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NIFTYCHART LOOKS A BIT COMPLICATED BUT THERE IS LOT TO TELL HERE 1 - FIRST OF ALL ON WEEKLY CHART NIFTY FORM A HANGING MAN CANDLE WHICH IS A BEARISH SIGNAL ON TOP OF UPTREND 2 - NIFTY REMAINS IN CONGESTION PERIOD FOR 8-10 DAYS WHICH I RECON A DISTRIBUTION PHASE 3 - LAST WEEK VOLATILITY SUGGEST THERE IS CLIMAX OF DISTRIBUTION PHASE 4 - OPERATOR NEEDS TO EMPTY HIS WAREHOUSE AT THIS LEVEL SO NEEDS MORE BUYERS TO COME (WHO THINKS THE NIFTY CAN GO TO 11200 LEVEL FROM HERE)(MAYBE I M WRONG) 5 - VOLUME ON BEARISH CANDLES IN THIS CONGESTION PHASE IS VERY HIGH BUT THOSE ON BULLISH (LAST 2) COMPARATIVELY LOW 6 - PRICE SPREAD ON BEARISH CANDLES WHICH HAS HIGH VOLUME IS LOW THAN THE BULLISH CANDLE WHICH HAS AVERAGE VOLUE - ANOMALY IT NEEDS EFFORT TO FILL THE GAP UPSIDE WHICH ISN'T THERE 5 - FOR MORE CONFIRMATION THERE IS DIVERGENCE ON THE OSCILLATORS 6 - CENTRAL PIVOT RANGE FOR COMING WEEK HAS THE SPREAD OF 102 POINTS WHICH MEANS THERE WILL BE LESS VOLATILITY THIS WEEK THIS COULD BE A FAKE BREAK OUT ON 200 DMA SO WAIT AND WATCH IS ALL WE CAN DO FOR NEXT FEW SESSIONS BUT DONT GO LONG NOW
NSE:NIFTY
by VICKY4421
6
Market OutlookMarket Outlook for Wednesday, 08/07/2020 On Tuesday after a gap up opening of 39 points at 10802, Nifty made a high of 10813 and due to selling pressure came down to 10689 and at end closed 36 points up at 10799 forming hanging man pattern at the top which has a bearish implication. Oscillators – currently stochastic is quoting in a highly overbought zone at 93 while RSI at 71 signaling possible correction in the market. Now on Wednesday if Nifty doesn’t cross its Tuesday’s high of 10813 and start coming down than expected to take support at 10738 to 10689 levels. If it breaks and sustains below 10689 than may enter into short-term correction and may come down to 10553 and below that 10473 levels where we may see buying in the market. On the other side, if it crosses and sustains above its Wednesday’s high of 10813 then 10839 will act as the next major resistance where selling is expected, above 10839 it may continue its up move till 10924 levels. #NIFTY50
NSE:NIFTY
by Garey_Singh
2
BankNifty - Up trend is intact on charts, 21800 can be expected.Though the news flow (china border dispute) and global markets are not supportive, charts and indicators / oscillators are indicating continuation of uptrend. Resistance and support levels are mentioned on the chart. I generally don't trade nor recommend naked derivative positions, and find risk defined strategies or spreads / strangles more relevant for markets that have run enough. A bull spread after it crosses 21470, utilising some near ATM strike and selling one or two 22500 call (depending your risk profile) can be considered. 20500 should be the stop loss, if you don't want to make any adjustments. Experienced traders that can make adjustments in case market moves out of range can also consider selling 20500 puts. Please carry due diligence, and consult your financial advisor before taking any leveraged position, trade keeping your risk profile in mind.
NSE:BANKNIFTY
by ipuneet
POSITIONAL TRADE IN SUN PHARMAIN WEEKLY CHARTS SUN PHARMA IS IN CONSOLIDATION MODE BEFORE EXPECTED BREAKOUT(DAILY CHART ALSO SHOWING BULLISH RECTANGLE), ALL TECHNICAL INDICATORS AND OSCILLATORS SHOWING BUY FOR COMING WEEK AND MONTH.THERE IS INCREASE IN VOLUME FROM LAST FEW DAYS AS WELL, NIFTY PHARMA IS ALSO EXPECTED TO GO LONG AND IT WILL MAKE A STRONG CASE FOR SUN PHARMA TO FOLLOW SAME SINCE IT HAS MAXIMUM WEIGHT AGE IN NIFTY PHARMA. IN CASE OF A BIG DIP IN NIFTY 50, PHARMA STOCKS WILL RALLY AGAIN.
NSE:SUNPHARMALong
by MARINE_TRADER
2
NIFTY projectionNIFTY projected path after it hits bottom (ignoring a small 150/250 bounce as internal W4 which will waste footage only other than correcting the oversold oscillators). If it's ED4, another ATH will come from 11100-10900 Zone (green path). If it's W4, fall may continue after a considerable big bounce upto 11500-11700 zone then red path back to 10700-10500 zone. 10946 is a Fibonacci number 10927 is coming as a fibonacci target confluence 11025 & 10816 are Gann Neutral Squares with midpoint at 10920. NIFTY has entered it's previous consolidation zone
NSE:NIFTY
by Swarnendu_Mitra
NIFTY - Tri Star Doji on Weekly charts, extreme indecisiveness Nifty changed -0.75 point during the week and made third consecutive Doji, this completes a Tri Star Doji Pattern. Tri Star is a rare (more so on weekly charts) and significant pattern, indicates extreme indecisiveness. The pattern is generally followed by a trend reversal and sometimes strong trend continuation . Nifty has actually moved some 14 points since 1st Nov. (four Fridays), this consolidation has to end (may end next week only) and it will post a big move (2-4%) in direction of breakout. The range of Tri star (11800 - 12040) sounds big but from today's closing (i.e. 11914) it just have to fall 114 points or rise 126 points to break the range, which is not a big move for a week. In order to make an estimate about the expected direction of Nifty, we'll have to look at indicators / oscillators, RSI on weekly chart is not giving any clear indication, but on daily or shorter duration charts, indicators are showing clear weakness. I even studied Option Chain and noticed that there have been some unwinding of positions in Puts 11000 to 12000 strikes, while positions in calls for strike 11800 - 12400 were added today. Those of you who understand option chain data, will be able to conclude easily "how discomforting it can be for the bulls". Short period indicators including EMA on RSI continues to be weak, with today's fall weakness can be seen even on daily charts. So far all this has been indicating that chances of Nifty breaking the range downwards are higher, but we are in a bullish market and things can change in to time, I'll continue to trade with a downward bias monitoring the trend closely. Positional shorts only after 11840 is broken, add more to shorts if and when 11800 is taken too. "Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable and timely "Enter" and "Exit" signals, during the past three months. Please back test yourself - it will give you confidence in trades. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
NSE:NIFTYShort
by ipuneet
2
Nifty did recover from day's low, but it is not out of woods yetNifty posted a handsome recovery from the lows of 11800, and closed 73 points above, this recovery came after a 220 points fall, on an options settlement day and with a negative advance decline ratio. RSI and some other indicators / oscillators are still strong on daily charts but comparatively weak on shorter period charts. This generally means "weakness setting in". Nifty is still out of the channel, it has breached on the downside. Our EMA and RSI combination is yet to turn into BUY on either daily or two hour charts, though with recovery from lows, RSI line has come very close to the EMA. Two hour chart shows formation of lower tops and bottoms. I would advise, staying put for some time in the morning. Allow Nifty some time to cool off after the action packed options settlement. Initiate longs only after 11912 is breached convincingly and this level is sustained for some time. Targets on the upside can be 11946 - 11980. Also shorts can be created if it breaches 11840 and stays below for some time. The downside targets are 11802 - 11780 - 11700. "Puneet_9EMA_21_RSI"* is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable "Enter" and "Exit" signals, all very close to the tops and bottom. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
NSE:NIFTYShort
by ipuneet
1
Bank Nifty - Bearish engulfing candlestickBank Nifty corrected over 500 points today and formed an bearish engulfing candlestick. It is looking weak on other indicators / oscillators too, 9 EMA on 21 RSI indicator did gave an SELL signal neat 30980 levels. Bank Nifty closed at 30541, if it sustains below 30512, 30390 and 30240 can be expected. Any move and sustaining above 30680 may strengthen the bulls for upside targets of 30774, 30822, 30940 "Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some unbelievable "Enter" and "Exit" signals, all very close to the tops and bottom. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
NSE:BANKNIFTYShort
by ipuneet
1
Nifty - Banks have supported on Monday, today they dragged. Nifty was dragged by Banks today, Reliance and some non bank nifty components tried to support but that was not enough to beat the drag. Nifty formed a full body bearish candle, breaking below an important support level of 11850. It also initiated a pattern of lower tops and bottoms. Nifty spend major part of the day below the lower line of the channel. Indicators and oscillators are also showing weakness, EMA on RSI indicator that gave SELL signal on 8th Nov. near 11980 levels, spend the entire day in deep Sell zone . As I've mentioned yesterday, this indicator has given a SELL signal even on daily charts on 11th, Sell on daily chart generally result in a bigger pull back (i mean bigger than 100-150 points). Sustaining below 11850 for some time will make the bulls weaker and once it trades below 11830, bears may drag it down to 11780. 11700 - 11660 are further possibilities that we may have to see after tomorrow. Crossing and sustaining above 11930 only will empower bulls to take it back to 11950-11980 levels. Utilise the rallies to enter short positions should be the strategy, for the time being. Tomorrow is weekly options settlement day, looking at options chain / open positions data, a closing above 11850 - 11900 looks difficult, even 11800 looks a little shaky. 11750 looks like a safe bottom to tomorrow's closing or weekly settlement. Repeating, this should be used as a reference only as open positions do change with flow of the market. "Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some unbelievable "Enter" and "Exit" signals, all very close to the tops and bottom. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions. ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion. Please add a comment... Positive feedback and constructive criticism are important to authors as well as the community.
NSE:NIFTYShort
by ipuneet
Bank Nifty | Clear signs of weakness - 30K criticalInitial visual inspection shows the index is recently trading sideways between 30230 and 31715. Point to notice here is that we could observe a negative divergence through oscillators i.e. RSI and MACD. That clearly indicates a negative bias. So by considering these factors, index falling to 30230 (further 400 pts away from current level) now almost looks inevitable. Once BankNifty hits that level, it is important to observe how it responds to that level. Because apart from being range bottom, trendline could offer some support to the index and immediately below that is a strong round number 30K. Hence existing shorts can be held until 30230 and any new positions have to be reactive based on how Bank Nifty responds from then on. (Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
NSE:BANKNIFTY
by AkhilSuryaFS