Nifty given a close on 30 min TF under the trend line, has become bearish for a short time. Short on rise should b e the strategy with a proper candlestick pattern, like Bearish Engulfing. Drawn the Trajectory, Just be cautious if a gap down happens Nifty can come to test the 20th April low 9245-50. So wait for a pullback then enter. Follow the Chart, (and 20th April view if a sharp up move is seen then only you can follow.)
Do you expect a small pull back from here? Before proceeding it's journey initiated?
manotrade28
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@FeeldeX, Probably Nifty may come down to 8800-8750 spot in this expiry. Then up move.
manotrade28
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@manotrade28, Nobody can predict that accuracy, thats why daily basis i analyse market and go for intraday, only if any sure short targets are there i hold otherwise not. See today at last moment it has shown bullishness to trap the bull probably and a gap down tomorrow which may trigger a panic in the market. So we will wait for tomorrow and accordingly trade, I am having a bearish view for tomorrow. Will short the market aroung 9:30 if it goes in my favor. Simple and straight,
Balasahebk
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@manotrade28, I think your view is correct. It seems, based on news and global market, tomorrow nifty will be bearish and down. By how much, that I don't know.
FeeldeX
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@manotrade28, Am bearish too. But not sure if it will gap down. I expect a flat opening and expect it to be in the positive zone in the morning session. Let's see as market is always supreme.
By thr way I used to admire your harmonic charts earlier. Keep posting and educate others. :)
manotrade28
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@FeeldeX, Yes, Market is supreme, it is important that we should be profitable and consistently winning (Of course small and reasonable profits daily basis), People don't do intraday and do positional, but i prefer intraday and sometimes only positional that to not more than 3 days. I mix Harmonics in my analysis because it clutters the chart i don't draw it, And Harmonics works when Market is sidewise. and in trendy market we can take a counter trade for small targets. Cheers!!
FeeldeX
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@manotrade28, yes to be in profit is more important. And don't you think that the present market is range bound and yet to get trendy except being volatile?
manotrade28
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@FeeldeX, :-) 2000 points in BN and 300 in Nifty is trendy only for Intraday, Yes you can name it volatile as well. Market goes like this only.