scalp3r240

scalp3r240 Updated 

The index pulled back in the last couple of sessions but its 2 wk EMA stands around 31250 with a major resistance @ 30800 and a minor one around 31100. Even if the index does manage to breach this major hurdle around 31000, it will need to shoot up beyond 31800 in successive sessions for it to be able to resume the bull rally, and a weakness before that will bring...

scalp3r240

SGX is down by 25 odd points indicating a flat to negative opening for our market. There is a fair possibility of the day being indecisive with a rangebound movement. Support taken at 32000 should be bought for target levels seen on chart. Weakness seen around 32250-32300 should be used to short. All other interim levels are highlighted in the chart. ...

scalp3r240

The index moved back below into the trend channel after it had broken out and traded above it for a couple of days. This indicates the lack of retail participation at these levels. DIIs have been offloading M-o-M and are likely eyeing lower levels to buy again. In addition, RBIs tightening of rules for NBFCs could lead the entire FinServ sector down. There could...

scalp3r240

The index faced resistance at 32600 as expected but took support at SAR around 32150. SGX is flat to positive with 15 points. Any weakness around 32600 should be used to short the index for targets of 32450-32300. Below 32300 the index will test 32150, where its 1 wk avg also lies coincidentally, proving it to be a critical support. USD is oversold at the moment...

scalp3r240

SGX stands flat to negative with 20 odd points. The market might very well open flat with a positive or negative bias. However, USD seems likely to go down a little today which might mean that the index might take support around 31800 again today and bounce a little. 32200-32300 will prove to be a hurdle. Any weakness witnessed there should be used to short the...

scalp3r240 Updated 

SGX stands at 70+ points at the time of writing this and our market is likely to follow suit. However, Dow, DAX, FTSE futures are all down and the market could witness profit-booking at the very opening. One can look to short the index at the opening with a SL around last seession's high. Note:- In case the market seems to be taking above the upper main trend...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** As is evident from the chart, the index breached its short-term trend support and closed below its medium-term (in terms of 15 min. timeframe) upper trend channel as well. 31950-31800 will prove to be a critical point in the coming week with supports from SAR and 1 wk avg (@ 31795 currently). If the market...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** The index took support @ 31000 on two consecutive sessions and has rallied to a critical resistance @ 31800. A gap-up opening above 31800, sustenance above it, will lead to a continuation of the Bull Run, although Stochastics seems to be at an overbought zone. It was interesting to note, today, that the market...

scalp3r240 Updated 

The index has breached the Parabolic SAR on the 15 min timeframe and looks like it might move up. Another test of 31400 should be bought with a stoploss below 31300 for an immediate target of 31800.

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** BN faced stiff resistance around 31400 for the past couple of sessions making it a decisive resistance level in the coming week. Nifty already kissed 14k on the last day of 2020, where profit-booking was witnessed. Technicals are indicating a weak bias, suggesting the index could correct a little. Its 1 wk avg...

scalp3r240 Updated 

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index portrayed a clean textbook pull-back until 31000 before rallying back up, fueled by FIIs net buying 3x over of what DIIs sold. The Stochastics bottomed out today itself, in contrast to it remaining in the overbought zone for the past few days. This gives the index more room to move...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The market rallied on, as speculated in yesterday’s post, but stopped short at a minor hurdle @ 31375. USDINR took support at a Fibonacci level around 73.50 and Stochastics seems to be ready to go up, while BN’s Stochastics remains at an overbought zone. A quick test of 31000 cannot be ruled...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index managed to close above a comparatively major hurdle around 30800 which is positive for the momentum. FIIs remain net buyers and the index could very well be propelled to 31780, fueled by a short-covering rally. In that respect, Nifty would close the year above 14000, making quite a...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! Although DIIs sold far much more than FIIs bought today, the market kept buoyant. This, perhaps, indicates that the distribution level exists around 30000 which also happens to be the index’s 1 wk avg currently. USDINR is oversold and BN’s Stochastics is at an overbought zone with a major...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index broke the immediate trend support channel as well as multiple supports along the way. One of the Fibonacci level stands @ 29082 which should act as a support. A breach of the same will give way to further correction. USDINR might retrace a little tomorrow which would possibly translate...

scalp3r240 Updated 

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! 30800 is proving to be a pain once again but it is interesting to note that the index managed to close above its near-term trend support, and its 1 wk avg @ 30640 now, suggesting 30600 would act as a crucial decider on the downside while a sustenance above 30800 will take the index beyond 31000....

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index closed above the crucial 30800 mark suggesting a possibility of further up-move. 30600 should act as crucial support , a breach of which will lead to a correction. Consecutive close(s) above 30800 will confirm a resumption in the ongoing Bull Run. LONG , if the index sustains above...

scalp3r240

** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! 30800 is proving to be a make-or-break level for the index as of now. Although there wasn’t much selling (or buying) by IIs, the market managed to fall under its own weight (high P/E). Given that retail investors have been redeeming their MF investments m-o-m, they will be looking to plough it...