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Contrarian

Nifty Intraday analysis 10th Oct 2023Good Morning Traders, Guy's today global market looking green, we might can see some bounce back in market, if talk technically about Nifty, the day was very volatile, we have seen gap down and then buying and then again pressure from top. So the day was really volatile, and Nifty had erased all previous two days gain after the Israel Palestine conflict pushed oil prices higher on yesterday session. But Nifty have sustained important support zone on chart 19475-19500. This is crucial support zone for nifty, any closing below 19475 can take nifty towards 19200. So i think as global market is showing bullishness, so there is higher chances we can see buying in our market too. On the higher side we can see some resistance at 19600, any good closing with volume can take nifty towards 19750-19800 levels. Well guy's nifty have formed a bearish candlestick pattern with long upper and minor shadows on the daily time frame. Usually this pattern indicates a lower top formation for the stock price with a sell on rise opportunity. This is a negative indication and one may expect some more weakness for the short term. Keep watch on some good stocks for near term. 1. Aavas financiers 2. Oil India 3. Mahindra holidays. These stocks has formed a bullish candlestick patterns on chart. There is higher probability we can see some upside moment in it. Important levels for Nifty:- Intraday support zone 19475-19500 Intraday resistant zone 19600-19650 Buy above 19537, if levels sustains at least for 15 mints Targets we can see in upside 19584/19642 Keep stop loss at 19495 Sale below 19495, if levels sustains at least for 15 mints. Targets we can see in downside 19444/19376 keep stop loss at 19537 Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction. Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's. Thankyou
NSE:NIFTYLong
by TraderRahulPal
2
Contra Trade Idea: Jubiliant FoodworksIn all parameters, NSE:JUBLFOOD is in downtrend. However, one contra trade is looking for risk-worthy due to: 1. A (almost) Marubozu candle formation after a prolonged downtrend in daily chart. 2. Accorded by RSI +ve divergence 3. Per Ichimoku strategy: a. Price is crossing the T (Tenkan) line b. K (Kijun) line is becoming flat, means going to attract price towards it. It is placed at 513 c. Chilu Span is showing an uptick Cash: BUY after 500 with SL of 490 for a target of 510/514. Alternatively: BUY 500 Jan-25 Call Option at 7-9 for a target of 15/20, SL: 5. If price moves above 15, one can carry it for 20 with a TSL of 14.50.
NSE:JUBLFOODLong
by pradipandsuvra
CONTRARIAN trade setup.#Here on the daily chart of UPL, the trend is down since the month of june and now the trend is showing some signs of reversals. A divergence can be shown between Price and RSI, price is making lower lows but RSI is continously making higher lows. #When we put a bollinger band over the price chart, we can see a "W" bottom pattern has formed on the same lows. 1st low broke the lower bollinger band shows momentum on down side then the price bounces back and forms another low but this time fails to break the lower band and stays inside which shows loss of momentum towards down side. #When we see the RSI indicator, the value is about to cross 60, if it closes above it we can see an uptrend from here. #On Balance Volume has also broken the trend line which shows that buyers are showing interest. *For a safe entry wait for the price to give a breakout above (768) the resistance or above upper bollinger band. *Stop Loss can be the previous low i.e. 694 or the lower bollinger band. *First target = 865
NSE:UPLLong
by anuragsahu614
SBI Card is approaching the zone—upside potential of 15%+?NSE:SBICARD has approached the 200SMA on Daily chart and is not too far away from 50SMA on Weekly. As highlighted in the chart, we can see a confluence of support zone and FIB level. A confirmation candle might be needed, but it looks like an interesting long setup, especially if 900 is retested and held. Target can be around ATH which is ~15-20% away. Price action in this stock tends to be a little choppy, so best to be alert.
NSE:SBICARDLong
by MarketsWithKR
Nifty - And now an Inside Bar.Nifty continues to consolidate and show respect to the over-head zone of resistance. An Inside Bar after today’s close will definitely encourage contrarian traders to take a short position below today’s low. Now that will be a pretty risky bet for which the immediate levels to watch for on the downside will be at (11,780-11,800). If you go short, please be agile enough to protect open profits, if at all. I personally will not go for such a contrarian trend, primarily because the underlying trend has been very resilient. And so any price dip is likely to face supports which can lead to an equally sharp bounce back. I prefer to trade more in line with the underlying trend and will therefore wait for buying opportunities on the dip. Trade Well. Trade Wise.
NSE:NIFTY1!
by Abhijit_Paul
2