Yesterday, I had posted regarding the IVHS pattern of Nifty. Today, market had a big breakaway gap up opening followed by upmove to a strong resistance of 17600.
Yesterday, the market had given a bearish closing and looks like this was a short covering which was triggered by strong Rupee vs USD.
Today's closing above 17600 would be either a bull trap or a...
NSE:RELIANCE
Open Interest analysis:
1. Short covering is visible in Reliance.
2. 5 day OI change = -4% and price increase 1.3%
Price action:
1. Risk reward ration 3.32
2. Breakout on daily timeframe chart above 2630--
patience: wait for Strong bullish engulfing candle
Last day bear trap is formed in USDINR, it simply means that it will be bullish for coming few days and can go up to at least high of double top i.e.,83.10 (might break that also).
Let us decode the sentiments during this candle formation,
On 26th when this big bearish candle gives closing below last swing low, people would have shorted it taking double top in...
- Nifty near its March bottom
- if holds on to 15680-15720 zone then it could be a case of Double bottom
- Target could be retest of 20 day EMA / 50 day EMA / 200 day EMA ( use charts to keep track of these levels as it changes with every trade day)
- trend line resistance around 16680 / 16800
Risk factor
- we see 50 day EMA crossing below 200 day EMA which is...
Banknifty has given a breakout of cup and handle pattern above 35100,
and is capable to reach 35400 and above levels.
Also both RSI and MACD is supporting the move.
Option data is extremely bullish and could witness short covering.
A week to remember the huge gap down and recovery. Tomorrow's expiry is going to influence multiple news. Let's see where the nifty is going to expire tomorrow. key levels to watch out for above the 200EMA and 16750 as the first levels to keep an eye on. down side 16150 and 16000.
It was a week to remember because I had been carrying a position Friday. I sold...
TVSMOTORS | Another attempt near trendline support - 15%
Good amount of shorts are in system, lets see if this trendline support ahead of result giving a short cover rally
CMP : 560
SL : 530
Target : 650
Almost 1:3 risk reward setup
Stock in 4 hrs chart trading out of Bollinger band and a short-covering rally of 10 Rs is expected. It Can Retrace Upto a level of 555.90. So a Must Buy. Like if the Stock hit the target .
Massive OI Short Covering seen today with the monthly expiry and BN bounced from 21600.
Expect good upward movement tomorrow - either way.
Positional Ideas
Go long if it sustains above 188 on the 15 minute chart & BN retraces above 21950 for targets of 190, 193, 195.8 with SL at 184.8
Short only below 184.5 (sustaining below on the 15 min chart) for 182, 180,...
BTST IN SUNPHARMA
STOCK HAS BROEKN ABOVE 432 AFTER VERY LONG TIME
CRUCIAL RESITSTANCE IS NEAR 460
JAN FUT TRADE
BUY@435
STOP@424.5
TARGET@455
LOT:1100
QTY:1
SWING TRADE IN AMARARAJA BATTERIES
SEPTEMBER FUTURES
BUY@786
STOP@774
TARGET@800
LOT:700
QTY:1
LOT:
NOTE:RISK TO REWARD RATIO IS ALWAYS ADJUSTED TO MARKET VOLATILITY
INDIA VIX IS TRADING HIGH WHICH SUGGEST SOME GOOD PREMIUM RETURNS IN OPTION MARKETS
YOU CAN TRADE WHEREEVER YOU WANT
