Nifty - Engulfing candle - second highest closing ever.
Following the global trends, Nifty displayed exceptional strength today, which continued till closing.
Nifty posted the second highest closing, crossed tops of several Doji patterns it has made in the past 2-3 weeks. Today's closing is only 30 points below the all time high, possibly we'll have a new high tomorrow.
Today, it formed a big body bullish engulfing candle that overshadowed several candles formed in the past.
Option chain data also indicates bullishness, there was a massive reversal of positions during initial hours of trade. Looking at the data at the time of today's closing, 12000 looks like a strong support, resistance appears to be near 12200. It is just Monday, these may shift going forward, but the bias at the moment is undoubtedly bullish. You may try the following link for live charts covering OI in Nifty Options.
www.bit.ly/NiftyOptionsOI
As you can see in the chart, I have used 9-45 EMAs on Nifty as well as RSI 14, this is supposed to be a strong combination, expected to provide reliable bullish continuation and timely trend reversal signals for medium to long term. Will write more about this and load a script after some more research and back testing.
I believe the strategy now should be Buy on dips, 11980-12000 are good levels to create longs, as long as 10900 is held, upward momentum is intact.
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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Nifty posted the second highest closing, crossed tops of several Doji patterns it has made in the past 2-3 weeks. Today's closing is only 30 points below the all time high, possibly we'll have a new high tomorrow.
Today, it formed a big body bullish engulfing candle that overshadowed several candles formed in the past.
Option chain data also indicates bullishness, there was a massive reversal of positions during initial hours of trade. Looking at the data at the time of today's closing, 12000 looks like a strong support, resistance appears to be near 12200. It is just Monday, these may shift going forward, but the bias at the moment is undoubtedly bullish. You may try the following link for live charts covering OI in Nifty Options.
www.bit.ly/NiftyOptionsOI
As you can see in the chart, I have used 9-45 EMAs on Nifty as well as RSI 14, this is supposed to be a strong combination, expected to provide reliable bullish continuation and timely trend reversal signals for medium to long term. Will write more about this and load a script after some more research and back testing.
I believe the strategy now should be Buy on dips, 11980-12000 are good levels to create longs, as long as 10900 is held, upward momentum is intact.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Trade closed: target reached