m2gud

NIFTY 50, 1D, RISE AND FALL, CORRECTION IS NEAR

NSE:NIFTY   Nifty 50 Index
Given:

NIFTY 50 : P/E = 34.73 :(

STOCH RSI = OVERBOUGHT :(

Nifty 50 is currently all time high. :)

Trend-line Resistance is at near 13200 level and also GANN Static level is at 13000 - 13225.

Trend-line support is at near 12460 level

Also noted, there is a support zone at same 12460 level on Weekly time frame, which makes it a strong support level .

MY ANALYSIS :

NIFTY50 may immediately touch 13100 -13200 level and retrace back to near 12460 - 12500 level and then goes up and move in a Channel.
Comment: NIFTY STILL MOVING IN THE CHANNEL.

Comments

Hi Sir, how do you filter / find the trending equity stocks and which time frame apply for these stocks selection.

Also pls suggest the best time slot for intraday trading using support nd Resistance level.
+1 Reply
m2gud honeyrr25
hi @honeyrr25, First of all I start with analyzing OPTION CHAIN of nifty, then select top gainer/looser stocks from NSE website, then look for price action like trendlines, chart patterns, candlestick pattern.Put them in my watch list and patiently wait for breakout/breakdown.

Best time is subjective: but for me If do intraday, i do it only 9:30 onwards till 11:30.

If you have any other question , do ask me, I'll be happy to help you. all the best. :)
+1 Reply
honeyrr25 honeyrr25
@m2gud thank you so much for your valuable feedback. I will analyse the above logics for stock selection.
Definitely i ll ask you if I come across any queries.
Please keep sharing your views in trading view.. :)
+1 Reply
m2gud honeyrr25
Reply
I don't know .. why I feel Nifty might make us show 10000 once.. this P/E bubble is going to explode soon.. all major FnO stocks are now trading with negative divergence on hourly chart (at least) some have developed it on daily as well.. if in coming week specially Tuesday/Wednesday, Nifty doesn't create a high higher than Friday, we might see a head and shoulder formation in Nifty and BN.

This weekly expiry will be fun to trade with.
Reply
m2gud Dwivedi_VIbhav
Hi @Dwivedi_VIbhav, Thanks for your comment. Well Nifty P/E ratio definitely indicating fall but when, that we don't know. For short term Nifty seems bullish to me. I think correction may happen after Vaccine launch. But we never know. Its always better to move according to technicals. Volume will be lesser due to new margin rule. Lets see what happens.
Reply