Let’s take a chance....

Hi all,

Though Nifty broke 7690 levels, it took support near the next level 7660 and bounced back smartly.

On hourly charts Nifty has given a Bullish candle, it has also taken a support on hourly Supertrend which is a positive sign for bulls...

Traders can take a Long Position near 7710-7715 with Sl below 7660-55 and targets near 7770-7800.....

Advisable that risky traders take this trade as the position will be held over this weekend, conservative traders can think of entering in to the trade on Monday morning, if the same levels persist.

Update on 4th April @ 9.35 AM - Book profits near 7740-45....

Cheers

An Evening Star . . .

Hi All,

Nifty respected the Rising window pattern mentioned in the earlier post of 29^th March and rallied higher to create a higher near 7777...

However, Nifty has given a Evening Star Looking pattern on hourly charts which suggests at least a temporary pause in the upmove, the levels of 7780-7800 will be very crucial to watch out for.

Nifty yesterday gave away its morning gains, however managed to see a pull back, but now SGX Nifty is trading down by around 42 points suggesting a likely negative opening for markets.

Levels to watch out for –

Supports – 7690 (Crucial) – 7660-7640-7600-7575

Resistances – 7780-7805-7820-7850

The bias for the markets will be up till the time 7690 level is held for Nifty as it would mean the index is still showing higher tops - higher bottoms formation, below 7690, however the intraday bias might change...

 

Not initiating any trade as of now and will come up with it after the first hour of trade if we see in progress on intraday charts....

Cheers....

Hanging Man hanged the Bulls for the day . . . .

Hi All,

As expected, markets respected the Hanging Man pattern which was an alarming signal for the Nifty.

Markets plummeted by around 150 points from the day’s high near the mentioned resistance area of 7750....

While plummeting Nifty also broke supports near 7670-7630..... and rested just above the psychological mark of 7600.... Now, it has filled the Rising window (Gap Up) of 18^th and 21^st March (7613-7617) and close above it, which is a sign of relief and which means the lows of 7600-7580 will be very crucial now.

The bias for the market will change from bullish to neutral, as a strong fall is worrisome for the  markets going forward.

SGX Nifty is trading with a flat to negative bias and a similar kind of opening is expected on Dalal Street, hence, we will wait and watch for taking any action.

Levels to watch out for  -

Supports – 7600-7580-7515-7475

Resistances – 7660-7685-7705-7750

Cheers

Another Man hanging......

Hi All,

Even on Thursday also Nifty could not close above the Falling window (Downward Gap) pattern near 7720-30, however managed to recover from its day’s lows near 7670.....

In this bargain Nifty has produced yet another Hanging Man Pattern, which may not be very bearish, but a consecutive appearance on 2 days makes it very alarming for the markets.

So going forward, the lows near 7670-7635 will be very supports which need to be held for any upside to continue, whereas on the higher side resistances will be intact near 7750-7780-7800....

Will update the market View after the first hour of trade if any significant development take place in markets....

Cheers..