About meI am a professional trader making a living out of it from last 6 months.I worked for 1.5 year as a researcher in various advisory.
I think the way peaople take trading is something very different than reality.
My goal is to become a skillful trader.
The Ramco cement is in an up trend , Bullish sentiment are still there but it is on chart making a crucial support zone between 930 to 920 , keep an alert on this level as reversal setups on these zones are potential trades.
In short term , on 15 min time frame chart the nifty has taken a major support at 18040 while the major resistance is placed at the recent high 18592 if market comes near this levels then the reversal setup can give a decent risk to reward.
1. On weekly time frame chart we can see a bearish dark cloud cover pattern, after a lower low formation a correction is expected in short term.Market may take a pause here. It does not mean that the bull run is vanished.
2.Short term correction is expected as the RSI is trading around 75 which is an oversold territory.
3. Price is trading above 200 Day moving...
1. Major resistance Zone is Placed between 1535 - 1517, this resistance zone is tested for 4 times this time a sharp breakout is expected.💣💣
2. Support zone is placed between 1271 - 1256.
3. Price is trading above 200 Day moving average.
4. RSI crossed 70 ,giving a strong bullish sign.
5. Price is consolidating between 1520 - 1260 ,from last 8 months.
Market is strong bullish , but these are some early signs that makes every trader conscious. I think market can correct time wise.
after a sharp rally market consolidates it is happening from last 6 months I am observing this pattern and again the possibilities of the market to correct from this point of time.
Bearish engulfing pattern can be seen on daily chart.
Ujjivan is consolidating around the major resistance level of 167
Also the overall pattern in short term is looking like a flag pattern
After consolidation breakout and the resistance breakout we ca see a sharp upside rally.
Hdfc bankis trading near its major resistance keep an alert as it can give a big breakout for upside, the resistance zone has formed on the all time high which is making it a reliable and a crucial level for the overall stock.
Think buy only after breakout with small SL
It can give a decent Risk to Reward trade
Ashok leyland Moving in a channel pattern formation
usually channel pattern forms when there is less activity from buyers and sellers ,price become sideways and trade in a certain range ,ashok leyland is also trading like that keep eye on it ,it can give any side breakout .
kotak bank facing resistance at higher levels around all time high keep it in watch list if it breaks above it can give a sharp up move else you can also find a reversal trade as it can go down from here also both side view will help you.
today is a very crucial day if the closing is negative then for sure it is more probable market can correct today is a tough fight between bulls and bears.
On charts these levels looks promising keep an eye on it
early sign of correction , as if the market correct from here then targets can be of 16400 which is a 68 % correction golden ratio of fib.
Last trading day activity has revealed that seller are now active which are missing from a lot of time.
Kotak mahindera bank has not participates in the bullish move of nifty which makes it a weak stock compare to overall market.
currently the stock is trading at crucial resistance zone which is also looks like a neck line ,If it closes above than we can expect an up move
Kind of head and shoulder pattern formation is also there.
Axis bank is trading in a channel ,
The trend is bullish,
upside breakout is expected
Keep eye on volume if price rises with volume than it can again make an all time high.
On big chart is also looks like flag pattern
1) Triangle pattern formation as we can see on chart
2) Inverse flag pattern formation
3) Both things formed just above support level which is very crucial
4) For last four month price is trading in a wide range if the breakout happens with volume it can move very sharply in any direction.
Keep eye on it when it reaches to the support or resistance.
Nifty forming a dark cloud cover pattern generally this pattern when forms on the top the market either become sideways or correct little .
In current scenario the rally is very sharp so the correction is expected my personal view is that nifty will be sideways for some days from now