Update 14 May 2020 2.40 PM
Nifty, exactly took support near the hourly Supertrend of 9120. A close above this would mean that a bounce back from bulls can not be ruled out. Resistances would be near 9280-9360-9410-9500-9590
So on the lower side, 9120-9070-9040-9000 would be crucial and the down trend would only be at a risk if the daily tops near 9580-9600 is taken out by bulls. As Nifty has given a first retracement towards the hourly Supertren, upside, if any, only possible above 9190-9200...
Since markets are near a support zone, it is advisable not to be on selling side, fresh shorts can be initiated below supports, or advisabley, as I always mention at resistances mentioned above (with a bearish evidence too)
Cheers
Hrishi
Hi All,
Hope this post finds you happy, safe and with your loved ones, taking a good care and necessary precautions in these tough times.
After the Bearish Island near the 50% retracement mark of the entire fall near 9900, and then a series of lower bottom lower top confirmation as suggested in the previous post, Nifty was excted to trade with a downward bias, however, it was advisable to sell on rise to get a favourable risk reward.
Thanks to the relief package announcement day before, Nifty had gapped up by almost 400 points yesterday, giving us a nice opportunity to sell. As per my What's App update, we had initiated a sell recommendation near 9320-30 with stop loss above 9360-70.
However, yesterday after the market, partial details of the relief package were annonced by or FM, and lot of you asked me, since the good news is out, will the markets gap up tomorrow...
And today... we gap down, filling the gap of day before's gap up....
Hence proved....Buy the Rumour Sell the Fact.... yet again... I really dont know how many times I have quoted this, but really, price discounts everything.... :)😀😀😀😀😀
More over, after a gap down of today, Nifty has created yet another Bearish Island pattern in the resistance area of the previous Island, which strengthens the bearish view further.
So, if Nifty fails to close the gap down of today, and does not surpass 9350-60 convincingly, the bears will surely have an upper hand.
On the lower side, 9150 is a crucial support on hourly charts, below which 9050 and 9000 would be crucial. Hourly Supertrend is also near 9120, hence 9100-9150-9050-9000 would be key supports, and the ideal plan of action can be sell on rise again...
Update on USDINR - As mentioned in some earlier posts, after creating a life time high near 76.98-77, dollar fell sharply after a kind of ending diagonal pattern, which suggests bearishness can prevail. Support for USD would be near 74.90-74.85 and resistance would be be near 75.65-76. It is trading sideways for past few days and expected to take further course, after breaking either of these areas. A bullish dollar move can be termed as a risk for the bearish bias on Nifty, hence thought of updating the USDINR levels.
Update on volatility - After a sharp cooling off from 86-87 levels to 30-31 levels, Vix is trading sideways at 37.8, with supports being near 36-33-30 and resistance being near 38.6-39-40.9-41.8-43.9.
Cheers
Hrishi
Nifty, exactly took support near the hourly Supertrend of 9120. A close above this would mean that a bounce back from bulls can not be ruled out. Resistances would be near 9280-9360-9410-9500-9590
So on the lower side, 9120-9070-9040-9000 would be crucial and the down trend would only be at a risk if the daily tops near 9580-9600 is taken out by bulls. As Nifty has given a first retracement towards the hourly Supertren, upside, if any, only possible above 9190-9200...
Since markets are near a support zone, it is advisable not to be on selling side, fresh shorts can be initiated below supports, or advisabley, as I always mention at resistances mentioned above (with a bearish evidence too)
Cheers
Hrishi
Hi All,
Hope this post finds you happy, safe and with your loved ones, taking a good care and necessary precautions in these tough times.
After the Bearish Island near the 50% retracement mark of the entire fall near 9900, and then a series of lower bottom lower top confirmation as suggested in the previous post, Nifty was excted to trade with a downward bias, however, it was advisable to sell on rise to get a favourable risk reward.
Thanks to the relief package announcement day before, Nifty had gapped up by almost 400 points yesterday, giving us a nice opportunity to sell. As per my What's App update, we had initiated a sell recommendation near 9320-30 with stop loss above 9360-70.
However, yesterday after the market, partial details of the relief package were annonced by or FM, and lot of you asked me, since the good news is out, will the markets gap up tomorrow...
And today... we gap down, filling the gap of day before's gap up....
Hence proved....Buy the Rumour Sell the Fact.... yet again... I really dont know how many times I have quoted this, but really, price discounts everything.... :)😀😀😀😀😀
More over, after a gap down of today, Nifty has created yet another Bearish Island pattern in the resistance area of the previous Island, which strengthens the bearish view further.
So, if Nifty fails to close the gap down of today, and does not surpass 9350-60 convincingly, the bears will surely have an upper hand.
On the lower side, 9150 is a crucial support on hourly charts, below which 9050 and 9000 would be crucial. Hourly Supertrend is also near 9120, hence 9100-9150-9050-9000 would be key supports, and the ideal plan of action can be sell on rise again...
Update on USDINR - As mentioned in some earlier posts, after creating a life time high near 76.98-77, dollar fell sharply after a kind of ending diagonal pattern, which suggests bearishness can prevail. Support for USD would be near 74.90-74.85 and resistance would be be near 75.65-76. It is trading sideways for past few days and expected to take further course, after breaking either of these areas. A bullish dollar move can be termed as a risk for the bearish bias on Nifty, hence thought of updating the USDINR levels.
Update on volatility - After a sharp cooling off from 86-87 levels to 30-31 levels, Vix is trading sideways at 37.8, with supports being near 36-33-30 and resistance being near 38.6-39-40.9-41.8-43.9.
Cheers
Hrishi
No comments:
Post a Comment