Date : March 25, 2020 8:00 AM
Monthly : Bearish.
Highly bearish candle. For any trend reversal or consolidation to happen, NIFTY should close above 8990 first and then 9500.
Weekly : Bearish.
Formation of 7th Lower Low is being formed in the current week. Weekly momentum has not shown any signs of slowing down. Any Higher high candle will be a first bounce and hence likely to fail. For consolidation, NIFTY must close above 8160.
Daily : Indecisive.
24th March candle is indecisive. There are indications that the momentum of the trend is slowing down.
Action : Since the market is extremely oversold. Look for the opportunities for buying.
Monthly : Bearish.
Highly bearish candle. For any trend reversal or consolidation to happen, NIFTY should close above 8990 first and then 9500.
Weekly : Bearish.
Formation of 7th Lower Low is being formed in the current week. Weekly momentum has not shown any signs of slowing down. Any Higher high candle will be a first bounce and hence likely to fail. For consolidation, NIFTY must close above 8160.
Daily : Indecisive.
24th March candle is indecisive. There are indications that the momentum of the trend is slowing down.
Action : Since the market is extremely oversold. Look for the opportunities for buying.
Trade active:
DOW JONES is up 12%. It showed classical bullish formation. It has also made 5 day high. Volatility Index did not increase much. It has cooled from 87 to 64. So overall DOW is set to consolidate or make a pullback rally from here.
SGX Nifty is showing a level of 7700, down about 1.75%. This is not much. Mostly Indian markets are looking for some internal positive news as well. FII selling has tapered as well. So Nifty may be very news driven and drift upwards during the course of the day.
Asian markets are all green.
Action : Buy NIFTY and wait for profitable exit during the day. If there is no negative news during the day, it is likely to go up during the day. If India Lockdown news is not well taken, then it may gap down, see if gap down is bought immediately.
SGX Nifty is showing a level of 7700, down about 1.75%. This is not much. Mostly Indian markets are looking for some internal positive news as well. FII selling has tapered as well. So Nifty may be very news driven and drift upwards during the course of the day.
Asian markets are all green.
Action : Buy NIFTY and wait for profitable exit during the day. If there is no negative news during the day, it is likely to go up during the day. If India Lockdown news is not well taken, then it may gap down, see if gap down is bought immediately.
Comment:
Initial Gap down was bought. But it did not sustain below. As per plan PUT is sold for risk of 6000 Rs.
Trade closed: target reached:
This is the 7th 30 Min Positive candle, Advance decline ratio not improving. There could be consolidation of 1-2 hrs.