NIFTY_16SEP_EXPIRY

#Nifty Technical view:

🟡 #Nifty notices volatility contraction with NR7-IB & NR-21 formation on daily scale
🟡 #Nifty notices a DojiStar candlestick pattern on weekly charts with NR-21 formation
🟡 Current rally is longest with 364 days 9852 (129%) points gain without any correction.
🟡 Last time #Nifty had noticed 79 week rally in 2013-2015 without 15% plus correction

🔴 Momentum indicators are overbought with RSI D=81, 2D=81, W=78.6, M=77.75
🔴 ADX=40, ADX=30 indicates ultra high momentum. Needs some cool off.

⚪ High chances of volatility expansion. So better to avoid neutral strategies for this week
⚪ If someone wants to trade neutral strategies it should be #IronFly not vanilla #Straddles.
⚪ TradePlan - Range breakout of NR-21 candle 17436-17254 on either side with SL on other.

Global Markets:

🟣 Dow finally broke down below 35000 and closed near day low breaking DC-21 low as well.
🟣 Shanghai & Nikkei move towards their ATH after gaining nearly 10-12% in last 2 weeks
🟣 European markets shown some weakness & are down by 2.5-3% in last 2 weeks from ATH

Comment:

#Disclaimer: All these stock ideas or trade updates shared here are for educational purpose only and completely non-advisory in nature. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE / BSE / MCX market basis this ideas. Objective of posts is to educate and help members learn technical analysis and hedging techniques from my personal trade picks to reduce the risk per trade and save yourself from bigger losses.

All these trade picks are selected using technical analysis and price action (VSA MomentumInvest Trading Setup) and for my own trading purpose only. Technical indicators are lagging and may generate false buy/sell signals. Market is supreme and my views may go horribly wrong. Please don't consider these trade ideas as trading recommendations. You may consider it for learning or at max use it for paper trading. Strictly avoid it for trading using real money. I am not responsible for any kind of profit and losses arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades (or trade at your own risk).

Comment:

As mentioned NR4/NR21 breakout happened (on upside) and index moved good 200 points.