7450-60 odd levels.

Levels to watch out for today are –

Supports – 7440-30-7415-7395-7340

Resistances – 7520-30-7580-7610-7650-7680

Cheers

Book Profits....

Hi All,

As expected Nifty did not cross resistance of 7520-30..... Book profits in short initiated today @ 7490.... CMP 7455.....

Those who shorted multiple lots, can book half profits now and trail SL at cost for the remaining half...

Cheers

Hanging Man . . . ! ! !

Hi All,

As mentioned earlier, Nifty is expected to find resistance near 7500-7530 mark and any upside is only possible after sustaining above the said levels.

I know that we booked out our Nifty short at a small profit on Friday and if we have to hold the same we might have gotten higher profits, however the trade was booked as it was a long weekend which can anytime get unpredictable.

On the lower side, 7440 will be a very crucial level and has not become a used support, hence a break below it could see sharp reactions in markets. Below 7440-7395-7420 will be good intraday supports.

On daily charts after a strong run of 3-4 days, Nifty gave a red candle on Friday which looks like the Hanging Man Pattern, may not be a strong reversal but at least suggests a pause in the uptrend and which, as mentioned earlier can be healthy for further upside.

In a nutshell, on the higher side 7520-30 needs to be crossed for further upside till 7580-7610-7650-7680, and on the lower side supports will be near 7440-7415-7395-7340

Risky traders can again take a small risk... Short Nifty @ 7490-95  SL above 7520....

Cheers

It's good to have this clild... Worth reading

Hi all,

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