Nifty
On 9th June, when Nifty was at 10255, we had suggested a Short Strangle strategy for 25 June expiry
Nifty has seen wild swings but our strategy without much fuss has given us the desired results (183 points profit)
Yesterday in my Nifty 24 June trade analysis comment section I had given 10168-10180 as important support level
So here's the explanation for the same as to why I mentioned 10168-10180 as important support
- we observe multiple close & high in the green zone between 10160-10180 in past
- yesterday Nifty closed at 23.6% retracement of the rise from 9544 to 10553
- so below 23.6% level next logical level comes at 38.2% retracement 10174, which co-incides with the green zone
- Nifty low today as of now - 10195 in Spot & Nifty Futures low 10181 ( so just 1 point above the 10168-10180 zone in Futures)
- CMP 10340
Again we see how historical price analysis gave us a cue well in advance. When every one is thinking of Selling and media is showcasing bearish view, Nifty has jumped 150 + points from the levels which chart told us may act as support,
So whom do you want to listen to ???
News & get trapped more often or listen directly to what Charts want to tell us & stay profitable more often.
- Remember, I again reiterate Technical Analysis is not about being right or wrong but identifying levels with good risk :: reward ratios
- For me now it is observation time and see how Nifty closes today. Close above 10254 today would indicate just a gap filling activity by Nifty
- Close below 10160 would indicate further weakness
- Close in between 10168-10254 would indicate indecision
- important resistance at 10420-10440 levels
Happy trading...!!!
On 9th June, when Nifty was at 10255, we had suggested a Short Strangle strategy for 25 June expiry
Nifty has seen wild swings but our strategy without much fuss has given us the desired results (183 points profit)
Yesterday in my Nifty 24 June trade analysis comment section I had given 10168-10180 as important support level
So here's the explanation for the same as to why I mentioned 10168-10180 as important support
- we observe multiple close & high in the green zone between 10160-10180 in past
- yesterday Nifty closed at 23.6% retracement of the rise from 9544 to 10553
- so below 23.6% level next logical level comes at 38.2% retracement 10174, which co-incides with the green zone
- Nifty low today as of now - 10195 in Spot & Nifty Futures low 10181 ( so just 1 point above the 10168-10180 zone in Futures)
- CMP 10340
Again we see how historical price analysis gave us a cue well in advance. When every one is thinking of Selling and media is showcasing bearish view, Nifty has jumped 150 + points from the levels which chart told us may act as support,
So whom do you want to listen to ???
News & get trapped more often or listen directly to what Charts want to tell us & stay profitable more often.
- Remember, I again reiterate Technical Analysis is not about being right or wrong but identifying levels with good risk :: reward ratios
- For me now it is observation time and see how Nifty closes today. Close above 10254 today would indicate just a gap filling activity by Nifty
- Close below 10160 would indicate further weakness
- Close in between 10168-10254 would indicate indecision
- important resistance at 10420-10440 levels
Happy trading...!!!
Opened gap down then up... then down... then again up... and again down
Nifty twice took support near 10180 levels and stayed below 10360 on the upper side...very much with in the support and resistance level mentioned and closed at the upper end of the yellow zone highlighted....
As now now, Prima facie, looks like Nifty came down just to fill the gap...
Idea is the same further weakness only if weekly closing tomorrow is below 10160 or else we might see one more push towards 10420-10440 levels