NIFTY CHART STUDYHI GUYS NIFTY POSSIBLE DOWN KEEP WATCH
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Niftyshort
Nifty Closed below 100 moving AverageHi ALL
After a long time nifty closed at 10378.4(below 100ma) and immediate strong support for nifty is at 10066 (200ma). Market is expected bounce back from 10066(200ma)(turn to uptrend at 200ma). failing which further downtrend(20ma will cross 100ma) lead market to fall to the level of 9310.
Thank you
Raju
NIFTY : HARMONIC PATTERNNifty is trading in an uptrending channel which somehow suggests a probability of Reciprocal ABCD pattern{ 1.168: .618}
In today's session a bearish follow-up candle is formed, though the momentum of today session was not as strong as yesterday's
If you could see the fall from 10500 levels, you may notice that , the prices are respecting every near term support, as it halted at 10250 levels, and its closed right at 10180 support levels.
Hence one should really trade with strict stop loss.
Next support to watch is 10130, any break below it could take index to 10000 levels.
NIFTY DAILY PRICE ACTION STUDY : Price action In today's session a follow -up bearish candle has formed, which was quite expected on seeing strong Bearish engulfing in yesterday's session.
If you look at candles, you could find that the today's momentum was bit less than the previous session, which suggests keeping near near term resistance levels in check, so that the further move can be tapped on the right side.
Near term support can be seen at 10250 & 10180
Near term resistance can be seen at 10380
Nifty : Probably the Most-Delayed One... !Probably this post for Nifty is the most delayed chart I ever posted as its usually around 9 am for Me, to post it out ! Just held up with few other things...Back to analysis !
We said ranging Nifty for few days within 9960's to 9700's & yes that theory holds well & good till Now. I was keen on showing a Gartley for you but it will be post-mortem, bcos the moves already happened & its over, so there is no use in that. So Let;s concentrate on what's next for Next few sessions.
We have two zone's marked up & on hitting both zone's ( 9780's & 9820's ) We are looking for shorts in Nifty. It's something an individual trader needs to decide to choose which zone to short for based on his/her trading strategy what we have predicted above is reversal zone's which can hold or at times may not. Based on your trade style your stop zone also varies the most vital thingy, so consult your trade plan & check your risk & see whether it allows you to take this trade. Now I will address your big query, Whats this affection towards If's/But's/Maybe's in trading ??? Don't it look like a cat on wall ?!
Yes ! They are scary conjunctions & auxiliary verb's in Trading ! In an Analysis or Prediction these are allowed, perfectly fine but check again how crystal clear we are on our trade style, we are looking for shorts only in Nifty but the ways we predict the movement in Nifty are with those grammatical's.
An Analysis/Prediction is completely different from Trading. It helps your trading / gives you direction but Not the Right to Trade !
InsiderB
NIFTY HourlyMarkets are definitely under pressure and we are currently witnessing a strong breakdown . A strong follow through to the downside move has resulted in Bollinger Band widening suggesting more upside in store. Further the ADX and negative DI lines are also stretching upwards suggesting strong buying participation. Sell at current and on rally to 9980 for a intraday trade towards 9900-9875
Hold your short PositionsNifty started falling after failing to make new high yesterday. Currently it seems like fall gionna continue further. If you are short hold your positions till price finds support on any of these arbitrary supports. Bullish MACD crossover will form when prices will find support, you can exit your positions then.