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NIFTY INDEX VIEW FOR THE MONTH

NSE:NIFTY   Nifty 50 Index
NOTE:-
Traders,viewers and other analyst are free to express their opinion and suggestions regarding this article.
View on the Index

NIfty has formed an sysmmetrical triangle on a daily chart and it is confirmed!!.
So a break above 10930 on closing basis shall confirm the uptrend towards 11080.
If i am wrong then we shall use the upward sloping trendline as to exit the trade.
Reasons for a upside breakout
Note that i had given a long trade on banknifty on thursday on the basis of crucial support nearing and the
"GOLDEN CROSS".
10700 nifty put option has seen great amount of put writing and call unwinding.
Although 10800 call option has seen some writing but the initial opening of the index above 10830 shall
spook them.
That will be confirmed once market sustains above 10774-10830 for inital hour that will lead to some
serious short covering.
If you notice the small picture you can see a clear trend emerging for e.g the 20-dma is about to cross the
200-dma but the bigger picture is where the 50-dma is evenutally rising and will finally cross the 200-dma in
fews days time(15-20 days period) giving as a "Golden Cross".
Shorts might get trap,Symmetrical triangle breakout can be expected on the upside and moving averages
showing us a picture.
PLEASE NOTE
"I MIGHT BE WRONG TRADE WITH YOUR OWN DISCRETION WITH STRICT STOPLOSSES"
Trade active: One can create longs with stop below 10725
as expected index will move between 10774-10830
If these levels are sustained in inital hours we will see a breakout above 10845
Target for the longs positions are 10930-10980-11035-11080
Note levels are according to cash levels
please adjust for futures and options
Comment: Added fresh longs with the above given stop
please note markets are volatile trade with caution
Comment: Please hold your longs with the above given stop
"One can add new longs once the market crosses 10830 on closing basis"
Comment: !!INCREASE YOUR STOPLOSSES T 10825!!
!!EXIT IF BREACHES THE LEVEL!!
!!NIFTY CAN BREAK THE LEVELS OF 10930 THIS WEEK!!
!!PATTERN BREAKOUT NEAR!!
Comment: !!EXIT TRADE VOLATILE MARKETS!!
!!WE EXITED WITH A STOP OF 10825!!

!!NOW WE WAIT AND SEE IF IT BREACHES 10725 IF NOT WE ARE ADDING LONGS BEFORE CLOSE!!
Comment: DID NOT BREAK BELOW 10725 ADDITIONALLY DID NIFTY AND BANKNIFTY GIVE A FALSE BREAKOUT ON THE DOWNSIDE??????
WAS THERE A TRAP!!
better to wait for a convincing close above the 100 dma to buy, seems to be getting rejected there again and again
Reply
@mklives, sure but we can
go long at previous day stop!!
Reply
@mklives, if you observe shorts got trapped in the last hour move
Reply
expecting the breakdown after testing the line at near 10900, lets see
Reply
Its HNS not symmetrical triangle so we are in S forming and its lower right S means downside will be more than expected
Reply
@siddmuk2005, the neckline is sloping to much and additional it will fail to be valid pattern on monday
Reply
siddmuk2005 manavtechresearch
@manavtechresearch, Lets see 2 session at least because people will exit if any panic upswing will be there and then big traders and investors have patience on that time to see cooling of the market then they will make it down in day or 2 400 to 500 points and then retail investor again want to ride the trend that will make more worse situation so technically 1000 points downwards trend is matter of time. Data never lie and trend always follow data.
Reply
@siddmuk2005, agreed siddmuk lets wait and watch
Reply
@siddmuk2005, hi sddmuk hope youu exited shorts since market broke on the upsde and hns has failed!!
Reply
siddmuk2005 manavtechresearch
@manavtechresearch, Yes failed HNS but its distribution phase so having 2 lot and waiting. RSI divergence in bank nifty in upper level so holding for break in price.
Reply
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