"A reversal is just anything that's a surprise. It's a way of keeping the audience interested" - Tony Gilroy
The back drop before the day started
- negative NEWS in the Global front /
- European Markets closing 2-3% down yesterday,
- Negative mood in Asian Markets
There were people giving interviews of Nifty falling up to 15100 odd levels. So it was easy to assume more downside...
And that's when Markets moves in the opposite direction and we complain Markets are all manipulative. No my dear friend... Markets are not it is our mind that gets manipulated...
You see markets were giving us signals loud and clear.... What we chose to listen makes the difference...
On March 2nd, Technical Analysis had given us an indication that 17800 is big resistance and also given us a target of 16900 for the market in current set up.
Well Nifty made a perfect high of 17799.95 and today has achieved it's target of 16900 too...
Yesterday too I had given the blue box framework for Expiry range and suggested to use it to understand the Risk :: Reward potential at any given price.
In morning trade when Nifty came to the lower level of the blue box where do you think Risk::Reward ratio was favoring?
It worked to perfection as Risk::Reward ratio was certainly not in favor of shorts but rather on the Long side in morning trade where it made a closing low of 16865 and the 3rd candle closed at 16877 (16875).
Pls also understand we cannot be taking these numbers exact pin point. Look at this number as zone. Be flexible. Observe market behavior around these levels. One cue here for free.... 3rd candle usually helps confirm whether the breakout / support / resistance is real or it was just a shakeout.
Again around 12:30pm it gave another opportunity when it took support at 16923 (Level given 16930) odd levels. Again the 3rd candle closed well above at 16946.
Eventually closing the day at 16985 (16960)
So still want to depend on NEWS (Noise and distraction) or follow Technical Analysis and be a STEP Ahead...!!!
My broader view is still the same. Rangebound between 17400 /17500 on the upside and 16800 / 16600 on the lower side for March series...
Take care & trade safely...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
The back drop before the day started
- negative NEWS in the Global front /
- European Markets closing 2-3% down yesterday,
- Negative mood in Asian Markets
There were people giving interviews of Nifty falling up to 15100 odd levels. So it was easy to assume more downside...
And that's when Markets moves in the opposite direction and we complain Markets are all manipulative. No my dear friend... Markets are not it is our mind that gets manipulated...
You see markets were giving us signals loud and clear.... What we chose to listen makes the difference...
On March 2nd, Technical Analysis had given us an indication that 17800 is big resistance and also given us a target of 16900 for the market in current set up.
Well Nifty made a perfect high of 17799.95 and today has achieved it's target of 16900 too...
Yesterday too I had given the blue box framework for Expiry range and suggested to use it to understand the Risk :: Reward potential at any given price.
In morning trade when Nifty came to the lower level of the blue box where do you think Risk::Reward ratio was favoring?
It worked to perfection as Risk::Reward ratio was certainly not in favor of shorts but rather on the Long side in morning trade where it made a closing low of 16865 and the 3rd candle closed at 16877 (16875).
Pls also understand we cannot be taking these numbers exact pin point. Look at this number as zone. Be flexible. Observe market behavior around these levels. One cue here for free.... 3rd candle usually helps confirm whether the breakout / support / resistance is real or it was just a shakeout.
Again around 12:30pm it gave another opportunity when it took support at 16923 (Level given 16930) odd levels. Again the 3rd candle closed well above at 16946.
Eventually closing the day at 16985 (16960)
So still want to depend on NEWS (Noise and distraction) or follow Technical Analysis and be a STEP Ahead...!!!
My broader view is still the same. Rangebound between 17400 /17500 on the upside and 16800 / 16600 on the lower side for March series...
Take care & trade safely...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
