scalp3r240

scalp3r240

The index failed to sustain above 22400 (critical level; 38.2% retracement from ATH ), which is also where it's 1 week's MA lies. Given, NASDAQ is down over 2% at the time of writing this, and FIIs & DIIs having been net sellers for the day, its likely that the market would open with a gap down. However, the index has multiple supports - Near bottom trend...

scalp3r240

The index covered almost all the losses made on Monday in the past two days, after testing 22200|22000 multiple times. So, a resumption in further correction has been negated for the time-being. However, a resumption of bull market will only be confirmed if it manages to breach 23000. Likewise, a breach of 22200 again would lead to a major correction. Since the...

scalp3r240

Major correction today that broke multiple supports as well as the medium-term supporting trend line at the bottom. Will have to wait and watch if 22000 is respected or taken out, acting as Pivot for the week. Up-move possible only if market goes back above 22400 and sustains above it. The day could be spent consolidating (eating premium) in anticipation of the...

scalp3r240

The index tested 22200 making a double bottom and closing back above the lower end of the trend line from Thursday's low, and at the upper end of the trend line from last week Friday's high - led by FIIs buying for the second day in a row. A closing above 22500 ( Pivot ), together with a positive stochastics, signals a further up-move in the coming week. A...

scalp3r240

Expecting a Sideways market consolidating between 22700 and 22300 , with Pivot @ 22500 . Upside momentum to continue only above 22900. Whereas, if the index fails to sustain above 22400, it could see further correction, concluding this as a dead-cat-bounce / sell-on-rally opportunity. Long above 22700 for 22900|23100 and 23300 (critical resistance...

scalp3r240

The index has taken support at its bottom trend line and closed above its 78.6% level @ 22222. If 22200 is not breached, the index might try and retrace up to its 61.8% level @ 22866, which is where, coincidentally, its 1 week's avg. also lies. So a pullback to 22750-22900 can be witnessed on expiry. On gap-up opening , if the index manages to sustain above...

scalp3r240

The index failed to sustain above 23000 and has broken the trend line from yesterday's low. Expecting it to test 22400. On gap-up opening , above 22800, the index can go up to 22900|23000 where one can look to short with a stoploss @ 23100 for a target of 22600|22500|22400 (critical support level), with Pivot @ 22800. On gap-down opening , look for above...

scalp3r240

The index could not follow on with the sell-off in the second half of the day, although the Rupee depreciated comparatively significantly, and managed to close above 23000. Stochastics signals a slight pullback, up until it's 1-week avg. @ 23300. A gap-up opening above 23050 will lead the index to test 23150. A successful breach of the same will lead it to...

scalp3r240

CASE 1 (Gap-up opening) :- Long only if breakout is strong and volume-based at 23500. 24000 2nd target 23600 1st target Pivot -- 23200 23000 1st target 22900 2nd target CASE 2 (Gap-down opening) :- Try to short as close as possible to 23000. 23500 2nd target 23200 1st target Pivot -- 22800 22400 1st target 22000 2nd target CASE 3 (Flat...

scalp3r240

Neutral-to-Bullish bias for the expiry as multiple supports taken at 23600. The day might very well end either with a doji (most probable) or a confirmation/conclusion of the correction. 24500 | 3rd target 24350 | 2nd target 24200 | 1st target Pivot -- 24000 23600 | 1st target 23500 | 2nd target 23200 | 3rd target

scalp3r240

Bullish bias for intraday. Index might try and test 24350 one more time, given closing is above 1 week's avg @ 23700 and positive Stochastics. 24350 | 2nd target 24000 | 1st target Pivot -- 23700 23200 | 1st target 22800 | 2nd target

scalp3r240

Neutral-to-Positive view due to Stochastics at oversold zone with a minor divergence from previous low. Could try to pull up a little as closing is at 1 week's average @ 23660 and to neutralize inflated put option premiums. Upside - 24000|24365 Downside - 23200|22400

scalp3r240

Negative divergence on Stochastics and Candle highs. Minor pullback can be expected. Not expecting any major corrections given the market's resilience. Upside -- 25220 Downside -- Supports at 24340-24000

scalp3r240

The market completely reversed in the last hour at the lower end of the trend channel signaling there can be further retracement that can be expected in the coming days pushing the index higher. However, the near-term trend remains bearish. The DIIs have been selling consecutively everyday and might be looking to buy again at lower levels. So the correction might...

scalp3r240

The much anticipated correction came today, with a rather large sell-off of 900 points from the top although there was little selling (800 cr approx.) by DIIs. The problem is that the fall was steep and fast which is going to make it difficult to trade the correction phase, as our major support (21000) is not far away. Below 21000, the index will correct up to...

scalp3r240

As expected, the market opened with a gap down albeit only to kiss 22000 (Futures) for a couple of seconds right after open. The index managed to break yesterday's high but failed to close above 22250 for the second consecutive day. The market is turning a blind eye, as most global indices, to the plethora of negative news around, and, am afraid, might just keep...

scalp3r240

The index closed comfortably above its 50% retracement level of 22120 but below 22250 (initial resistance in the first hour today). Although the index has been scaling new heights, its visible that the up-move is becoming a struggle. 22400, a crucial level, should be the next deciding point. However, there are more reasons for the index to correct a little from...

scalp3r240 Updated 

The RBI policy was taken positively in the following hour, after the initial sell-off in the first half. However, the index failed to breach the previous day's high of 21940 and cooled off to settle above 21500 and 1 week's EMA at 21630. The day closed with a classic doji, suggesting a large candle on either side, giving a clear breakout of an important level will...