ParimalDevnath

ParimalDevnath

Hourly chart. Consolidation in a narrow range. May make a swift move either of the sides. Long Straddle would be a suitable strategy.

ParimalDevnath

Divergence Play. Price corrected from 200 DMA. A positive divergence is triggered. Tweezer Bottom on candles-- bullish signal and reversal possible. Target is marked. 478 is the SL.

ParimalDevnath

During the recent corrective rise, Nifty reacted six times at4 50 DMA. On 4th of January 2019, bears tried twice to push Nifty below 50 DMA but could not. So holding onto 50 DMA, Nifty may again try to face the resistance of 200 DMA. Consolidation and correction are happening after a sharp fall from the height of 11777 to 10004. And a High and Tight pattern of...

ParimalDevnath

Double Top, Channel Top, Negative Divergence, Supreme Court and Circuit breaker. On third Jan 19 'News' was splashed in the mainstream media about the concern of SC about Maggi Noodles having harmful level of lead and the SC lashed out at the govt. On 4.1.19 price hits the Circuit breaker. 'They' made big money. 'They' took big short trades before they spread the...

ParimalDevnath

Nifty broke down from 200 Simple DMA and stopped above 50 Simple DMA. If 50 DMA fails to hold Nifty, market can slide towards the trend line support zone which comes around 10500 level. OI Table: For last several sessions OI Table given in the NSE site is not updating market data properly. There is lot of disparity and confusion. So no proper idea can be gathered...

ParimalDevnath

Contracting Triangle. One Trendline is normal Trendline and the other is created by 200 DMA. Breakout level on the upside is 714 and target is 780. On the downside breakout level is 686 targeting 640.

ParimalDevnath

Breakout from the Trendline.

ParimalDevnath

Since 19th November 2018 Nifty is trying to settle its score with 200 DMA for direction. Nifty is hovering around this significant MA. Neither party is convinced of the direction. This is consolidation. Its boundaries are limited mostly within 100 DMA and 50 DMA.

ParimalDevnath

Nifty made a sharp recovery from 50 DMA and halted ted below 200 DMA. It was a volatile day. A lot of short covering was seen due to expiry tomorrow. This sharp rise can be deceptive. Trend remains down. We need to wait for two more days to see things with clarity. At least I don't have clarity at this moment. Levels can be given but they may not work. OI...

ParimalDevnath

On Monday Nifty moved below 200 DMA. Bears are eying 50 DMA (10578) which may provide some support. OI Table: Till 02.00 PM on Monday bulls tried to protect the level of 10700 but then bears took charge and broke down this level. In fact bears were covering shorts. Highest OI position remains 11000 Call -- total 5,799,30 (-76,125) shares as the steep resistance...

ParimalDevnath

Crushing impact of Negative Divergence on MACD on weekly chart. Price of S&P500 has come down to the crucial level of 200 Week SMA for support. Twice previously 200 Week SMA helped this Index to rise up. Will the same happen now? If this level does not provide support, logical next level is around 2085-- 1.618 retracement. Either way, this will influence all the...

ParimalDevnath Updated 

End of the month and year is closing up. I posted this monthly chart 2 months ago. This long-term chart shows that Nifty is in a grand bullish trend making HH and LL. It is clear that there are corrections and each of the corrections, interspersed with corrective rallies, lasted for an average period of one year and the present correction is just four months old....

ParimalDevnath

Resistance of Double Top pattern, that is 100% retracement done, Negative Divergence is persistent. Price started moving up on the back of a Positive Divergence and it moved within a rising channel. One can go short at the current level (226) keeping an SL at 230. If the market favours, one may see the level of 210-- 200 DMA.

ParimalDevnath

Divergence play. Nifty rose from the low of 10006 on the back of Positive Divergence and reached 100 DMA. a) Nifty could not hold above 100 DMA. b) 11000 Call has had the second highest OI. So strong resistance. c) Negative Divergence proved to be the deterrent for bulls. Once Divergence strikes, price move is unstoppable. Now, Nifty closed ted below 200 DMA....

ParimalDevnath

Bears tried to turn the tide in their favour in the morning session. Bulls in the second half of the session turn the tide in their favour. All losses were recovered. Nifty above 100 DMA. Now holding onto 100 DMA, Nifty may reach rising channel top which coincides with Golden Ratio and also the upper level of Megaphone pattern. If bulls can manage to scale this...

ParimalDevnath

Gap up opening. Nifty above 100 DMA. Now holding onto 100 DMA, Nifty may reach rising channel top which coincides with Golden Ratio and also the upper level of Megaphone pattern. If bulls can manage to scale this level, they will feel confident to take Nifty towards 11200 --the level of 28.1.18 (11171 exactly) which may play as strong resistance. Bulls are a bit...

ParimalDevnath

Holding onto 100 DMA and continuing the bullish momentum, Golden Ration (11084) may be the next target. This view will be invalidated if Negative Divergence takes over. Negative Divergences are developing on hourly charts (there are two) and on daily chart as well. There are two Trading Gaps on hourly charts.

ParimalDevnath

After a month of holding onto lows, price has broken down. Heading for previous low 42.