Nifty 18859 - Support at 17740 , resistance at 17885.
Market data suggests Market movers have taken long position for the last3 days. Hence we expect market movers will move Nifty to 18170 to book their positions . Longs could be considered around the support . 17740 will be the trend decider.
Nifty is bearish trend and Nifty final target is 17398..So any shorts could be considered around 18170..
Comment
⋅
Trade entered : Nifty Jan 19 18000 PE @ 150 @09:19
Comment
⋅
Trade exited @149..
Comment
⋅
Trade entered : Nifty Jan 19 18100 PE @ 163 @09:38
Comment
⋅
Nifty @ 18030 - Resistance 18045 and Support 17870
Comment
⋅
We find Nifty Up move is to clear the open position. refer the posting "Hence we expect market movers will move Nifty to 18170 to book their positions . Longs could be considered around the support . 17740 will be the trend decider.
Nifty is bearish trend and Nifty final target is 17398..So any shorts could be considered around 18170.."
Overall brilliant analysis as ever. I have one confusion, if you kindly help. Taking a PE trade should have been around NIFTY 18150/18170 according to your analysis. Then why did you entered in a trade around 18000 ? Thanks in advance. Regards.
subravi
⋅
@Subuji_2000, Short at 18170 posted trade plan was based on eod analysis. During market hours, when we see an opportunity based on hourly trend, we try that same.As we find resistance at 18045 ( see the comment -Nifty @ 18030 - Resistance 18045 and Support 17870 ) we tried that 18100 PE entry..
Subuji_2000
⋅
@subravi, Crystal clear explanation.. I am honoured.. Thanks utmost
subravi
⋅
@Subuji_2000, The trade took ( Trade entered : Nifty Jan 19 18100 PE @ 163 @09:38 ) was closed today @225 ..