protrader1969

protrader1969

I hope traders who read post here yesterday made some profits as price came well into Selling area and then went down as expected. If people are making money using this info then the purpose is served, otherwise it is just an academic exercise in futility. Though I said that trades in both directions are possible, if we see the data, it still is bear market....

protrader1969

Please read this along with my post on Nifty to get clear perspective. Bank nifty broke the stop-loss which I had suggested yesterday and then came down. But the damage was done. Let's see what we have for tomorrow. !) Option Chain data- On PUT side, total highest OI (8.16 lakhs) is at strike 26500 which also has highest fresh Put writing (4.41 lakhs). But it is...

protrader1969

Morning today sprung a surprise. Due to positive political development in Hong Kong, Hang Seng surged up. SGX Nifty taking cue from it too was showing positive till our openning hour. Otherwise, Dow Jones closed in negative last night. Though our market openned flat and looked non-commital & weak for a long time, Banknifty kept pulling it up almost till closing...

protrader1969

Please read this post along with my post on NIFTY to get complete idea of market moves. Bank Nifty fell significantly today and in a rare case all 12 constituent-banks registered decline- that too by more than 1%, including 3 PSU banks! Such was the deep fall that BNF never really showed any signs of recovery. So what do we see tomorrow? 1) Option Chain data: On...

protrader1969

I hope traders who read my post yesterday did manage to earn some profits on short side today. Look at the extent of fall based on following observations: 1) Sensex logs worst fall in 11 months by falling 770 points intra-day. 2) Among Nifty 50, only 2 advanced, 48 declined. 2 stocks advanced were Tech Mahindra and HCL Technologies (due to fall in Rupee). 3) Rupee...

protrader1969 Updated 

Please read this along with my post on Nifty to get a better perspective. Numbers announced by NSO relating to GDP and other sectors shocked the market partcipants, economists and industry alike. Nobody was expecting a low figure of 5.0% on sequential basis. I would also term bank amalgamation news as bad and as far as bank nifty is considered a non-event. On...

protrader1969

There could be 2 interpretations or two logical points of view for what happened on Friday, 30th August and thereafter. FACT : Nifty opened gap-up, reached to a high of 11024, couldn't sustain and fell to a low of 10874.8 but didn't remain there for more than 10 mins and from there staged smartest recovery seen in last few days. Went on to break previous high...

protrader1969

Last night, after writing post here I started reading other write ups, posts, news items, saw videos about next day's market movement and majority seemed bullish. Business channels were broadcasting studies and surveys which expected expiry between 11100 to 11150. And I wondered, did I miss something? Am I not reading data correctly or Am I reading wrong data?...

protrader1969

Confidence is shaken! If you look at data on any landscape, you get this feeling strongly. And the possible reasons, Rupee fell by 29 paise, Gold is still trading around 39,000 levels, crude touching $60 per barrel ? No. I feel real reason is fear of slowdown or worse, recession hitting home. Lets buttress the findings with data: 1) FII & DII data- Provisional...

protrader1969

It seems we are again entering in a phase of consolidation. Yesterday when I wrote that I see a hanging man's pattern on Nifty and BNF daily charts, it required confirmation that today these indices should have openned gap down and then fall from thereon. But that did not happen and hence that pattern is negated. However, indices also did not run away on the news...

protrader1969

Market was benevolent today. Now why I say that? I essentially wrote 4 points in my last post on weekend: 1) Market would open gap up by around 150 points, (2) It would rise from there as well, (3) Maruti, Heromotocorp, Bajaj auto have had their run up already so trade these with caution, and (4) Impact of DJIA fall of 2.37% will be minimal. I was wrong on 4th...

protrader1969

Two important events happened, after our markets closed in last 24 hours. One, Finance minister announced a slew of measures which will give some badly needed relief to Indian businesses and economy in general. Two, Dow Jones Industrial Average (DJIA ) fell by 623 points, which is 2.37%, due to Trump's series of tweets, after China announced that it planned to...

protrader1969

Today I felt like writing an obituary... of indian stock market! I wrote yesterday that it would fall even today based on data and indicators that were available, least did I know the fall would be so severe. And if you see the list of Nifty losers, the highest loser Yes Bank fell by 13.9%, 2nd, Vedanta by 7.8 % and 3rd, Indiabull housing by 6.8%. The High...

protrader1969

Hope traders made some profits today too on short side. Today's candle on daily chart gives clear picture of what the situation is and what we should expect in days to come if no substantially good news comes from goverment. But this I will explain when we tackle charts. First the essential fundamentals and review of today's market. That Nifty will fall And I...

protrader1969

The brief upmove seems to have stopped and downturn started. That's what I wrote yesterday. Today Nifty, with great difficulty, closed above 11000. Reasons for today's fall, in my opinion, were same that I wrote yesterday- No substantially good news from government and Rupee fall. Today Rupee closed at 71.70 (27 paise higher). It is not good for major industries...

protrader1969

Hope people made some profits today on Sell side.We are still in consolidation mode but bias now is clearly negative. So I would be comfortable in Sell calls than on Buy calls. As I wrote for 19th August, no or slow response from government and Rupee slide did cause Sell-off today. As we shall see in FII figures, empty talk doesn't please anybody. 1) FII and DII...

protrader1969

As I wrote last time, we are now getting into consolidation phase. Nifty's chart since last 4 days show Lower highs consistently but higher lows too, except for yesterday when low was marginally lower that previous session's low. But Banknifty clocked higher high and almost same low. These are signs of consolidation. Option chain too is giving confusing signals...

protrader1969

We are moving from FALL to CONSOLIDATION it seems, provided world markets remain the way they are- and that's a big challenge! Trump is tweeting day in and day out and American markets are reacting or overreacting to every piece of news or data. Yesterday Dow Jones lost 800 points because 10 year bond yield curve dipped below 2yr bond yield curve. And if you are...