Nifty multiple higher lows and highs - THE UPTREND continues.
Nifty did consolidate between Yesterday's (16th Oct.) DOJI low and high levels for some time, only towards afternoon it crossed the top and kept rising till end of the session.
You may see on the above chart, Nifty has made several higher highs and higher lows since Oct. 9. A channel has been mared showing Nifty's lows n highs since Oct. 9.
Beyond technicals, FIIs n FPIs have turned net buyers since Oct 14th, for today their net buying was in excess of 1100 cr, highest since Sep 23rd. Infact barring Sep. 23. this is the highest single day buying bt FIIs since Sep 1. Also the ongoing week has seen highest FII buying since June.
As a trader one should understand that:
1. the Nifty is in an uptrend alongwith FII buying into the markets.
2. trade on long side "only" till there is a reliable signal of reversal.
3. try to hold positions longer for a biger gap.
Refer to the channel or trend lines shown in the chart. In addition to the trend lines,simple indicators like EMAs/RSI/CCI can be trusted to know the exits or trend reversals.
Also you may notice a blue line on the top of the chart, this is a trend line connecting today's top with tops of Sep. 23rd and July 5th and June 3rd, on daily chart. Such long term trend lines points act as strong resistance at times. Before taking a fresh trade one may allow Nifty to exceed this level, and settle in either direction.
I must add, trading in Nifty is risky and can cause big loss if discipline is not followed, this post in no way encourages or recommends any sort of speculative trading.
Please hit the LIKE button if you find this post / idea informative, you may FOLLOW me for updates on Nifty.
You may see on the above chart, Nifty has made several higher highs and higher lows since Oct. 9. A channel has been mared showing Nifty's lows n highs since Oct. 9.
Beyond technicals, FIIs n FPIs have turned net buyers since Oct 14th, for today their net buying was in excess of 1100 cr, highest since Sep 23rd. Infact barring Sep. 23. this is the highest single day buying bt FIIs since Sep 1. Also the ongoing week has seen highest FII buying since June.
As a trader one should understand that:
1. the Nifty is in an uptrend alongwith FII buying into the markets.
2. trade on long side "only" till there is a reliable signal of reversal.
3. try to hold positions longer for a biger gap.
Refer to the channel or trend lines shown in the chart. In addition to the trend lines,simple indicators like EMAs/RSI/CCI can be trusted to know the exits or trend reversals.
Also you may notice a blue line on the top of the chart, this is a trend line connecting today's top with tops of Sep. 23rd and July 5th and June 3rd, on daily chart. Such long term trend lines points act as strong resistance at times. Before taking a fresh trade one may allow Nifty to exceed this level, and settle in either direction.
I must add, trading in Nifty is risky and can cause big loss if discipline is not followed, this post in no way encourages or recommends any sort of speculative trading.
Please hit the LIKE button if you find this post / idea informative, you may FOLLOW me for updates on Nifty.