Though the news flow affected the price action a bit yesterday but didn’t affect its strength as NIFTY made 100 percent recovery which shows the strength
15830 is the level to watch as of now ! If sustains then NIFTY TO THE MOON
#Nifty50 and #Banknifty both saw some stiff resistances in today's broad-market fall. This could be profit booking considering how the markets have gained consistently so far.
Generally, after a big move we have seen price consolidating or moving in a range-bound way, however today we saw several massive candles being formed. Option decay was fairly high, but...
Nifty Trade Plan for 11 June 2021
How chart looks on HTF :
Nifty formed a good bullish candle on daily time frame taking good support from monthly support zone
Expected Opening :
Expecting a flattish to small gap up opening in Nifty.
Today's Trade Setup :
Nifty looks bullish and managed to close above next day CPR.
If flat or gap up opening, watch out for...
NIFTY 50 Index (Chart as on 7 June 2021)
* Tested 4 times already at the bottom of the trend channel line and now moving upward
* break-out the head & shoulders pattern
* Clear Signal for a Bullish Market
* Still, chances are there to re-test at 15320-15400 range, as a small correction
* But overall it seems like a bull market for next 1000 points
Nifty formed a bearish flag on hourly timeframe
Case 1 : If it opens flat, bearish flag Breaks down, then price may test support @ 15150 / 15000
Case 2 : If gaps down, and recovers in 1st 15 min candle, giving a false breakdown of any of the mentioned support, then may go long. (shorting OTM puts is a good option / Bull Put Spread)
Special mention : Max Put...
Nifty consolidated before expiry today
As per option chain, calls are written more than puts
Support stands at 15000
whereas resistance is 15200
Gap may act as strong support and also if price tries to break today's high with good volume candle,
then shorts may get trapped and short covering rally may be expected.
Nifty Showing Bearish Divergence with RSI and Stochastic.
May be there would be a correction and take support at 14860
and if we see a Breakout above 14950 with volume and/or gap-up then upside till 15050
Nifty closed above the Bearish candle's high ( and that Bullish harami pattern ) confirming bullish reversal.
Target 1 which was set yesterday achieved.
If Nifty stays above the current level, target 2 : 14800 can be achieved easily
Call writers moved to 15000 safe level too.
Contrarion View : If Nifty reverses from this level, then major support is seen at...
Buy Ashok Leyland above 112.5.
Stoploss- Below 105 (Closing Basis)
Strong support at current levels with a positive MACD diversion. The risk reward is good and the stock is showing good volumes.
Tata Motors is trading in a very narrow range and we expect a breakout soon on 15 mins chart.
A short position below 302 for a small target of 298 from where it is expected to rebound.
If we see a bullish breakout then we can buy for a target of 315 followed by 323.
Ultimately the momentum is still bullish and just we need to wait for a right entry level.
Tata Motors is trading in a very narrow range and we expect the stock to breakout from the range. A strong upside momentum is expected above 300. The position for tata motors will be bullish above 300 for an immediate target of 308 followed by 314. A level of 292 looks like a strong support and stoploss should be kept below this level.
Do your own research before using these levels.
These levels are useful for F&0 tradings.
Keep Learning and Start Earning.
The market will be volatile till Feb 1
* Be Careful while Trading Keep Strict StopLoss *
* MOSTLY FOR BEGINNERS *