the traders should observe hourly charts for trade entry the impulse will likely occur on monday 25 march
2 the big corrective will Only end on move and close above 10550 or below 9975......it might take some more days .....probably 4 weeks including the current one starting from monday 19march.
this is NOT based on ,complex corrective simply used for prolonged sideways move
THe support channel we drew earlier on day charts has served well
If bjp wins
Upside breakout nifty reaches 10900
Downside/breakdown below 10600 nifty trgts approx 10450...
If no clear majority hung assembly.....than range stays -----option writers win...
From my limited experience in markets option writers wins most of the times
Happy trading to all.....
those looking for shorts can short from 10540----10575 stoploss above 10585 pref two hour close ......
the index is near key resistance zone .....so both side trades are possible .....
THose willing to long Best wait for clean breakout ....if impatient /need to trade can initiate longs at any level keeping stoploss below 10485 spot and keeping in mind that bullishness will pick momentum only above 10585 spot ........
NOTE-The developing scenario is best for option writers (range bound near key level) so IF you take trade and are getting decent profit intraday BOOK out rather than holding positions
please DONOT try to trade Both sides.... Do your calculations study the developing charts and than take the trade .....there is NO guarantee that one of the mentioned scenarios will play out ...markets can prove us wrong again and again
IF your stoploss is hit on any trade ---take a break for a couple of days
DO not over trade
ALL prices are spot
IF you donot have a proper stoploss DONOT trade
I may or maynot take the above mentioned trade ..........
other than that nifty continues to remain range ----the range being 10550------9975 ---only a move outside the range will lead to decisive move in index ......time wise we are expecting the corrective (range move) to end in 4 weeks starting from march 19 -----we are thus in the 4th(last) week of our estimate (expectation) for ending the corrective------this is coinciding with the developing move in currency market..... wait and watch
technically ---on long term view price as corrected well from high of 11200 ,the oscillators on day an week charts have reached oversold zone, some divergences are also present.this gives strength to the bullish case
Bullish case ---- 1 the falling channel breaks to upside ----nifty reaches approx 10500-10550 , 2) Iff it starts closing above 10550 the index CAN(no guarantee ) open another upward impulse that will test test 10800 -----11200 and 3 )close above life high will open possibilities of 13500---14000(fourteen thousand)
those who do positional buying/investment in stocks can start now or on close above 10550 ......keeping in mind that nifty close below 9975 can turn the tide.
Bearish case ----break below 9975 trgts 9750--9500 -----and than we will see what happens next.for many 9500 will be a crucial level coz it will be about 50% entrancement of the upmove from approx 7800 ---11200 .
these are the bullish and bearish cases which will become active on break of the key levels ****** however the present state of index of sideways mode ----and we have already discussed that thing in opening comments on march 22.......*****sideways mode does not mean that index cannot have decent moves considering that index is at 10000+ levels a 100-150 point move can happen easily anyday.....like on march 26 OR like the downward impulse we traded on march 22.