“M” Bole toh..... "Mandi" ???

Hi All,

Nifty created an equal top on daily charts near 7585 and created a M (Double Top formation), a bearish formation, hence surpassing the area of 7580-7600-7640 becomes even more crucial for markets now in order to continue its up move.

Yesterday, we booked a nice profit in Nifty short trade as it was trading near a key resistance of 7600, however today we shall wait and watch, as even though the Nifty has given a Double Top formation, the same will only be confirmed below 7400 (the swing low between the two tops).

So, bottom line, 7400 on the lower side is a crucial level, however the same has been used now for quite a few times which might mean that the support is weaker than what it was earlier, and on the higher side 7580-7600-7640 will hold the key and bulls need to surpass it for the up move to continue.

I shall update the view after first hour of trade, if required and then we can think of taking a possible trade if any.

Cheers

Last chance for bears....

Hi All,

Since we have made good profits of around 60 points yesterday, we can afford to take small risk of around 20-30 points...

Hence, Short Nifty Near 7575-80 SL 7610 Targets near 7550-7500....

Cheers

Update @ 10.30 - 

Book small profits in Nifty near first target of 7550-51, short initiated near 7575-80.3..

Book Partial Profits for those who have multiple lots and trail SL at cost...

Hope you all made money....

Update @ 3.20

Those with multiple lots can now book full profits @ 7585-90 in Nifty shorts initiated near 7475-80.... Better to close position intraday rather taking an overnight trade....

Hope you all are happy...

Cheers

Back with a style.....

Hi All,

Thanks to the Wedge pattern and a RSI Candle Divergence(Charts given below for understanding), Nifty regained all the lost ground of yesterday and closed in the positive territory by 38 points (~0.50%)

On daily chart, after a continuous streak of bearish / indecisive candles, Nifty today gave a nice bullish candle, a reason to rejoice the bulls.

However, for any further upside it is advisable that Nifty sustains above the crucial weekly resistance near 7600....

Till then, the next areas to watch out for on the upside are 7530-7555-7570 and 7600

On the lower side 7475-7435-7420-7400-7375....

SGX Nifty is up by almost 1% (80 points), which suggest that markets are likely to open on a strong note.

In a nutshell, 7600-7640 on the upside will be the key area to watch out for whereas 7400-7370 on the lower side will be crucial support.

Cheers

Please find below the patterns for illustrations....

Book Profits

Hi All,

Book profits in the Nifty Long Trade initiated near 7420-25, at CMP 7485-90....

If clients have multiple lots, they can book half profits now and trail SL at cost...

Hope clients are happy booking profits...

Cheers

Wedge . . .with a Divergence.

Hi All,

Nifty did not cross the mentioned level of 7450, and we are still out of the markets.

However, It took support near 7400 levels as expected, and have given 2 +ve signs for the bulls to cheer, a falling wedge breakout on 15 minutes chart and a Candle RSI Divergence on hourly charts.

As a last chance for bulls, risky traders can buy Nifty near 7420-7225 with a small SL below 7400-7380 with targets intact near 7510-7550-7600....

Cheers

Last chance for Bulls . . .

Hi All,

Nifty opened and could not cross the first resistance near 7480-85..... as a result fell below yesterday’s low of 7453...

As mentioned, Nifty found at least a temporary support near 7440-30 levels and on 15 minutes charts has made a Bullish Hammer Pattern.....

Which means, Nifty can see at least a small bounce if and only if it crosses 7447-7450 levels on the upside at this point in time, CMP 7443....

Risky Traders Can Buy Nifty only and only above 7450-55 with a strict SL below 7400 as a last chance for bulls, with targets near 7510-7550-7600...

Please note – A Long trade should be initiated only above 7550 levels and not now...               

Cheers

End of the Day . . . ? ? ?

Hi All,

Looks Like an Evening Star ! ! !

After falling silently from 7600 levels and creating a Doji candle, Nifty on daily charts has given a bearish pattern which though not a classic one, but looks like an Evening Star.

I still believe, the lows of 7440-7400 will play an even more significant important role now after the formation of such an effective bearish pattern.

If, Nifty has to negate the pattern and move up, ideally it should not break 7450-7440 levels, below which 7400-7390 will be the last ray of hopes for bulls.

On the higher side resistances will be near 7485-7510-7535-7560-7600-7640….

As there is a sense of negativity on daily charts now, our Buy on Dips strategy should not be followed unless there is a strong evidence on the intraday charts.

Will update my view after the first hour of trade.

Cheers

Doji Again . . . .

Hi All,

As expected, Nifty faced resistance near 7600 mark and came down silently till 7520-15 odd levels.

On daily charts, Nifty produced yet another Doji candle, suggesting there is an indecision in the minds of player near the key resistance level of 7600-7640....

We booked profits yesterday in our short trade, and will again look forward for going short with a lower risk near yesterday’s highs, however I will update you on the same. SGX Nifty is trading marginally up by 5 points, hence, markets are expected to open on a flat note.

On the lower side 7510-7475 will be immediate supports for Nifty below which 7550-7535-7520-7500 will be the levels to watch out for. As mentioned in earlier posts, 7400-7390 remains a key for the current uptrend to continue further.

So in a nutshell, 7390-7420 on the lower side and 7600-7640 on the higher side can be a broader range for Nifty and an either side break will confirm the further trend.

A close below / above yesterday’s Doji candle will be a key to watch out for the future course of action...

Cheers

Small risk Trade

Hi All,

Risky traders can think of shorting Nifty near 7575-80... with a strict SL above 7610-15 (7625 levels for Nifty Future).

Update @ 11.10 - 

As expected, Nifty fell steadily from the higher levels and currently trading near support zone of 7440-7450....

Book small Profits of around 20-25 points in Nifty shorts @ 7450-55, initiated at 7475-80.....

Those who have multiple lots can book half profits and trail other half at cost....

Hope you all are making money...

Update @ 11.48 - 

Those holding short positions with multiple lots can book full profits near 7535-7537.... Short trade initiated @ 7575-80...

Cheers...

Cheers

A Diamond

Hi All,

After a stupendous rise of around 450 points, Nifty last week saw more of a range bound move of around 120 points, thereby giving a small real body candle on the weekly charts.

As mentioned earlier, the level of 7540-7550 will remain crucial for any further upside and above which Nifty can travel up to the penultimate level of 7600-7640.

On the lower side 7475-7440-7415-7390 will act as crucial supports to help the bulls gain the corner.

We booked a profit of around 50 points on Friday, and plan of action for today will be wait and watch…

Importantly, Nifty is also making a diamond pattern on hourly charts, hence the break of 7400-7420 levels can also mean a short term trend reversal to the lower side...

Cheers