indiamarketoutlook
Short

Nifty : Will it get resisted at trend line...???

NSE:NIFTY   Nifty 50 Index
Nifty            
CMP 10298

Last time we exited from our Short position in Nifty             at 10072 sensing a bounce back.

We expected the bounce to get halted in the 10200-10240 zone however there were no signals of initiating a short position...

In the current set up at cmp & on any rise if gets rejected around 10340-10360 may be a good shorting opportunity for initial target of 10180

Keep a small 30 point SL

Take care & safe trading...!!!
Trade closed: target reached: Was expecting a bounce in Nifty from 10245 levels. Nifty opened weak but recovered and went in to green in 1st half on expected lines and then we saw it getting rejected.... and fell all the way down hitting our target of 10180....

We close our position and wait on lifelines for next trading signal....

Do hit the like bitton if u guys found it useful and

Follow for instant updates...

Cheers & happy trading...!!!

Regards

Indiamarketoutlook
Looks like nifty will break 10100 tomorrow?? Any views
Reply
indiamarketoutlook Amitgandhi1992
@Amitgandhi1992, Hi Amit, If we look at charts, yes Nifty has fallen for 2 consecutive days but so far it has not broken the trend line support... Also in Today's fall Nifty has just filled the gaps and managed to close above it... suggesting bulls have not given up... & / or bears are not confident just yet...


As per Dow theory, Markets tend to fill gaps at some point in future & also trend is ur friend. So we respect trend line support as strong zones...

Our target was based on these two parameters of testing trend line support coinciding with gap zone ...

So we take it step by step...


Going forward, if on rise, price action gets rejected around 10240

or

if Nifty breaks 10145 levels can we say that Nifty will fall further...


Both these levels should be closely monitored as these levels have the potential to indicate whether bulls are getting jittery & bears getting stronger or other way round...

Till then we observe & let Charts guide us...

+1 Reply
Amitgandhi1992 indiamarketoutlook
@indiamarketoutlook, awesome analysis !! Respect
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On 5 min chart looks like double top has been formed, I think one more short can be initiated around nifty spot 10260 - 70 (spot) for 50 - 60 points with SL of 15 points

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I am having nifty 10400 ce brought @78 ?? What should i do ??
Reply
indiamarketoutlook Amitgandhi1992
@Amitgandhi1992, Hi Amit



Nifty has some support in the zone of 10245-10265 levels.

if it holds u may get a chance to exit at or above cost.

Look to exit if Nifty is closing below 102405 levels


Also u may consider selling 10500 Call option currently around 42.
+1 Reply
indiamarketoutlook indiamarketoutlook
@indiamarketoutlook, Selling 10500 Nifty call option will hedge your position & give you some breathing space as it will reduce your cost of buying 10400 Call option from 78 to 36 (78-42)

Reply
indiamarketoutlook indiamarketoutlook
@indiamarketoutlook,

Nifty bounced back today in 1st half and
Nifty 10400 Caĺl option made a high of 84... hope u were able to exit...

Also sell positional in nifty 10500 Call option (@42) is now trading at 30.

That position would have earned you additional Rs 900 per lot...

Hope you were able to make the most of it...

Take care

Regards
Indiamarketoutlook
Reply
indiamarketoutlook indiamarketoutlook
@indiamarketoutlook, typo error look to exit is Nifty is closing below 10245

Hope it helps
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looks like nifty creating lower high and lower low. anything on stocks ?
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