Shorted Nifty @ 11735 (Sep futures)
Currently it seems that Wave-III is retracing. Expected range for Wave-IV is between 38.2% & 50% retracement.
There could be volatility and consolidation.
Just closed the short trade at 11455 as I was writing this. About 280 points per lot profit.
Shall enter again on the short side when the levels seem right.
(This analysis and prices mentioned are of YESBANK 27th SEPTEMBER FUTURES though the charts and prices in this post are YESBANK SPOT. Make necessary adjustments depending on the relevant market. On August 31st September futures closed at 345.9 and Spot closing price was 343.5)
Long on YESBANK September futures @ 242
Reasons for going long:
After a 6-7% fall in...
Long entry in Maruti 27th Sep Futures at 9166 on 31st August
- CMP is now at 50% retracement of the rise from 8255.5 (21st May) to 9929 (24th July). To me this seems like the ABC retracement of Wave-V is over and a new Wave-I could be starting. Some consolidation could happen of course, before it rises. (See Daily Chart on right)
- The Daily chart shows very...
Maruti seems like good long positional trade. I am long in futures market since 8900.In my previous chart I had explaind that I was waiting for a bounce from about 8873. On 3rd July I entered long.
Immediate Target ~9600. SL below 9000. Maruti put OI has max addition at 9000 strike and call OI has max addition between 9400-9700 strike. These could form the basis...
Reasons for shorting:
- HCLTECH has retraced 0.618% of the drop from 23rd April to 5th June
- There seems to be a Pin Bar/Doji forming on the daily chart
- Daily chart Money Flow Index is very high near 80 level
- Stochastics high on daily chart & falling on 30 min chart
This is a rather high risk trade given the rise in Nifty but I am taking it.
Yes Bank - analysis of probable ranges valid for at least 4-5 days.
Apologies for the rather cluttered chart but it has a lot of information if you have the patience to study it.
Also refer to my earlier chart:
Good time to go long for a positional trade. SL below 325 on closing basis. Then just wait for a surge up. Targets could be 341/351/365/370 etc (futures prices July contract).
- Yes has been taking support at the 100 MA for the past 4-5 weeks.
- Stochastics look good.
- MACD (daily chart) showing signs of a bullish crossover
- Inverted Head & Shoulder formation...
I know this looks like quite a mad decision but I have gone long on ICICI Bank since yesterday @ 272 (futures price).
- It has retraced to almost 78.6% of the rise from 3rd April to 15th May A very deep retracement
- Immediate target = 288 (futures price July Contract)
- SL = below 268 (futures price July Contract)
As commented in my earlier Tata Global chart, I went long yesterday 21st June in the futures market:
- Doji daily candle
- Money Flow index seems to be rising
- Doji formed at 50% retracement of rise between 16th May & 15th June
- The overall trend seems bullish. I have been trading long since a month and regularly booking profits or trailing SL. Good returns,,,...
From what I can see it appears that Yes Bank is in the process of forming an Inverted Head & Shoulders formation.
- 320 &330 Put OI is climbing so that could be a support level
- Yesterday's and today's candles seem to forming a Tweezer Bottom which often results in a rise
- Current price level is near the left shoulder range
- SL is quite tight so low risk long trade
Bank Nifty - Probable Range Levels - 4th-8th June
Personally I think it is headed down. However, if it does go up then the support and resistance lines can be used as a guide to SL and targets.
On the daily charts there is an inside candle. Conservative traders could decide in a trade only after the breakout happens below or above the 31st May candle.
Nifty Ranges valid from 4th-8th June. It is a wide range so trade carefully.
I have displayed 4 hour candles in the chart so the entire range is visible and yet the candle movement too can be seen on a day to day basis.
Also the Ichimoku Kinko Hyo should guide viewers about the bearish/bullish price action in the 4th-8th June trading week and accordingly set...