Sell on rise . . . .

Hi All,

As expected the markets broke the crucial levels of 7580-70 and went down further till 7535-40 levels.

As mentioned earlier, Nifty is now likely to target the Rising Wedge target near 7400-7410 levels in coming days, provided there is no bullish confirmation on charts in the meanwhile.

The levels to watch out for –

Supports – 7515-7470-7400

Resistances – 7610-7650-7700-7750-7780

Till such time we do not have any bullish confirmation on charts, Nifty will be a sell on rise story....

Cheers

Trying their level hard....

Hi All,

Hi All, as mentioned yesterday, Nifty did not break the crucial supports near 7580-70 levels and traded marginally higher for the entire day.

Would like to reiterate that Nifty bas will change to negative only below the said levels of 7580-70, though the probability of the same happening is higher, we will play safe before taking any short positions.

Traders can think of remaining on the buy side till the time Nifty is above 7580-70 levels.

Levels to watch out for (No change)  -

Supports – 7570-7510-7470-7400

Resistances – 7650-7700-7740-7785-7800

Cheers

Buy the Rumour, Sell the fact....

Hi All,

As mentioned in the Budget day post, Markets were expecting a rate cut for more than a month now, and has given the upward move based on it. So as per the law of Buy the rumour sell the fact, markets expected to fall once the actual news is announced, and the same happened yesterday where markets tanked by more than 150 points.

While falling yesterday, Nifty also gave 2 bearish patterns, Falling Wedge breakout (Please find the image) and an Evening Star on daily along with a Hanging Man on Weekly charts.

However, the bearishness can only be continued if Nifty breaks the recent swing low of 7580-70 levels, below which Nifty can target close to 7400 levels based on Wedge pattern.

We will wait for further confirmations for taking any specific trade in Nifty....

Levels to watch out for –

Supports – 7570-7510-7470-7400

Resistances – 7650-7700-7740-7785-7800

Cheers

Be on your toes . . .

Hi All,

As mentioned in the earlier post, Nifty has given a bullish indication on hourly charts, and the is expected to trade upwards...

SGX Nifty is also up by around 28 points....

As usual, we will play safe and try to book profits in the opening trades if the momentum is seen waning.

Be ready to book profits, however, if Nifty opens on a flat note, new positions can be entered with same stop loss.

Cheers!!!