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NIFTY - Tri Star Doji on Weekly charts, extreme indecisiveness Nifty changed -0.75 point during the week and made third consecutive Doji, this completes a Tri Star Doji Pattern. Tri Star is a rare (more so on weekly charts) and significant pattern, indicates extreme indecisiveness. The pattern is generally followed by a trend reversal and sometimes strong trend continuation . Nifty has actually moved some 14 points since 1st Nov. (four Fridays), this consolidation has to end (may end next week only) and it will post a big move (2-4%) in direction of breakout. The range of Tri star (11800 - 12040) sounds big but from today's closing (i.e. 11914) it just have to fall 114 points or rise 126 points to break the range, which is not a big move for a week. In order to make an estimate about the expected direction of Nifty, we'll have to look at indicators / oscillators, RSI on weekly chart is not giving any clear indication, but on daily or shorter duration charts, indicators are showing clear weakness. I even studied Option Chain and noticed that there have been some unwinding of positions in Puts 11000 to 12000 strikes, while positions in calls for strike 11800 - 12400 were added today. Those of you who understand option chain data, will be able to conclude easily "how discomforting it can be for the bulls". Short period indicators including EMA on RSI continues to be weak, with today's fall weakness can be seen even on daily charts. So far all this has been indicating that chances of Nifty breaking the range downwards are higher, but we are in a bullish market and things can change in to time, I'll continue to trade with a downward bias monitoring the trend closely. Positional shorts only after 11840 is broken, add more to shorts if and when 11800 is taken too. "Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable and timely "Enter" and "Exit" signals, during the past three months. Please back test yourself - it will give you confidence in trades. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
NSE:NIFTYShort
by ipuneet
2
Expecting for upmove to continueWe had losses on our intra day shorts but as soon as range was broken on upside we were able to long both index, there is still more up move we are expecting so we are planning to continue looking for bullish moves to capitalize till we get back into dried out volatility situation. Like discussed there was some stimulating news from government for banks "Govt approves strategic stake sales in 28 PSUs: Minister" thats why indexed moved up from that weakened state. Its funny how these things are timed, this is why usually retailers usually lose. :;)
NSE:BANKNIFTYLong
by Pratik_4Clover
Banknifty is not willing to move, sign of weakness Like discussed in last post, we are getting signals of weakness in both index, it is better to short intraday or shorter time frame till we get positional signal but at the moment both index are not showing sign of much movement. This reduced volatility is not good, unless there is some +Ve news markets will have hard time moving up, usually this is the time someone kind of government stimulus comes into picture, so lets see if we have something like that. Unless we have some kind of +Ve news to sustain higher levels, I would be very much interested in shorting Banknifty and Nifty at current levels for short intra day trades, positional short will come at end of this month. Hope you made some money shorting today :)
NSE:BANKNIFTYShort
by Pratik_4Clover
BankNifty at crossroads, close below last 30 min is sellIts been while, but BNF is looking at a little bit of crossroads, I would wait for right opportunity to short as we are nearing holiday month for FII. On intraday bases one can take little risk and short below last 30 min candle and positional short below 30500 level aprox, above that market might stay in range as above levels are not held and would end up just wasting option premiums. It is better to switch to intraday trading for couple of days atm till we get clear short signal of around 30500
NSE:BANKNIFTYShort
by Pratik_4Clover
Is it a Cup Pattern in Nifty?Nifty has break all its major resistance levels and trying to test its major high levels. With Technical levels it looks like it is trying to make a Cup with Handle Pattern. So Be cautious with your trades. This Diwali we might see the new levels of Nifty. But still who know the bad news. So have a strict SL of 11470-11490 Range. Or buy if it gives opportunity at such SL levels with the Support of 11395 Levels. For the New Target of 11900 and 12200 levels in the coming weeks By Investiture.in
NSE:NIFTYLong
by UnknownUnicorn3503085