Nifty This Week

I've marked the zones. It's a simple set up.

Each target can be a potential short term reversal level as well..

RBI Meeting is scheduled for this week, as well as the Election results - a volatile market expected.

There are a couple of global events as well, that may add to the volatility..

This post is neither a prediction nor a recommendation. Follow your own analysis, and try to keep a stop loss.

Good luck!

Comment:

On second thought, strong sell below 18550-18582 zone. There's chance of reversal from this zone.

Comment:

Exit polls will be announced today post 6:30 pm, and this may have an impact on market tomorrow.

So, when you take overnight positions, be prudent!

Comment:

Both 18700 & 18800 Call shorts are getting covered..the index may move to 18800 levels if this continues

Comment:

Been checking the SGX Nifty Futures. 2 Observations below:

1. Exit polls didn't have any impact on SGX Nifty Futures
2. Futures are dancing to the the tunes of US Markets, they dropped when US markets opened gap down

Let's hope domestic markets react differently. I'm expecting a gap up, but we'll see

On the options front, PCR is at 0.67 (bearish)

All the near by call strikes to spot have huge open interest, so unless they get covered one by one, we can't and shouldn't expect an up move..

Strikes OI
19000 CE 9,920,450
18800 CE 8,592,950
18700 CE 7,803,000
18900 CE 6,773,200
18700 PE 5,587,550

Comment:

Nikkei had a gap down, and smartly moved above previous close and stayed above.

How will Indian markets react..

Comment:

Opening is below previous ATH!

Is this a message?

Will it be a green candle today? Does it close above previous close?

Or

It'll be a RED candle?

Comment:

Nifty's trying hard to act 'shy'

Buy above 18604, Sell below 18550

Comment:

index's 'act'ing 'shy' again again around 18635..

like a child peeping out of curtain..sees something strange(perhaps an imaginary bhoot)..n runs away inside..only to come and peep again..

notice two key words in quotes above..that's wat i mean

Comment:

playing 'peek-a-boo' with previous ATH now..

Comment:

Off topic - there seems something wrong with Trading View. Posts/Ideas by a lot of people aren't visible after sorting by time or popularity.

Can this be fixed??

Comment:

EOD Updates:

Nifty successfully tested to the support zone 18550-18606 again, but ended below previous close

I expected a gap up today, and index moving to 18800 levels, it didn't happen that way. But gap down and entire day, the index was moving side ways.

Options Data:
PCR at 0.7

18800 and 19000 calls have the highest OI, followed by 18600 puts.

For Tomorrow -
One of the 3 things below may happen -
1. Gap up, and index moving to 18800 levels
2. Gap up, and index taking support around 18550 to bounce back
3. Gap down, and fall below 18550 zone

RBI meeting outcome tomorrow, and markets may react to it

Short the index if it falls below 18550. Until then there may be a a chance of a new ATH.

Comment:

Again same thing - Dow falls & SGX Nifty falls with it..

Comment:

Nifty had a flat opening.

So far in the first 30 mins,
**1 failed attempt to break resistance zone 18645-18652.
**Took support around previous ATH

Trade plan for today -
Buy above 18660.
Sell below 18600, and look for reversal around 18550

Good luck!

Comment:

It almost seemed the 2nd attempt failed..but it wasn't a failure..yayy yayy yayy

A hunch/guess only
index may go till 18720 and park itself there before rbi decision, and once the decision's announced it wl go towards 18800 levels. let's see

if you go long, keep today's opening as stop loss.

Also, someone is 'managing' call premiums to not rise when the index is moving up..fishy it seems

Comment:

Back to updates on index:

RBI decisions are out..market fell first..serious shorting below 18550 only..

Comment:

I think the rebound/reversal has started..the 2nd half may see some upside momentum..

I'll be wrong if Nifty goes below 18550.

Comment:

Uptrend started @ 12:45 pm - the index may prove me wrong as well. but this is what i feel currently.

Hold your longs, and keep moving your SL up.

Watch the OI concentration of 18600 calls, 18700 calls, 18800 calls .. if they start dropping, then the uptrend is intact. Otherwise, it is sell on rise market - note this last part!

2 more hours for the day to end..

Comment:

1 hour gone waste

1 more hour..

and election results tomorrow..

fire works?
or
damp squid?

think of what happened every time, and guess whether it will repeat or not?

Comment:

EOD Updates:

Nifty didn't close below 18550. For a brief moment, the index went below 18550, but all major candles closed above 18550 - so my view didn't turn bearish yet

I posted a new thread for Expiry with additional details.