Nifty developed an 'evening star' pattern in daily chart, which is a very strong bearish signal. Ahead of Ayodhya verdict, market is selling off from the strong selling zone near all time high. There is a strong possibility of an extreme volatile market in the coming days due to the high sensitivity of the issue.
If price breaks the blue trendline, I am...
In weekly chart of Nifty it looks like it is making the swing highs under a dome pattern. This is a very rare pattern in Indian stocks. If it plays out, Nifty should not make a new high and should reverse from around 11950 - 12050 zone. Downside range is wide open till 10000 at least.
Nifty pulled back in a converging wedge pattern till golden fib 61.8 level and developed a clear bearish engulfing candle pattern in 30m chart. Short trade can be initiated below 11380 (spot) tomorrow with stop loss at 11480 with a target of 11110 (RR>2.5).
Trade is not recommended for intraday traders with capital less than 1.5 Lakh Rs.
Market has moved up sharply and touched the upper resistance of a channel in daily time frame. If the channel holds, we can expect to see Nifty at 10000 level by end of this year. Looks like a good time for short traders..
Until Nifty sustains below 10780 (weekly 100EMA), there is no short opportunity. On the other hand, there is no positive bias in the market to start an upward rally.
At present Nifty is in a volatile sideways zone and it is better to stay out of the market till it closes below 10780 on a weekly basis. Protect your capital and wait for the right opportunity, even...
A major weekly trendline that has not been broken since early 2016 is being tested. In fact today price closed below the trendline. Tomorrow is going to be a make of break day for the market. If it fails to take support and close above the trendline as well as the 100EMA, down move can be more aggressive in the coming weeks. Next big support in weekly chart is...
Nifty is trading in a sideways trend since start of August. There have been some intraday opportunities, but there is no clear direction so far. It is not worth risking one's capital going for small intraday profits until it breaks the sideways volatile zone.
Long Opportunity will arise once it breaks the sell zone (as market in the chart) to the upside target of...
Nifty taking support at 100EMA (wkly) as well as a strong weekly trendline. Expecting a sideways phase of 2-3 months in a small range of 10800 - 11100 before it breaks the trendline to travel towards 10000 level. Swing traders need to be careful in this period. It will be safer to go for intraday moves and not carry position overnight
Weekly candle closed below trendline. If on Monday price breaks today's low, trendline break will be confirmed. Next major target for short trade will be around 11066 - 11130 zone, where it will reach next major weekly trendline. If it breaks that too, it should reach 10000 level in no time.
Nifty has arrived the resistance level of the descending channel. If tomorrow price gaps down and moves downward in first 15 min, a short position can be opened with SL above the swing high and a target of 11650.
If price gaps up and sustains over today's high, this trade plan will no more be valid.
There is a head & shoulder pattern being formed as shown in the chart. It can only be confirmed after the trendline is broken and then the 11550 level is breached. There is a clear bearish divergence from MACD also.
In case the pattern works out, it can take Nifty to 10600 level, where the up-move started from in mid Feb.
(If price breaks out on the upside and...