My analysis shows NIFTY testing 10416 levels and may be retrace back to 9301.
ashoksamuel02
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@RajivSharma24, good if that happens bro.. can you please post your Analysis so that we all can have an idea too
rajivhtc1
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sgx is down -450 or so ! do you still stand by your target of 10527 ?
ashoksamuel02
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@rajivhtc1, 10527 is the overall pull back trend reversal target... in between there will be minor trends and corrections the upcoming correction should end with 2015 resistance which now acts as support
And YES i still stand by the target 10527 + stoploss hunt and topout (reversal)
ashoksamuel02
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I completely agree that the situation arround the globe is very bad due to covid-19. usually the retailers are always considered to be the loosers in the market why? Just check the data of FII AND DII on cash market.
FII = -5208.50 (sold) in April
DII = -117 ( sold) April
Now the question is who is buying? Afcourse the retail trader are buying because of their greediness they think that they have already missed the bottom of 7551 low. so rushing to accumulate but end of the day the market is in the RE-DISTRIBUTION zone. According to the pull back rally the NIFTY 50 should touch 10527 plus stoploss hunting by the institutions
FII ACTIVITY IN 2008 CRASH -101,802.57 (sold) for the complete year
DII ACTIVITY IN 2008 CRASH + 72,966.78 ( brought ) for the complete year
FII IN 2020 - 89,069.12 (sold) till April and still have 8 more months to go. I agree that they might buy soon or later this year however the point to be noted is after 2008 selling they are almost going to reach that value in 2020 with 4 months
DII IN 2020 73,484.70 brought till april
Finally the conclusion is that the NIFTY is under severe pressure for crash but the retailers are holding it and FII AND DII are selling slowly since retailers cant give a tough fight with FII &DII.
Technically if you notice NIFTY has broken all the resistance and trendlines now it has only two major resistance which is placed close to 10527 and 12k level this time it my even break this level and defenitely has to go down.
The above statement is just my point of view.
If you all have any please post it
Vicky9141
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@ashoksamuel02, Thank you for clarifying Sir, I was wondering why nifty 50 is in uptrend in this bad situation.
ashoksamuel02
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@Vicky9141, Enjoy the Trade...and be cautious since the major trend is down
This is Rising wedge pattern in NIFTY 50. In rising wedge pattern, breakout will happen at down side. But Today breakout happen at upside. will this be positive news to price go upside? or as per the pattern target will be around 11000. You know that we are not in good situation with many job loss right now due to Covid 19. what will be reason to price go up?
Raftaar
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@Vicky9141, Absolutely correct. Falling wedge is the one where prises rises. Here the pattern has failed to perform. The breakout can also be a false one. The Vaccine, plasma therapy and other such news. This could be temp as well. However closely have a look at intraday charts. You will triangle breakout and other reasons for short term bullish move.