indiamarketoutlook
Short

Nifty right at trend line

NSE:NIFTY   Nifty 50 Index
152 views
4
152 12
NIFTY
CMP 10349


Poll results are showing positive results for BJP win

Reaction we have got is a 100 point jump in Nifty

So Howz it gonna be going forward...

Let's look at the chart

We observe that with today's jump Nifty is just above the trend line levels

How ever since this is Rumour driven it is difficult to say whether it is a real break out...


Buying started yesterday coinciding from the support levels highlighted in previous update...

https://in.tradingview.com/chart/NIFTY/5...

Will we see selling coinciding with trend line resistance levels...???

When actual results will be out on Monday We should just keep this in mind that in Market, It's always said... Buy the rumours... sell the news!!!


With today's high as Stop one may look to sell for the day...

Targets will be open

Take care & safe trading...!!!
Trade active: Markets have reacted positively to Exit Poll Results... But we have not seen follow up buying...and if BJP wins there will no surprise...

So although i would assign a lower probability but There is still a possibility of some gap up on Monday morning.... Knowing this you may consider carrying forward the short position...

Take care & safe trading...!!!
Trade closed: target reached: We had kept the targets open and charts did not dissappoint us...


Nifty opened with a gap down and went below 10100...

Consider booking profits as per risk apetite...

Hope you guys were able to make the most of it..

Do hit the like button if you find this analysis helpful...
& follow for further instant updates...

Take care &
Happy happy trading...!!!
Is it a short irrespective of results?
Reply
@sharuvman, yes that was the idea...

since it was getting resisted right at trend line resistance and did not show signs of going past that line...
currently looking to book profits....
Reply
sharuvman indiamarketoutlook
@indiamarketoutlook, is it a short now as well ? Thanks
+1 Reply
@sharuvman, after initial gap down today nifty saw a nice reversal intra-day.

For tomorrow we need to see if there is follow up buying above 10400.


However, if Tomm on rise if Nifty gets rejected around 10420 -10240 range then one can look to initiate short positions with a small 30 point sl...

T1 10320

T2 10280


Also see to it that if Nifty is closing above 10399 then do not carry forward any short position in Nifty as it will give a higher bottom higher top pattern in short term wave

Reply
sharuvman indiamarketoutlook
@indiamarketoutlook, thank you. Couldn't enter any trade today. Is Nifty long now as it closed well above 10440 region?
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How the blue line arrives above 10100, can't read chart..
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@Mysaturn, hope this chart gives you a clear picture

Reply
Mysaturn indiamarketoutlook
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For further upmove to new heights, I think close above 10400 is required. As positive side of election results have already been factored in, only other options left is flat market or down move in case of unpleasant results on monday.
Reply
@hotpot64, yes sir, seems like that....
Reply
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