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Double Bottom

Nifty : Odds in favor of Shorts...Well, atleast I believe so. Probably the retest of trendline around 9430's to 9450's zone then Nifty will move down further to 9350's zone, but may happen today or 2mrw . Moreover, I'm expecting that double bottom to be failure one, bcos of bearish sentiment... chill..chill...relax.. Bearish sentiment on very short timeframe. We can wait for further push up by Nifty to upside and on Bearish confirmation, take shorts aiming for first targets around 9400's & further down on break of support at 9400's. But, what if Nifty didn't retest the trendline ? Well, very simple : No Trades for the Day. Look for someother potential setup then, which is in your trade plan... probably we may get another setup on break of support, so always wait for Nifty to give you the trade setup. Even if it goes down by 100points we won't take the trade if that doesn't suit our Plan,No chasing - Moral of the Story ! Happy Trading :)
NSE:NIFTYShort
by InsiderB
18
Nifty confirms double bottom - but is it enough ?confirmed Double bottom formation as it broke above 8274 levels on Intraday basis. . It is currently facing resistance at 8290 levels which is the downward trendline resistance. A close above 8300 would be a positive sign for the Index Also note , MACD histogram and RSI indicators are showing postive divergence which is a Bullish sign. Any break above 8300 would attract high volume buying in the future index . Analysis is done on NSE spot index. Target price would be 8500 in the futures market
NSE:NIFTYLong
by Himanshu_Khiara
Nayak nahi khalnayak Nifty !Its not Me guys, Nifty is that and Nifty will do that, No, not Myself ! So yesterday when we completed the day we concluded with double bottom & Gap up which just happened now and as of now I can't assure whether that double bottom will fail & Nifty will move lower ( insync with breakout yesterday triangle) or turn up and make triangle break as false one. Anyway we are looking at broader picture now and have few scenario's to share with as I don't want to miss any points I have numbered it for you as 123 in chart ( Its not elliots, just numbering ) (1) The Triangle breakout, its still valid breakout, it will turn as false only if the bullish move happens till then its valid break to downside. If triangle works to down on hourly we will get Double Bottom check the above chart. If you are lucky enough you can trail stops in Nifty and head straight to 7900's breaking 8k's , only if we are lucky. (2) The above double bottom is forming at 8k's zone, we have been expecting this 8k's to 8070's for quite sometime and 8k being psychological number too. (a) Now if there is lot of bull power waiting here just to initiate the bull run, so I'm not expecting straight move down to 7900's. Nifty will touch 8k's zone and jump back to 8400's for expiry. (b) Now bears might have turned lazy & will be slow to break 8k, unless some trigger is there. Only if there is trigger straight 7900's possible. (3) The 8400's , its first serious resistance for Bull's and Bears are protecting 8500;s, showing no mercy at bulls. When we reach that zone Bears will strike back ( I expect ) and take it to 7900's, which will make double bottom on hourly as failure one. So till 8400's its fake bull run - Just Fake it ! Why I'm so curious about 7900's ? I have a reason, will explain as separate post over the weekend. We may range today if 8k support is going to hold. As of today, if you are intra Go with yesterday triangle's post on Nifty or if you are positional wait n watch price action around 8k's n decide whether double bottom works or fails.
NSE:NIFTYShort
by InsiderB
16
Nifty : Not a One-Day,Its Test Match Now ! Yes ! Nifty gonna be a test match which is going to test your patience in coming days. Markets opened already, but I'm not altering the analysis which I did for the day, posting it out as it is I did in the morning,No Changes. Hey Guys, Note - this is not single day post, Refer this for coming days probably next 3-5 days. It will be valid for 3-5 days.Wednesday(Nov 9) being vital here. We are looking at 3 vital zones for Nifty (i)8470's zone (ii) 8550's zone (iii) The zone in-between. Now lets explore each zone & what it says about our Nifty ! (i) 8470's zone : Nifty will test n tease us many times near this zone today. With every retest bounce back few points up, may even complete our first half of Double bottom to reach 8500's-8520's. Incase of Nifty breaking this zone with swift move today or Monday (include Tuesday too), it opens up few other interesting scenes with US news events. If it happens today Superb ! I will explain the scenes later after 8470 is taken away bcos its like pandora box, lets not open now. (ii) 8550's zone : The next important zone which is above Nifty & act as immediate resistance for upside potential in short-term.There can be other patterns forming to reach this 8550's if we some action in next 2-3 trading days. Here also News acts as big trigger depending on euphoria surrounding the markets 8600 Gap will be filled. Why ?? Bcos we know our Gap theory, atleast for past 6 months I explained it quite often. (iii) In-Between zone (8470's - 8550's) : One word - Range ! So scalp as much as you can if you want to else take a day off enjoy your life,watch a movie, Go around the city. This zone is direction-less & clue-less region like our human lives trapped on surface of earth which is between Sky & under-ground. We roam around directionless searching something, same-way Nifty will be running around in this zone (8470's-8550's) without any proper direction. We have ABCD pattern completion also, probably will act as gap filler of 8600's - I don't know ! But what I know for sure is we have analyzed pretty much everything for Next 2-3 days and what Nifty will do based on various scenario's. Depending on those check back with your own analysis & Decide to trade or scalp. Few get confused in curiosity of Learning, that they combine every strategy with everything available - don't do so ! Keep things separate & clear, it will help you to get better understanding, Don't combine every strategy available. We know Sell the News, Buy the Fact statement. We have witnessed it in one of my earlier posts few months back but I forgot the post name. But I prefer to make My stand clear - " News is Noise, charts will show us whats coming Next except rarest scenario's" Nifty Test Match is ready to Test Our Patience !
NSE:NIFTY
by InsiderB
23
Ashok Leyland : Short-term, Keep an Eye !Hi Guys, About 2 months ago there was a post about Ashokley , that bullish bat is forming and bat completed after 2 months of wait n in the zone, I have attached that idea below. Currently, (i) Ashok Leyland is bottoming out in previous support zone (ii) Support zone quite strong with no. of retests (iii) After Bullish confirmation , initiate Longs (iv) The Double Bottom may or may not work depending on general sentiment on Nifty (v) Stops below 77 will be good idea,so check your risk n reward Depending on your Risk Reward choose Target or you can carry it as long term after checking Fundamentals I didn't check fundamentals of Ashok Leyland !
NSE:ASHOKLEYLong
by InsiderB
3
BankNifty : Insync with Waves & Double BottomThis is delayed post, went to place few orders, Sorry Guys ! Could have abandoned this post but as it got insync with My prev.post of BankNifty, I wanted to share that all methods work well in markets if used properly. In last BankNifty post 10days before we have seen elliott waves and wave 5 pointing upwards. I initiated long from that time with stops below support zone. Now with Fed event off the list we are looking at great move upside. Just one point, whether its Trendlines,Elliott's,Double Bottom or Moving average , Everything works in trading. There is no best strategy, its how you use it, 1000 ways to make money in markets ! If you get chance on intraday enter long, I dont have much to say !
NSE:BANKNIFTYLong
by InsiderB
5
Nifty : False Breakouts n another Ranging Day ?!I think I should post My analysis by 8.45 am or earlier, Daily when I'm writing up description pre-market happens and then I need to include premarket scenario's too. Need to work on My Morning Schedule ! By yesterday evening, in the last post, I have updated about Double bottom and as result of it we had this Gap Up opening in Nifty. Don't worry Guys, this is not that signal for Long, Nifty is just teasing us it may play around top trendline of triangle n will get back to range, In my opinion {may be wrong}, (i) Nifty won't breakout of triangle and will range (ii) Later session or end of day, Nifty will give breakout confirmation & depending on Fed outcome, it can be whipsaw or valid breakout. If the breakout direction and Fed outcome also aligns with Nifty, then good gap up will be there 2mrw. But No hurry's to trade, Nifty will be always here. This is hourly chart, so for Intraday we have good resistance around 8800-8810's. So on bearish confirmation with 15 or 5min chart initiating short positions in Nifty for 20 points down move till the base line of triangle will be good idea. If possible late by day, I will update intraday chart for Nifty below in comments. Look at Nifty, there is no directional movement even after 15mins, lets see whether we get any action as time goes. Even if this double bottom works n moves up, dont worry, we can enter after bullish breakout in triangle {safe way to trade}. With the breakout confirmation, carry manageable risk only on short positions { very limited risk, dont take huge risk with expectations on Fed outcome}. Fed outcome is always about interpretation of wordings,Even if there is no rate hike 2mrw, Fed will say "considering rate hike soon" , 4 words are enough for market to go on euphoria. Thats why again suggesting not to carry much risk tonight. Markets will be always here, we can trade. BottomLine : Ranging day, with breakout signal by end of day, which can be false or valid depending on Fed outcome. Nifty will be always here, we can trade, so control the urge to trade during risky days. Note : (i) Trying My Best to reply all pings, so don't assume that I'm not replying for you. (ii) New traders who are eager to learn about technical analysis, expect something real simple from Myside. For them, planning to post few moving average setups { For learning purposes only, obviously Moving averages work, so don;t worry guys} Happy Trading !
NSE:NIFTY
by InsiderB
24
YesBank : Shorterm Entry analysisAs markets aren't any good, we can't go in with exact directional trades except few scrips. YesBank had completely racy move and never looked back, so the market price action hasn't provided any proper support resistance zone. But still you can trade as mentioned above but quite risky. The Double Bottom mentioned above I wont prefer bcos support is very near in YesBank, so if it comes into support zone and reverses then it will be ideal to Buy YesBank !
NSE:YESBANK
by InsiderB
3