M&MThese are compelling reasons to consider a long position on M&M:
* Daily Support Level: When a stock holds at a daily support level, it often signals a buying opportunity as it tends to attract buyers, limiting downside risk.
* Above 200-Day Moving Average: This is a strong indicator of an uptrend. Trading above the 200-day moving average often suggests positive sentiment and longer-term bullishness.
* Relative Strength Against Nifty: Outperforming the broader market, such as Nifty, shows investor confidence in M&M compared to other sectors, suggesting resilience and potential for further upside.
* Nifty Auto on Support: Support in the Nifty Auto index can help support M&M’s price movement since positive sentiment across the sector typically benefits individual auto stocks.
Waiting for confirmation with a CHOCH (Change of Character) on the 1-hour timeframe is a solid approach. Here’s a structured plan based on that:
* Wait for CHOCH on 1-Hour: The CHOCH would confirm a potential shift in market structure, This adds more reliability to the trade setup.
* Entry on Retest / FVG / IFVG:
• Retest: After the CHOCH, a retest of the breakout zone could provide an optimal entry, ensuring the breakout holds.
• Fair Value Gap (FVG): If an FVG appears within this structure, entering here could capture the shift in momentum at a lower-risk point.
• Imbalance Fair Value Gap (IFVG): An entry on an IFVG could further refine your risk-to- reward ratio, especially if market liquidity fills these gaps.
Indianmarket
NUVOCO VISTA CORP by KRS Charts18th October 2024 / 11:20 AM
Why NUVOCO ❓
1. Although Stock was in Down trend, Recent Dow Theory is in Favour as we can see in Chart.
2. Breakout and Retest and most importantly sustaining the level with new HL.
3. Once fake Buy side Entry with Huge volume is spotted ❗
4. MACD positive crossover and RSI is near 60
All the Bullish Traits will confirming bullish movement is expected soon with breakout ‼️
Target 484 Rs with SL of 320 Rs.
Oriental Aromatics NSE By KRS ChartsDate: 8th Aug 2024
Time: 9:44 AM
Why OAL?
1. Made Double Bottom and Reversed Successfully
2. There is Positive OB in Monthly TF and Price action react and sustain above it.
3. Along with +OB, FVG gap with 50% Encroachment picture perfect clearly visible in 1D TF.
Nearest Target 555 Rs . and Long To medium Term Target is 901 Rs
With SL of 406 Rs.
ASHOK LEYLAND - SHORT TRADE FOR HUGE PROFITSymbol - ASHOKLE
ASHOKLE is currently trading at 260
I'm seeing a trading opportunity on sell side.
Shorting ASHOKLE Futures at CMP 260
I will be adding more position if 270 comes & will hold with SL 273
Targets I'm expecting are 242 - 225
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Nifty 50 Weekly Analysis: Key Levels, Trends
As we step into this trading week, the Nifty 50 index presents a mix of both bearish and bullish sentiments, driven by recent market movements and option chain data. Here’s a comprehensive look at the possible scenarios and the trading strategies to consider.
1. Market Overview and Current Sentiment
**1-Hour Chart Analysis:**
Looking at the 1-hour chart, Nifty 50 has seen a recent pullback after touching highs around 25,333.65. The index faced strong resistance at the 25,252.25 level and has since been in a correction phase, breaking below the 25,000 mark. This downward movement suggests bearish sentiment in the short term, especially after breaking the support level at 25,018.60. The key level to watch on the downside is 24,338.60, which has acted as significant support in the past.
**15-Minute Chart Analysis:**
The 15-minute chart further confirms the short-term bearish trend. After a sharp drop below 24,900, there is some consolidation seen around the 24,850-24,880 range. However, any inability to move above the 24,988.75 level may continue to attract selling pressure.
2. Key Levels to Watch for the Week
Resistance Levels:
25,018.60: Immediate resistance level, where a breakout may indicate a reversal.
25,167.35 - 25,252.25:** Strong resistance zone; crossing above this could change the market sentiment to bullish.
- **Support Levels:**
- **24,868.50:** Short-term support; a breakdown below could accelerate selling.
- **24,338.60:** Critical support zone; breaking below this may suggest a deeper correction.
### **3. Option Chain Analysis and Sentiment**
Analyzing the option chain data, we see a higher concentration of Open Interest (OI) in the 25,000-25,200 call strikes, indicating significant resistance and bearish sentiment among the call writers. On the put side, strong support is visible at the 24,500 level with substantial put OI, suggesting that bulls may defend this level.
- **Put-Call Ratio (PCR):** The current PCR is moderately bullish but with cautious optimism. Traders should watch for any changes in OI shifts for directional clues.
### **4. Predicted Market Trend for the Week:**
- **Short-Term Bias:** Bearish, unless Nifty decisively moves above 25,018.60.
- **Long-Term Bias:** Neutral to Bullish, provided key supports hold, especially at 24,338.60.
### **5. Trading Strategies for the Week**
- **Intraday/MIS Trades:**
- **Bullish Strategy:** Buy above 25,018.60 with a target of 25,167.35 and 25,252.25. Stop Loss at 24,900.
- **Bearish Strategy:** Short below 24,850 with a target of 24,750 and 24,600. Stop Loss at 24,988.75.
Carryforward Trades:
- **Bullish Positional Trade:** Enter long positions if Nifty sustains above 25,252.25, with a target of 25,400 and 25,500.
- **Bearish Positional Trade:** Consider shorting if Nifty breaks and sustains below 24,338.60, targeting 24,000.
### **6. Sector Analysis for the Week**
- **Banks:** Showing mixed trends; Bank Nifty could remain volatile, so focus on shorting at resistance levels.
- **IT Sector:** Seems relatively stable, with some signs of consolidation. Consider buying on dips.
- **Auto and FMCG: Showing resilience; long trades are suggested if the market sentiment improves.
Conclusion
This week, Nifty 50 is at a critical juncture with the potential for both upward and downward movements. Keeping an eye on the key levels and adopting a flexible trading strategy will be essential. Stay cautious and watch for early signs of trend changes, especially in the context of global cues and market sentiment.
Nifty Bank Index Technical Outlook: Awaiting a BreakoutThe Nifty Bank Index is at a critical juncture, forming a symmetrical triangle pattern on its daily chart. This pattern, characterized by converging lower highs and higher lows, indicates a period of consolidation, with a potential breakout on the horizon.
Key Levels to Watch:
Support:
Ascending trendline from November 2022
Horizontal support around 51,173
Resistance:
Triangle’s upper trendline
Horizontal resistance near 51,699
Potential Scenarios:
Bullish Breakout: A move above the triangle’s upper boundary could lead to a continuation of the bullish trend, targeting levels above 52,500.
Bearish Breakout: A drop below the ascending trendline may trigger a decline towards the 50,000 mark or lower.
Volume Insight:
Recent spikes in volume suggest that a breakout—either up or down—might be imminent. Traders should keep a close watch on these levels for a confirmed move.
Conclusion: The Nifty Bank Index is poised for a significant move. A breakout from the symmetrical triangle will likely set the tone for the next major trend.
How to Journal as a Trader or Investor on Trading View ? Summary of this video
There could be Two types of people Journaling, one who is daily journaling and one who is weekly journaling; both will do the job.
You can make two notebooks for the same: Feelings-based Journal and Stats-based Journaling.
Both serve different purposes.
A feeling-based journal helps you to create a daily habit of writing some compulsory things like pre-market, vix, post-market, and setups, and ask why in terms of positions - if taken and if not taken, whereas to get into the habit of writing a feelings based journal also dig deep into some really important terms like cpi inflation, ppi of some significant economies which effects your markets. These things won't affect your trading, but such add-ons help you give a direction to your journaling power.
A Stats-based journal contains different columns, as told in the video; feel free to add more of your favorite ones and change them as you wish, but every single trade should be respected in such a manner. Journal every single trade like this in terms of numbers. Remars is very important in this journal as it will guide your Fear and Greed.
In conclusion, Finally, if you can do this for at least one month, you will see good results, but what exactly do you have to see?
After one month, read your first-day feeling journal and the first two or three trade remarks. You will be amazed to see how silly mistakes you made in the past or how efficient you were back then and now you are making those mistakes; either will help you grow in mindset and profitability. It enables you to become a better trader by 1% daily.
Feel free to put more ideas and thoughts below in the comment section. Good luck journaling
Nifty 50 By KRS ChartsDate: 1st Aug 2024
Time: 9:12 AM
What is going on in NIFTY 50 ?
1. As we all know Indian markets in continuously in uptrend in recent times so nifty 50 too.
2. Nifty is recently moving in range but sideways with uptrend as we can see in charts for Hourly timeframe.
3. There are clear supports and Resistances are visible in Nifty 50, Today is open with Gap up and Breaks 25000 level for very first time.
4. Nifty can clearly go for 25226 but also it can reach above bigger Resistance too.
LT FOODS - Health BO w/ 40% upside possibility!Overview & Observation:
1. Strong breakout
2. RRR is favourable
3. Moving with weekly demand
4. Momentum is strong.
Trade Plan:
Entry = 248
SL = 215
TP = 280, 300, 350++
- Stay tuned for further insights, updates and trade safely!
- If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading!
Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing.
Thanks & Regards,
Anubrata Ray