This is related to the banknifty one (see below)
BAJFINANCE has run up beautifully inline with banknifty but at accelerated pace.
It is sitting nicely at 50% retracement and the fatigue is visible on chart.
It has made an engulfing candle today and considering the confirmed bearish bias on banknifty, this would follow.
First target is the 38.2% retracement...
This is a reasonably simple set up.
The price has broken regression channel decisively.
It is on the verge of braking bollinger band on the downside in all probability it should close below it by the end of the day.
If sustained, the next logical target is 300 which also happen to sit nicely on a fib level.
As in the recent frenzy of bullishness it is sometimes easy to lose a grip over markets and just follow the herd.
Nice wedge forming on the banknifty.
If it manages to break below 220000, I think we should see a fall of 2000 points to 20000 in relatively quick time.
WAIT FOR CONFIRMATION. This is not an entry signal yet
I have been watching this chart for past few days waiting patiently for the trigger.
The trigger happened at around 2pm today when I shorted this with futures at 358.50.
By 3.15 I closed at 348. But the trade itself is far from over.
The trade set up is obvious from the chart. A sharp run up tapered to a very narrow range when ultimately it just had to topple...
Relatively simple trade. Nothing complicated about it.
I also wanted to draw attention to this asset class which is still not getting much attention.
One can trade CDS futures and options on NSE for very low margin.
e.g. Intraday margin of 700 INR for 1K lot. And about 1400 INR to carry positions overnight.
This is not bad. 1 lot will result in INR 1000 pnl for...
FMCG sector has been a laggard for lately, It's slightly negatively correlated with the benchmark Nifty.
It seems to have broken out of the downward channel and could shoot up quickly.
Tata Global, Godrej Consumer Products and Marico are some prominent stocks.
I particularly like Marico for this set up. Posting the Marico one soon.
In addition, if the negative...
Tomorrow is weekly expiry of the banknifty FNO.
This is usually a reasonable dramatic event but even more so tomorrow.
Today, the news of Chinese retaliation to Trump trade sanctions threw the markets off.
BUT, it happened in the Asian and European hours. As I expected, the US markets are much more sanguine about that.
This has got to reflect tomorrow in the...
The price action in global equities has been interesting lately and we are at a fantastic inflection point.
There are multiple triggers to support reasonably big move in either direction and traders would do well to take a notice.
My bias is on the downside but as I explain in the video, yours doesn't have to be.
Watch the video for short term targets
This one has clearly and cleanly broken out of the Bollinger bands.
More importantly it has also broken out of the downward channel decisively.
Great risk reward on the long side. Target 30700 SL below 28000
Nifty closed the session today almost resting on 200 SMA on daily chart.
This also happens to be long term resistance level that should turn into a strong support.
Long initiated at this level, ~ 10170, should target 10450 for short term trade with SL 10065.
This is not trend reversal at this point. Just a quick bounce.
Most overbought ever...at least till 1970's
If that's not enough please humor me.
What's funny is everyone in the mainstream is defending. Including Warren Buffett.
And this is the response from Cliff...
Sell on rally market now.
Looking at the way US markets are going a little bounce may be expected tomorrow.
But that's a dead cat bounce.
Sell Nifty around 10200 if it gets somewhere around there.
9700 should be the target