SBIN
We are looking at weekly chart of SBIN stock
Observations
- SBIN is yet to give a weekly closing above the Sept 12 - Sept 19 weekly high
- support at 554 / 545 / 530 zone
Given the set up
One can wait for SBIN to close and sustain above 579 on a weekly closing basis or for at least 3 days before taking for fresh long position
Otherwise 530-540 zone could...
Nifty
- We are looking at daily candlestick chart
Observations
- On 16 Sept Nifty opened gap down between 17877 to 17796
- coincidently Nifty 76.4% retracement level is also around same level 17777
- for 4 consecutive days Nifty is struggling at 17800 levels
- With 1 hour's trade to go today volume is on a lesser side
Given the conditions, fresh longs in...
Nifty
This is not a fresh recommendation
- In our earlier post we had warned about trouble times for Nifty based on the chart set up
- we had also highlighted the possibility of Nifty breaking Support line based on the 2-3-5 Rule ( in the 5th attempt, the chances of breaking the support line is higher)
Well, 2-3-5 Rule works its magic...
As it was the 5th...
You can see there is a huge gap between 14350 - 14600,
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Market will fill the gap but when we don't know.
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So for Tomorrow, we focus on simple Strategy.
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Till 14460, we will buy PE on sell on rise.
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If Nifty cross 14500 we can go for 14600 CE.
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You can give your suggestions in comment box.
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