scalp3r240

scalp3r240

The sell-off in the morning by DIIs was more in volume compared to the buying by FIIs in the latter half of the day. This has formed a hanging man pattern on the daily timeframe which should lead to a correction as this bearish signal comes after the bearish engulfing pattern formed on the 25th of November. With the stochastics at an overbought zone, and the...

scalp3r240

Another indecisive, rangebound day allowing option writers to hog on time value for the 4th day (including weekend). However, given that the US Fed meeting is coming up, we are more likely to see volatility in the next couple of days. USDINR is trading with a negative bias but it is worthy of noticing that it is currently in an oversold zone, as per Stochastics,...

scalp3r240

The gap-up rally fizzled out pretty soon during the first half of the day, testing its 1 wk avg, now @ 30400 , to close the day with a doji . The index has failed to sustain above 30800 twice in a row and could be headed lower in the coming days, since USDINR too is headed upwards of 74. In any case, a breach of either 31000 on the upside or the index’s 1 wk avg...

scalp3r240

The index respected its 1 wk avg., now pushed up to 30300 , aided by voluminous buying in the last hour by FIIs as the index kept drifting lower throughout the day. Stochastics is in a perfect oversold zone giving plenty of room for upside, although a slow-paced upward movement would mean a lost opportunity for buyers. One can expect a resumption in the uptrend...

scalp3r240

The index conveniently stayed buoyant the first half of the day before breaching the resistance @ 30600. However, given that the hurdle was a significant one, a short-covering rally should have followed up but the index stopped at a minor resistance of 30800 before reaching the target of 31000, also mentioned in yesterday’s post. The 1 wk avg. has moved up to...

scalp3r240

With no impactful news/cues globally, the market just used the day to erode time value of options today keeping it as balanced as possible. The index’s 1 wk avg. lies @ 30000 now, which will act as a crucial pivot in the coming days. SHORT , if the index breaches 30050 for targets of 29900-29800-29650-29500. Below 29500 the index might try and find support...

scalp3r240

Hello all! First of all I would like to apologize for my absence in the past few weeks and it seems the indices have had a plush bull rally while I was MIA. With that being said, we should not ignore the fact that DIIs have pulled out most of the money they had invested in March. USDINR too does not seem to be in the mood to breach 73 just yet and might try and...

scalp3r240

The index has managed to respect its 50% retracement level (to ATH) @ 24365, led by substantial FII buying. The index had already broken beyond the long-term downward trend channel a few days back and is now trading in a rangebound upward trend channel. There is a high possibility of the index moving up further in the near-term where the DIIs will look to...

scalp3r240

The day closed with an indecisive doji, but worthy of noticing that it closed above 24500 (approx. where its 50% retracement level from ATH lies). The index might consolidate for a day or two between 24200 & 24800. LONG , if the index sustains above 24500 for targets of 24800-25050-25200 . Ideally one should look to go long @ around 24200 if it makes a dip...

scalp3r240 Updated 

As expected, the index made a few failed attempts to breach its 50% retracement level @ 24364. It should be ready to go down to its 1 week’s avg. @ around 23500. LONG , if the index sustains above 24400 for targets of 24500-24700-25230 . If the index manages to sustain above 24400, one can positionally go long in the near term for its up-move to 61.8%...

scalp3r240

The index managed to retrace, and close above, 78.6% of its recent fall @ 24200. It has decisively broken the upper trend line, suggesting the index will most probably trade at a higher range in the near term. However, 50% of the index’s retracement of its fall from its all-time high lies @ 24364 where it will most likely face resistance and retrace a little....

scalp3r240

As is evident from the chart, the index made two failed attempts at breaking the upper end of the trend channel and today’s fall suggests (on Daily chart) that there will be more pain ahead in the near term. Expecting the market to be in sell-on-rise mode for a few days. LONG , if the index takes support @ 23000 for targets of 23200-23500 . Ideally one...

scalp3r240

The divergence in Stochastics highs recently led to the swift fall in the index, but has also led the Stochastics to an oversold zone. Hard to say which way it’ll go but I am expecting a rangebound movement with a positive bias for a day or two. However, the view will be negated if the index breaches and stays below 23500 (also 1 week’s MA). LONG , if the...

scalp3r240

I am having to shift the upper trend lines everyday. The index not only closed above 22400 as I had expected yesterday, it also closed above its 50% retracement level of its recent fall @ 22800. All signs are a 'go' for the index for further rally in the coming days but I am expecting a steep fall for a number of reasons. But purely on the technical front, the...

scalp3r240

The index might consolidate around 22080-22250 but the dip should be bought as 1 week's avg. is @ 22000 currently with a positive SAR bias and the Stochastics is approaching an oversold zone. The sell-off today by DIIs was not backed by much volume. A closing above 22400 will confirm a resumption in the bull-run. On the contrary, if there is a dip, 22000 will be...

scalp3r240

There is a fair chance of the index retreating a little to try and close the gap-ups for a number of reasons. However, technically, the Stochastics is at extremely overbought zone and 22400 is a tough one to breach. LONG , if index sustains above 22400 for targets of 22750-23090 . Any weakness at 22400 should be a signal to short. SHORT , if index fails...

scalp3r240

The index is expected to be rangebound between 21500 - 21000 . A breach and sustenance above/below the levels will add momentum to its move. LONG , above 21500 for targets of 21750|22080|22250 . On sustenance above 21700, 22000 can be tested. SHORT , below 21200 for targets of 21000|20675. On sustenance above 21000, one can go long for 21500. * A breach...

scalp3r240

There could be a slight pullback towards 21600 from where it should resume falling. Ideal level to long would be around 21000. Below 20900, the index might correct to 20600 - 20200.