protrader1969

NIFTY for 3rd March

NSE:NIFTY   Nifty 50 Index
Our markets fell in last one hour on the news that 2 patients in India were detected – one in Delhi, who had come from Italy and one in Hyderabad, who came from Dubai. However, both the patients are admitted in hospitals, are in isolation and government in both states are monitoring situation closely. The panic selling , I think was overdone. Meanwhile, if we look at world markets, DJIA is 340 points up ( 1.34%), NASDAQ is 1.17% up, British markets 1.04% up, French market are nearly flat, and German markets are 0.59% down. As for corona virus update on world front, number of infected persons have reached 89,851 and 3069 people have died across the globe. Cases in Iran and Italy have risen and Iran has reported 12 more deaths .
In our markets, FIIs remain sellers largely and DIIs are looking at every opportunity to buy. Option chain shows that Nifty has decent support at 11000 and will meet with tough resistance at 11400. On daily chart , Nifty made a long red candle with higher high but lower low and lower closing price. Now Nifty is out of lower band of Bollinger band and RSI is at 23.56, meaning in oversold area. So a reversal is due. Due to today’s sudden fall, however, two selling areas got created which are marked on the given 15 min chart. 2nd Selling area will be formidable to cross. So one can take short trade if Nifty is in these selling areas, otherwise at lower levels, I would go for buying.
All the best. Happy trading.

Comments

Is this a good time to short Nifty?
Reply
@oms250, No, Saw your msg now. I am long on Nifty as well as banknifty.
Reply
oms250 protrader1969
@protrader1969, Ok, thanks
Reply
oms250 protrader1969
@protrader1969, any thoughts for today? Are you still long?
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@oms250, Yes I am. Till Nifty doesn't spend a lot of time below 11200 and Banknifty below 28750, I am long. Both these levels should defend, if not then I will exit with loss.
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oms250 protrader1969
@protrader1969, Perfect
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@oms250, Just to let you know, I did exit with loss but in the end not when both indices dipped below above said levels because I knew that these are in highly oversold zones. Hence loss was there but minor.
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oms250 protrader1969
@protrader1969, What are your thoughts for tomorrow’s session please
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@oms250, I am in process of posting the video and post on trading view. Just give me some time. Will update you.
Reply
protrader1969 protrader1969
@protrader1969, Hi, I have posted the post on NIfty about tomorrow, Banknifty will follow soon. The video is already posted on youtube.
Reply
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