Banknifty showing weekness as it reaches a very crucial zone of resistance as marked in the chart. It is also about to touch its 100 EMA in weekly chart. Until and unless it breaks out of this zone, I will not be trading in the long side.
Do not buy into this rally.. it looks like a bull trap which is very common in all bear market corrections.
If technical analysis works, I can not think of a stronger sign for a big down move very soon..
1. Price corrected till golden fib 61.8% level and came down sharp in daily chart
2. It also coincides with the 200 EMA in daily chart.
3. Upward rally is not...
There is a popular saying "buy the rumor and sell the news" in trading. After PM Modi's speech tonight where he might announce some financial stimulus, there could be a small gap up tomorrow in the market, but I am expecting Nifty to be unable to break 9400 level where there will be heavy selling pressure. If the announcement can not exceed the expectation of the...
Price touched 50% retracement level of the recent crash as well as the upper band of the ascending channel which is a bearish pattern. There is high probability that the price is going to reverse and resume its down trend after breaking the channel support.
N.B, Please note that this is a market study based on my knowledge and experience and not a trade...
Wkly chart of USD-INR pair is showing all signs to reverse trend from this week.
MACD divergence, long upper shadow in weekly candles and a strong wedge resistance have a strong probability to push the USD to the lower levels as market in the chart.
Price is moving in very wide downward sloping channel. Although price is extremely oversold in weekly chart, but it might test a very old support (marked as Target-2) before turning around. Till then keep shorting with strict stop loss or option hedge.
What a crazy day in the market!! Great experience..
Nifty flash crashed in the morning by more than 1000 points in 30 min.. But the 8900 area proved to be the strongest support in the monthly chart of NIfty.
100EMA + Previous swing high + Monthly trendline + 61.8% retracement level
Although I made good money by using long momentum, but will not hold any...
Last two weeks have been extremely volatile for NSE:NIFTY , but the trend is still up even after shedding nearly 1500 points from the top.
Nifty is currently in a very strong accumulation zone 11090-11180 and also taking support from 100 EMA in weekly chart. The trendline marked in red in the chart is the last support.. if broken, a bearish trend can be...
Nifty taking support at around 11800 level as well as a recently developed uptrend line (marked in green). It might bounce back from here and form a sideways pattern before resuming its down move.
But I will not be in hurry to initiate a long trade.. not before there are good volume bullish candles in intraday charts.
Nifty is bearish in weekly and monthly chart. But in daily chart, it took support from 100 EMA and might bounce back in the coming few sessions till 12100-12150 zone which is a strong sell zone. This might be the last opportunity for traders and investors to book profit in their long positions.
Once Nifty starts trading below 100 EMA in the daily chart, next...
In daily chart of USD-INR pair, price is moving sideways and bouncing off the bollinger band support. If price moves higher tomorrow, a long trade with entry at around 71.0 with a target at 72.0 and stop loss at 70.5 can be initiated.
Approx maximum trade duration: January end
Nifty closed in the sell zone of 12021-12103 after a nice upward rally of about 1400 points in just over two months time. Currently it is at around 780 points away from the yearly trendline, that is the 240 day EMA. MACD also has a negative crossover in daily chart.
I am not too confident about a breakout from here, provided it has not taken sufficient time to...
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.