Nifty is showing good strength for past few sessions, the rally seem to still have some legs.
Nifty fut open interest is at multi month low, that normally means market is light and can move fast in either direction. It did saw a 2-3% reduction yesterday. The low open interest in the present scenario is because to very low participation. The low participation...
19701 will bring bears to control the scene.
Other levels are mentioned on Chart.
Monday markets will react to new SEBI norms too, also the rally in global markets may get fizzled out completely on the back of deadlier spread across Europe, USA and India.
Cautions approach is important in an uncertain environment.
refer to chart for levels.
Monday is important for two reasons, one is the reaction to new SEBI guidelines and
other is even more deadlier spread of COVID 19 across Europe, USA n India, and certain measures different govts. have been taking to salvage markets and economy.
If we go by Global markets, news flow and subsequent panic the short covering rally is over.
SGX Nifty is suggesting the same.
Good thing to take home is, Dow is a little lesser volatile, chances are that it will try to consolidate around these levels.
8046,8126, 7822, 7446 and 7266 are to be looked at on downside, while 8775 is important on way...
Chart shows a downward channel, Nifty is moving in, with absolutely no signs of break out.
Today it formed a "morning star" pattern on daily charts, which is normally considered as a pause or reversal signal, subject to confirmation by following candles.
But, we are surrounded by a panic, which is showing no signs of receding.
RSI is at 14.28, 9th day in...
As it can be seen in the charts, Nifty on daily charts at today's (12/03/20) closing is at 13.05. I have never seen this level in my life, I am sure most traders / investors alive might not have seen this.
At the same time, ATR is at 287, though I started tracking ATR a couple of years back only, don't remember seeing it nor could find this anytime in last few...
After big range day on 9/3,odds are high a few more of range bound inside days. Low of 9/3 is important with more pain below 26k.
Similarly 26780 is important to be exceeded for any meaningful upside.
TRADE WITH CAUTION.
10294 and 10650 are so important levels for Nifty, breach of either will push index sharply in either direction.
Use them as your stop loss for positions in reverse directions.
Try to trade spreads only as markets are too volatile and oversold but still showing strong momentum on downside.
Nifty's Friday recovery from day's low was heartening to say the least.
The day also saw the Nifty closing near day's high and at higher levels from the day's lows, and all this with very high volumes, 3-3.5 times higher than the average volume of last 30 days.
OI of Nifty future was up by 14% on Friday while BankNifty OI has reduced a little. Both the indices...
There are long term supporting trend lines , that have been supporting Nifty for quite some time.
The longer one, that has been supporting Nifty since Feb. 2016, got almost breached today (11150) as Nifty traded below this for some time and even closed slightly below this line (11132).
There is another one, that has been...
11090 to 11020 is the range Nifty can be expected to take some support.
11090 is the previous low Nifty saw after the Nirmala Candle or Corp tax rate cuts.
11020 is placed on a supporting trendline of a long term channel, Nifty is moving within, for over 30 months.
The last hour recovery has revived some hopes of a short covering rally at least.
It is a long wick hammer candlestick pattern on both nifty and bank nifty, on an EMA on RSI system, there is a mild Buy or consolidation signal on two hour charts.
Markets are oversold, some support from global markets can initiate a 100-150 points rally on Nifty anytime.
Bank Nifty took support at 200 EMA on daily chats, but remained weak on most other parameters.if tomorrow
It made a text book doji where o=c, a strong reversal signal, provided it is supported by tomorrow's candle.
Global markets as as oversold as ours, a short covering bounce may come anytime.
Nifty broke all important levels, closed below 200 EMA today.
Today's low is in a important zone, 11614 was the previous low (Feb 3), if that is taken too 11512is the next support. One can hold shorts till 10800 is not exceeded by the Nifty.
Look at global markets and OI of Nifty and Bank Nifty futures, as that will provide the important cue when there is a...
Bank Nifty too is running in Sell zone as per 9&34EMA on Index and RSI system, the 1st sell came on 20th Jan, and it has never reversed enough to give a buy as per this system.
Avoid buying in these markets, unless there are clear signs or recovery.
Though certain traders or investors are still finding it difficult to digest, such a fall due to a fatal virus, that has caused only a few casualties and infections outside of China.
I guess the sooner we come to terms with this, the better it will be.
On very reliable 9/34 EMAs on Index and RSI System, Nifty as well as Bank Nifty are running in SELL Since Jan...