Update - 12th March 9.30 AM -
Target achieved @ 10k....
Update - 11th March 2020 3.30 PM
After respecting some positive cues from 15 mins and hourly charts, markets pulled back by almost 100 points on Monday and could not be a part of the global roller coaster ride, thanks to the Oil prices, as we were closed yesterday.
With a due respect to the global cues today morning, Nifty rallied up by more than 100 points today as well, however, could not sustain the rise and finally closed the day flat, up by just 6 points. In the bargain, it has shown a kind of Bullish Counter attack pattern on daily charts, which would be confirmed only above 10550-60 levels, however, by looking at the turmoil world wide it is not advisable to go long with such a mild evidence.... (aggressive traders can take a chance of a long trade with lesser position sizing and strict stop losses)
Nonetheless it shows that the bottoms near 10300 will act as a crucial support for the time being and we can see a relief rally after a massive sell off of in past couple of weeks. Though the bias remains negative, 10300 levels should be watched carefully by the bears.
Resistances updated on the chart
Cheers
Hrishi....
_________________________________________________________________________________
Hi All,
As Nifty did not give any bullish evidence on its way down so, we could not go long.... So no question of Bottoming out...
And more importantly now, the concern I mentioned in that post, the Bearish Pennant pattern, got a confirmed breakdown. Which, might sound scary but could also open the doors for the 10k mark for Nifty..
Nifty, currently is down by close to 400 points, near 10600... is trading near a daily wide support zone of 10637-10530, however after such a sharp sell off it is not advisable to buy without having any strong bullish evidence... and the support zone is also a weak support hence, not worth. Bullish evidence might change this, but looks unlikely....
Plan of Action -
Thanks to the pennant patter, the target for Nifty is going to be approx near 10k levels, hence the bias is bearish. However, due to couple of back to back gap down openings, one couldn't get the optimum entry for bearish pennant, near 11100-150, and entering now will ruin the risk reward ratio.... Hence it is advisable to sell on rise with bearish evidences....
Important supports - 10580-10530-10500-10400-10330-10300
Important Resistances - 10750-10830-10900-11000-11050-11250-11400
Cheers....
Hrishikesh
Target achieved @ 10k....
Update - 11th March 2020 3.30 PM
After respecting some positive cues from 15 mins and hourly charts, markets pulled back by almost 100 points on Monday and could not be a part of the global roller coaster ride, thanks to the Oil prices, as we were closed yesterday.
With a due respect to the global cues today morning, Nifty rallied up by more than 100 points today as well, however, could not sustain the rise and finally closed the day flat, up by just 6 points. In the bargain, it has shown a kind of Bullish Counter attack pattern on daily charts, which would be confirmed only above 10550-60 levels, however, by looking at the turmoil world wide it is not advisable to go long with such a mild evidence.... (aggressive traders can take a chance of a long trade with lesser position sizing and strict stop losses)
Nonetheless it shows that the bottoms near 10300 will act as a crucial support for the time being and we can see a relief rally after a massive sell off of in past couple of weeks. Though the bias remains negative, 10300 levels should be watched carefully by the bears.
Resistances updated on the chart
Cheers
Hrishi....
_________________________________________________________________________________
Hi All,
As Nifty did not give any bullish evidence on its way down so, we could not go long.... So no question of Bottoming out...
And more importantly now, the concern I mentioned in that post, the Bearish Pennant pattern, got a confirmed breakdown. Which, might sound scary but could also open the doors for the 10k mark for Nifty..
Nifty, currently is down by close to 400 points, near 10600... is trading near a daily wide support zone of 10637-10530, however after such a sharp sell off it is not advisable to buy without having any strong bullish evidence... and the support zone is also a weak support hence, not worth. Bullish evidence might change this, but looks unlikely....
Plan of Action -
Thanks to the pennant patter, the target for Nifty is going to be approx near 10k levels, hence the bias is bearish. However, due to couple of back to back gap down openings, one couldn't get the optimum entry for bearish pennant, near 11100-150, and entering now will ruin the risk reward ratio.... Hence it is advisable to sell on rise with bearish evidences....
Important supports - 10580-10530-10500-10400-10330-10300
Important Resistances - 10750-10830-10900-11000-11050-11250-11400
Cheers....
Hrishikesh
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