Nifty on Friday has seen a narrow range top with spot Nifty making an all time high.
However, volume seems to be drying up.
Does this mean SM have stopped trading and only amateurs have taken positions?
Can this be a false upside break of the wedge forming?
I remember the instance mentioned in Tom William's book Master the Markets looking at this instance....
🔰 MY thought process :
⭐A broadening pattern on the Daily chart :) meeting with fibo extension giving a perfect round number of 1300 which seems to be achievable but in a while, kinda positional setup for me :)
🔰Am I taking this trade now: No---Reason: Already in the trades of Naukri and PPL as posted last time :) also took a small position in Coal India today...
Strength of the upmove is slowly decreasing.
A short term top is near, or already made at 31000.
Downward Correction possible before it resumes its uptrend again.
Reasons to go Short on Nifty:
- Rising Channel/ Rising Wedge/ Ending Diagonal Pattern (call it whatever) has formed on Nifty 4Hr Chart
- Triple RSI Bearish Divergence + MACD Divergence
- Today we saw a Steep Sell off (Wide Range Bear Candles)
- Market breadth has shifted in favour of declines to 1:2; it was at 6:1 during the opening today
- On Nifty's Daily...
IOC is looking weak, in terms of price and volume correlation. It was consolidating in a range and then gave a break out of the range on 19th August. The volumes, then, were above the 100 DMA, suggesting some sort of strength from the buyers. After that breakout, price did continue to move higher, and volumes did expand as the price moved higher. But in the last...
I have uploaded a video with watchlist of stocks which could be traded for short term
My channel is called Intelligentrader on Utube, in which I have uploaded my watchlist for the short term
and tomorrow's Banknifty Analysis
I would try to regularly upload post-market analysis and some stock selection as well, so please subscribe to the channel
Grateful🙏
Information is given on the chart
I have a utube channel whose name is Intelligentrader
On my utube channel I will be posting videos of volume analysis and also basics of trading.
This is an educational post
Trade carefully
Grateful🙏
NEW DELHI: The country’s two biggest foods and beverage makers Nestle and Coca-Cola said on Tuesday that they are suspending production on a temporary basis at their plants, with the exception of limited essential products, following the country-wide lockdown amidst the Covid-19 scare.
Nestle, maker of Maggi noodles, Nescafe coffee, Cereal infant cereal, and...
L&T Finance | Short Below 128 | Stop-loss 134 | Target 105 |
Risk/Reward 1:4
It's a broadening top formation. And pretty much like what the textbook describes. Be careful because nice-looking patterns are rarely successful.
If price closes above the upper trendline before breaking 128 then the trading setup becomes invalid.
LT may garner some support for the falling nifty and with help of other stocks can help nifty to gain some momentum on the upper areas tomorrow its expiry weekly so need to keep a close check on such good corrected stocks like reliance axis titan maruti m&m pharma stocks
Trading Strategy
Last Price@717
Plan A
Expect Bullish Move "If" stock holds in 705-709 zone with strict stops below 695
Targets- 760/775/790
Plan B
Sell Below 695 with strict stops above 720
Target - 620 / 630
Thanks for watching the video.
Wish you Happy Holi & May this festival bring lots of colors in your life!!!
Education & Trading Idea
Wedge
Wedges are a multiple price wave reversal pattern. Wedges form when the waves of an asset move within a narrowing range, angled either up or down.
When the pattern completes, and the price breaks out of wedge, it is usually in the opposite...
Mindtree NSE:MINDTREE has been weak since past 3 weeks among the IT pack.
It broke the crucial support at 1100 last week.
Also, there is a Bearish divergence on weekly chart.
Good opportunity to short here with stop loss a few points above 1100 for a target around 930 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an...
