Update - 26th August 9.45 AM
Hi All,
Nifty, thanks to the positive announcements by the FM, Nifty gaped up today, however, it is not able to sustain gains and has come down almost 200 points from the opening high of 11000.... Infact it has turned negative as I write this and it's not a good sign at all for bulls.
I doubt anyone would have had a chance to buy Nifty today, if anyone had gone long on Friday, it is advisable to book part profits and have a tight trailing stop loss.
Plan of action can be, Buy on dips to 10780-10720, with a minimum risk and follow a stop loss of 10600. Please remember, it's strongly advisable buying on dips should happen only with a bullish evidence on intraday charts...
If this up move has to continue, ideally Nifty should not break 107750-765, which is a 61.8% retracement of the rise from 10630-11000
Cheers
Hrishi
Hi all,
Nifty did saw a handsome bounce from the long initiation near 10900 till 11150, however, as expected, that was not a trend change by any means and it fell sharply and even broke the crucial mark of 10780, which was the recent swing low. I hope all the people long based on this view had trailed the stop loss below 11000 levels mentioned in the updated post....
Below which the next level was 10700-10600, and likewise Nifty slid down quickly towards the 10650-700 levels yesterday, however currently, after plummeting by more than 100 points today, it sharply recovered, so much so that now is positive by 100 points..
As a result of this sharp pull back, Nifty has given a Piercing Line pattern, which suggest an upside only above 10900-920. Like the previous bounce, even this bounce should also be considered After sustaining above 10920 levels Nifty can witness a bounce till 11000-11100-11200 levels.
Any trend change now, can only be possible above 11180-11200-11250 which is a recent swing high, a crucial 200 DMA resistance on daily charts and resistacne of 40 WMA as well.
Importantly, supports on lower side would be 10630-10570-10500-10300 and last one near 9950-10000...
Plan of action, though the overall trend is still down, one can look at buy on dips strategy (with the bullish pattern on the daily charts) with stop loss below the supports mentioned and targets near 11000-11180-11250-11300-11400-11500-11700....
Cheers
Have a great weekend...
Hi All,
Nifty, thanks to the positive announcements by the FM, Nifty gaped up today, however, it is not able to sustain gains and has come down almost 200 points from the opening high of 11000.... Infact it has turned negative as I write this and it's not a good sign at all for bulls.
I doubt anyone would have had a chance to buy Nifty today, if anyone had gone long on Friday, it is advisable to book part profits and have a tight trailing stop loss.
Plan of action can be, Buy on dips to 10780-10720, with a minimum risk and follow a stop loss of 10600. Please remember, it's strongly advisable buying on dips should happen only with a bullish evidence on intraday charts...
If this up move has to continue, ideally Nifty should not break 107750-765, which is a 61.8% retracement of the rise from 10630-11000
Cheers
Hrishi
Hi all,
Nifty did saw a handsome bounce from the long initiation near 10900 till 11150, however, as expected, that was not a trend change by any means and it fell sharply and even broke the crucial mark of 10780, which was the recent swing low. I hope all the people long based on this view had trailed the stop loss below 11000 levels mentioned in the updated post....
Below which the next level was 10700-10600, and likewise Nifty slid down quickly towards the 10650-700 levels yesterday, however currently, after plummeting by more than 100 points today, it sharply recovered, so much so that now is positive by 100 points..
As a result of this sharp pull back, Nifty has given a Piercing Line pattern, which suggest an upside only above 10900-920. Like the previous bounce, even this bounce should also be considered After sustaining above 10920 levels Nifty can witness a bounce till 11000-11100-11200 levels.
Any trend change now, can only be possible above 11180-11200-11250 which is a recent swing high, a crucial 200 DMA resistance on daily charts and resistacne of 40 WMA as well.
Importantly, supports on lower side would be 10630-10570-10500-10300 and last one near 9950-10000...
Plan of action, though the overall trend is still down, one can look at buy on dips strategy (with the bullish pattern on the daily charts) with stop loss below the supports mentioned and targets near 11000-11180-11250-11300-11400-11500-11700....
Cheers
Have a great weekend...
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