TradingView
indiamarketoutlook
May 20, 2020 3:18 AM

Nifty: Bullish Harami Candlestick pattern Long

NSE:NIFTY1D
Nifty 50 IndexNSE

Description

⋅
Nifty Closing price 8879

- we observe bullish harami candlestick pattern

- Hence shorting this structure might not be a good idea.

- It might be buying on dips or no trade

- ideally 8806 should not be breached but given the current volatility, will be keeping some flexibility for levels of 8758-8766 levels.

We might consider selling Put options as our strategy to trade

Take care & safe trading...!!!

Trade active

⋅
As suggested in pre - opening itself, we have sold Nifty 8800 Put at 57.

High made 63 so far

Trade active

⋅
Nifty cmp 8956


Nifty 8800 Put option update

CMP 18

With 40 points already in ...

consider selling 8900 Put option in range of 44-52 (Cmp 45.5)

Keep a sl at 63 for 8900 put option

Take care & safe trading...!!!

Trade closed: target reached

⋅
Nifty 8900 & 8800 Put option are trading at 0.6 & 0.4 & should expire worthless at 0

Current profit 75*(57+45) - 1 = Rs 7575/-

Enjoy & have a nice day...!!!

Comment

⋅
Those who are interested in learning and improving your chances of winning trade can contact me
Chart PatternsCandlestick AnalysisTrend AnalysisNIFTYtradingviewcandlestickpattern
Comments
sanketsudan
⋅
Good call! I kept wondering why no one was talking about it and then I saw your post!
indiamarketoutlook
⋅
@sanketsudan, just keeping it sweet and simple analysis... Yet powerful and effective results....

Nice to know you were able to spot it too... :-)
Parasuram
⋅
well done
indiamarketoutlook
⋅
@Parasuram, Thanks!

Hope you had a good session too.... :-)
Parasuram
⋅
@indiamarketoutlook, no .. bad day.. positionally short... thinking of closing positions
indiamarketoutlook
⋅
@Parasuram, Oh, I see.... Hard luck. Had you checked my derivatives data analysis today, it could have helped. You have the access.

Do go through it and you would realize why I was so bullish even when Dow Jones was down almost 400 points yesterday.

None the less, there is a new day waiting for you tomorrow. Better luck next time....!!!
Parasuram
⋅
if it is bullish harmani it should not breaking the previous candle at all..it can be a pause for one more day.. But selling might continue soon
indiamarketoutlook
⋅
@Parasuram, yes, ideally it should not be breaking 8806, but given the volatility, for intra-day, I'm giving room for a further few points lower 8758-8766. SL if it trades 8740.

I might be looking at 9110 as initial target
ashoklove2008
⋅
@indiamarketoutlook, i also wants to learn the technicals.
More