Nifty pulled back in a converging wedge pattern till golden fib 61.8 level and developed a clear bearish engulfing candle pattern in 30m chart. Short trade can be initiated below 11380 (spot) tomorrow with stop loss at 11480 with a target of 11110 (RR>2.5).
Trade is not recommended for intraday traders with capital less than 1.5 Lakh Rs.
NIFTY IT: WEEK-TECH-SHEET->2nd September2019 to 6th September 2019
NIFTY IT moves around +282.90 pips from 2nd September2019 to 6th September 2019, in which nifty IT break last week 26th August 2019 to 30th August 2019 top 16039.25.
NIFTY 50: WEEK-TECH-SHEET->26th August 2019 to 30th August 2019
Nifty 50 moves around +385.20 pips from 26th August 2019 to 30th August 2019, in which nifty 50 did not break last week 19th August 2019 to 23rd August 2019 top nor bottom.
Nifty 50 AUGUST = --544.30 pip
As told in our last post to look for 10800-10850 in coming 30 sessions, we already saw it on Friday when Nifty posted low of 10848.85
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Whatever we publish is for educational purpose. Taking decision to trade based on our view is solely at your discretion. We just publish material to make...
A "Spike" can generate after breaking-out area between Value High to Contro Price. The "control price" always attract value toward it.
The intraday Resistance 12003 nearby and Support 11936.
There is actually two channel, One is a "major channel" which is still exist because its an excess. If the price starts to fall then, we can more and more fall.
Hello all there is short term buying opportunity in the market, Kindly use this Recommendation for trading or watch this move.
NIFTY INDEX : Buy - current price, SL - 10690, Target 1 - 11000, Target 2 - 11100, Target 3 - 11200
Buy Call options in NIFTY INDEX. Strike Price - 10900 to 11200 and for exit watch NIFTY spot stop loss and target.
Buy NIFTY FUTURES...
Most probably one impulse wave is completed from 10774 to 10512. and we can consider it as wave (A) and now retracement levels of wave (B) is coming at 10612, 10643 and 10674 which can be achieved in coming sessions.
I would suggest not to trade for wave B in options and wait for wave C to trade.
If Nifty decline from present...
Nifty Spot as on 4th Oct - 10599
The momentum of selling pressure, global sentiments and macros indicate that, this is the start of the NEXT BEAR PHASE...!!
Important Support Levels as on Monthly Chart are mentioned on the chart above.
Bulls Need to give a Monthly Closing above 10400 to avoid break of the bull run trend line from Feb '16 to Aug '18.
Nifty will test the channel support around 10800 and likely break it to test it's 200 DEMA at 10770. Important Resistance Levels (purple) and Support Levels (Green) are marked above in chart.
Trade Setup :-
Short @Cmp or in 10900-930 zone
Stop loss 10985
Target of 10800 / 10770 / 10750 / 10735
All the levels mentioned above are spot.