“M” Bole toh..... "Mandi" ???

Hi All,

Nifty created an equal top on daily charts near 7585 and created a M (Double Top formation), a bearish formation, hence surpassing the area of 7580-7600-7640 becomes even more crucial for markets now in order to continue its up move.

Yesterday, we booked a nice profit in Nifty short trade as it was trading near a key resistance of 7600, however today we shall wait and watch, as even though the Nifty has given a Double Top formation, the same will only be confirmed below 7400 (the swing low between the two tops).

So, bottom line, 7400 on the lower side is a crucial level, however the same has been used now for quite a few times which might mean that the support is weaker than what it was earlier, and on the higher side 7580-7600-7640 will hold the key and bulls need to surpass it for the up move to continue.

I shall update the view after first hour of trade, if required and then we can think of taking a possible trade if any.

Cheers

Last chance for bears....

Hi All,

Since we have made good profits of around 60 points yesterday, we can afford to take small risk of around 20-30 points...

Hence, Short Nifty Near 7575-80 SL 7610 Targets near 7550-7500....

Cheers

Update @ 10.30 - 

Book small profits in Nifty near first target of 7550-51, short initiated near 7575-80.3..

Book Partial Profits for those who have multiple lots and trail SL at cost...

Hope you all made money....

Update @ 3.20

Those with multiple lots can now book full profits @ 7585-90 in Nifty shorts initiated near 7475-80.... Better to close position intraday rather taking an overnight trade....

Hope you all are happy...

Cheers

Back with a style.....

Hi All,

Thanks to the Wedge pattern and a RSI Candle Divergence(Charts given below for understanding), Nifty regained all the lost ground of yesterday and closed in the positive territory by 38 points (~0.50%)

On daily chart, after a continuous streak of bearish / indecisive candles, Nifty today gave a nice bullish candle, a reason to rejoice the bulls.

However, for any further upside it is advisable that Nifty sustains above the crucial weekly resistance near 7600....

Till then, the next areas to watch out for on the upside are 7530-7555-7570 and 7600

On the lower side 7475-7435-7420-7400-7375....

SGX Nifty is up by almost 1% (80 points), which suggest that markets are likely to open on a strong note.

In a nutshell, 7600-7640 on the upside will be the key area to watch out for whereas 7400-7370 on the lower side will be crucial support.

Cheers

Please find below the patterns for illustrations....

Book Profits

Hi All,

Book profits in the Nifty Long Trade initiated near 7420-25, at CMP 7485-90....

If clients have multiple lots, they can book half profits now and trail SL at cost...

Hope clients are happy booking profits...

Cheers

Wedge . . .with a Divergence.

Hi All,

Nifty did not cross the mentioned level of 7450, and we are still out of the markets.

However, It took support near 7400 levels as expected, and have given 2 +ve signs for the bulls to cheer, a falling wedge breakout on 15 minutes chart and a Candle RSI Divergence on hourly charts.

As a last chance for bulls, risky traders can buy Nifty near 7420-7225 with a small SL below 7400-7380 with targets intact near 7510-7550-7600....

Cheers

Last chance for Bulls . . .

Hi All,

Nifty opened and could not cross the first resistance near 7480-85..... as a result fell below yesterday’s low of 7453...

As mentioned, Nifty found at least a temporary support near 7440-30 levels and on 15 minutes charts has made a Bullish Hammer Pattern.....

Which means, Nifty can see at least a small bounce if and only if it crosses 7447-7450 levels on the upside at this point in time, CMP 7443....

Risky Traders Can Buy Nifty only and only above 7450-55 with a strict SL below 7400 as a last chance for bulls, with targets near 7510-7550-7600...

Please note – A Long trade should be initiated only above 7550 levels and not now...               

Cheers

End of the Day . . . ? ? ?

Hi All,

Looks Like an Evening Star ! ! !

After falling silently from 7600 levels and creating a Doji candle, Nifty on daily charts has given a bearish pattern which though not a classic one, but looks like an Evening Star.

I still believe, the lows of 7440-7400 will play an even more significant important role now after the formation of such an effective bearish pattern.

If, Nifty has to negate the pattern and move up, ideally it should not break 7450-7440 levels, below which 7400-7390 will be the last ray of hopes for bulls.

On the higher side resistances will be near 7485-7510-7535-7560-7600-7640….

As there is a sense of negativity on daily charts now, our Buy on Dips strategy should not be followed unless there is a strong evidence on the intraday charts.

Will update my view after the first hour of trade.

Cheers

Doji Again . . . .

Hi All,

As expected, Nifty faced resistance near 7600 mark and came down silently till 7520-15 odd levels.

On daily charts, Nifty produced yet another Doji candle, suggesting there is an indecision in the minds of player near the key resistance level of 7600-7640....

We booked profits yesterday in our short trade, and will again look forward for going short with a lower risk near yesterday’s highs, however I will update you on the same. SGX Nifty is trading marginally up by 5 points, hence, markets are expected to open on a flat note.

On the lower side 7510-7475 will be immediate supports for Nifty below which 7550-7535-7520-7500 will be the levels to watch out for. As mentioned in earlier posts, 7400-7390 remains a key for the current uptrend to continue further.

So in a nutshell, 7390-7420 on the lower side and 7600-7640 on the higher side can be a broader range for Nifty and an either side break will confirm the further trend.

A close below / above yesterday’s Doji candle will be a key to watch out for the future course of action...

Cheers

Small risk Trade

Hi All,

Risky traders can think of shorting Nifty near 7575-80... with a strict SL above 7610-15 (7625 levels for Nifty Future).

Update @ 11.10 - 

As expected, Nifty fell steadily from the higher levels and currently trading near support zone of 7440-7450....

Book small Profits of around 20-25 points in Nifty shorts @ 7450-55, initiated at 7475-80.....

Those who have multiple lots can book half profits and trail other half at cost....

Hope you all are making money...

Update @ 11.48 - 

Those holding short positions with multiple lots can book full profits near 7535-7537.... Short trade initiated @ 7575-80...

Cheers...

Cheers

A Diamond

Hi All,

After a stupendous rise of around 450 points, Nifty last week saw more of a range bound move of around 120 points, thereby giving a small real body candle on the weekly charts.

As mentioned earlier, the level of 7540-7550 will remain crucial for any further upside and above which Nifty can travel up to the penultimate level of 7600-7640.

On the lower side 7475-7440-7415-7390 will act as crucial supports to help the bulls gain the corner.

We booked a profit of around 50 points on Friday, and plan of action for today will be wait and watch…

Importantly, Nifty is also making a diamond pattern on hourly charts, hence the break of 7400-7420 levels can also mean a short term trend reversal to the lower side...

Cheers

Bulls waiting..... ! ! ! Let's take a chance....

Hi All,

As expected, Nifty took resistance near 7550 levels and dropped sharply, however it is trading near the support zone of 7430-7450....

Risky Traders can Go Long in Nifty near 7470-7475 with SL below the supports (Risk of < Rs.2000 for 1 lot of futures) with targets near 7500-7530-7550....

Update @ 12.35 - 

Long trade initiated near 7470-75 levels, is nearing first target near 7500..... Conservative traders can book partial profits and trail SL at cost.....

Update 12.55 -

Conservative traders can book full profits in Nifty near 7515-7520, rest can trail stop loss at cost...

Hope you made money today and recovered the loss of yesterday.

Update - 13.18-

It’s advisable to book profits in Nifty @ 7515, as the Advance Decline Ratio is not in favour of bulls, so play safe and Enjoy the profits for the day....

Nifty future trading at par with spot after a discount in the morning, so we might be booking out early but better to have a small profit ...rather than incurring a loss

Cheers

Stuck . . .! ! !

Hi All,

Unfortunately, after triggering our stop loss for the Long trade yesterday, Nifty bounced back sharply from 7450 levels to 7506 levels in the second of the day.

However, in spite of the bounce back Nifty could not hold on to those gains and closed negative by half 0.5% (45 points) @ 7486, which means after a solid bounce from 6825 levels for almost 4-5 days, Nifty gave a first bearish candle on daily charts which can be a sign of concern for bulls.

On the lower side 7390-7420-7450 will act as supports where as on the upside 7510-7535-7550 will act as resistances.

Till the markets are trading between 7400-7550 levels, they are expected to consolidate before deciding the further course of action, hence it is advisable for traders to keep a strict watch on these levels and then take a trade if some supporting evidence appear on the charts.

Cheers

Let's Take a Chance....

Hi All,

Nifty gave a Hammer Candle on the intraday charts with a support of Supertrend indicator.

Risky traders Can Go Long in Nifty only above 7500 with SL Below 7470..... Initial targets can be 7540-7550....

Please note . . SL modified below 7460...

@ 11.20 AM A Surprise fall in Nifty triggered the slop loss by 20 paise.... For such clients for whom the SL orders were not placed, can hold the position by keeping SL below the day’s low.

Cheers

Wait and Watch.....

Hi all,

Nifty slipped sharply by 50 points, we will wait for a signal to go long rather than just buying because it fell down.....

Cheers

Hrishi

Bulls win.......

Hi All,

As mentioned yesterday, Nifty had given a couple of alarming candlestick Patterns, i.e. Hanging Man and Doji, however yesterday’s strong close above the key levels of 7520-30 will negate the impact of these patterns.

As our regular strategy, rather than buying on a break out of resistance, one can think of entering on dips. Intraday supports near 7505-7490-7475

Next pit stop now will be near 7580-7610....

7610-7620 will be the next key areas to watch out for the medium term trend reversal.

Cheers!

It's a Doji.....

Hi All,

On daily charts Nifty has created a Doji pattern (sign of acute indecision) after the Hanging man pattern on Friday.

Which now means, that owing to the confusion created by these patterns, Nifty will have crucial levels at 7440-30 on the lower side and 7520-30 on the higher side. A sustainable move beyond these levels will decide the future course of the price action.

We booked another small profit yesterday in the short trade and Nifty bounced back sharply from thereof to close almost flat near 7485, hence giving us a Doji Pattern on daily charts.

After taking profitable trades on 2 consecutive day, we will wait and watch today for the price action to gain a momentum, SGX Nifty is down by 25 points which means it will open near 7450-60 odd levels.

Levels to watch out for today are –

Supports – 7440-30-7415-7395-7340

Resistances – 7520-30-7580-7610-7650-7680

Cheers

Book Profits....

Hi All,

As expected Nifty did not cross resistance of 7520-30..... Book profits in short initiated today @ 7490.... CMP 7455.....

Those who shorted multiple lots, can book half profits now and trail SL at cost for the remaining half...

Cheers

Hanging Man . . . ! ! !

Hi All,

As mentioned earlier, Nifty is expected to find resistance near 7500-7530 mark and any upside is only possible after sustaining above the said levels.

I know that we booked out our Nifty short at a small profit on Friday and if we have to hold the same we might have gotten higher profits, however the trade was booked as it was a long weekend which can anytime get unpredictable.

On the lower side, 7440 will be a very crucial level and has not become a used support, hence a break below it could see sharp reactions in markets. Below 7440-7395-7420 will be good intraday supports.

On daily charts after a strong run of 3-4 days, Nifty gave a red candle on Friday which looks like the Hanging Man Pattern, may not be a strong reversal but at least suggests a pause in the uptrend and which, as mentioned earlier can be healthy for further upside.

In a nutshell, on the higher side 7520-30 needs to be crossed for further upside till 7580-7610-7650-7680, and on the lower side supports will be near 7440-7415-7395-7340

Risky traders can again take a small risk... Short Nifty @ 7490-95  SL above 7520....

Cheers

It's good to have this clild... Worth reading

Hi all,

Came across a nice what's app forward.

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Put in the same amount each year into an equity fund that you spend on one child.

Do that for the same 25 years. After 25 years, whether your real children look after you or not, this 3rd child will look after you very well for the rest of your life.
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Happy extended weekend with small profits...! ! !

Hi All,

We earlier missed the opportunity to book it near the support area mentioned in morning of 7440-50.... Nifty had bounced back from the same zone.

On a safer side, it is advisable to book a small 0.25% profit in Nifty at 7461-63 shorts initiated near 7485-90 levels in morning as we have an extended weekend (Monday is off) and let us take our next bet on markets in a new week after the weekend.

Cheers