virralthakkaar

virralthakkaar

I can expect a bounce back here and I've a lot of reasons to expect it. 1. Expiry - Whenever there is a breakdown, big traders go short and the markets bounce when they are covering. 2. I had a solid resistance at 14630 levels which have been respected yesterday. 3. Daily candle has managed to break the trendline. 4. A small indication on RSI that a reversal is...

virralthakkaar

I am still not confident. Nifty is trading below the 20 EMA and there are some funny global scenarios along with a few rumours so I'll wait.

virralthakkaar

One side bull rally is now complete. The daily charts of Nifty does show an uptrend but it is not going to be the way it has been since 2020. We will get ups and we will face downs and now we can trade as Bulls or Bears and still make profits. The technical support on charts for Nifty50 is at 14780. Trend is up but let's wait and see if the correction is complete...

virralthakkaar

Running correction as expected yesterday. What next? Strategy remains the same, 'buy on dips' Support can be found at 15000 and target can be around 15500. Let me remind you that today is an expiry so I'd wait for the second half before taking a trade in Nifty. Daily charts show that Nifty has taken support on 5 MA and have bounced back from there. We have to...

virralthakkaar

Nifty Spot is giving mixed signals as of now. Charts Nifty is missing a necessary momentum in the daily candle. The safest Stop Loss for long positions now is 14975 levels because that is where 10 day MA has closed yesterday. Nifty didn't break 5 day MA and bounced back which is a good sign. Intraday long positions can be held with a Stop Loss of 15160...

virralthakkaar

Tata Steel (Future) You can buy a future and patiently wait for levels as high as 800. Tata Steel future is in an uptrend in the daily charts. I have been bullish in Tata Steel in a long time but it has slipped since then. What makes me happy is that the candles have taken a support on 10 EMA at 681 levels and bounced back from there. Data 650 is a major...

virralthakkaar

Nifty50 Spot Candles took support at 5 EMA with lows at 15081 on daily charts. The good part is that the prices bounced back after just touching the 5 EMA levels which may mean that a support has been created at 15080 levels. Another good part is that the next support level, 10 EMA is not very far and the very next support should be 14900 levels but, 15000 ce...

virralthakkaar

Tata Steel Futures A very strong support at 679 was respected yesterday. The candle in the daily charts give us a bullish signal. Uptrend is clear and I would like to hope that it will continue with a target of 718+ in short term. Intraday support can be seen at 690 levels whereas support on closing basis can be seen at 684 levels. Buy on dips for short term

virralthakkaar

Nifty Spot Charts Nifty seems to have respected the support at 15050 and if so, correction might justbe over now. Daily charts have an uptrend with a new support at 14950 levels followed by 14800 levels thought I can't find a good reason to say that Nifty might test these levels. Data 15200 is a very critical level with an Open Interest of 1,453,500 in ce 15400...

virralthakkaar

*NSE Cash study Infy did try very hard to cross the 20 day EMA yesterday and did too but couldn't hold. Nearing the end of the day, IT stocks took a beating and so did the market. Now, looking at the charts today, RSI held above 50 and so did the trend on the daily charts. I see a strong support at 1290 levels so we can go long with a stop-loss below 1290 for...

virralthakkaar

*Study of spot levels The entire world seems to be losing strength. The markets are rising but the speed and strength and this may indicate some correction. Now, even if there is a correction, Nifty has found a very strong support at 14725. That is a good 400 points from where we stand right now. This gives us an idea of the maximum risk that bulls are looking...

virralthakkaar

*spot level study 14800 to 14900 levels are where bulls should enter. Why wait is because the RSI is in the overbought range on weekly charts. The gap between Moving averages / trendline has been covered quite a bit yesterday as MAs moved up. The base level shown on the daily charts today is at around 14460. This level is a support if there is a major correction...

virralthakkaar

*Study is based on Futures Reliance has managed to crossover the trendline in daily charts today. What we have to watch is if it manages to hold because if it does, we might see a bull rally which will take the prices above 2000 levels. Aggressive or risky traders can buy once RSI manages to cross 50 levels in Intraday charts with a stop loss of 1950.

virralthakkaar

RSI on the weekly chart is above 70 which is an overbought range. As seen in the past, Nifty has to correct itself to get RSI back in the trading range. Trend is bullish so I don't recommend any short positions but the strategy should be to buy on dips. First support is at 14900 levels so one can buy at 14950 levels with strict stop loss. Another very strong...

virralthakkaar

5th feb candle in the daily chart is completely out of the Bollinger band. This indicates that the Bank Nifty will take a sharp turn to return and find a solid support. On the other hand, weekly charts have a very strong bullish engulfing pattern which means that uptrend might just continue. The gap between the trendline and the candles is way above understandable...

virralthakkaar

Nifty50 Why am I waiting or why am I doubtful? 1. The candle in daily chart made today closely resembles bearish doji. 2. The distance between candles and trendline seems a bit too much. 3. Even the distance between the candles and 20 day EMA is of around 500 and the 20 day EMA is at 14375 levels but the prices closed at 14925 which, according to me is not...

virralthakkaar

Buy on Dips / CMP is 304 The breakout is clear and the uptrend since 7th Jan 21 continues. I say buy on dips because this sudden and sharp uptrend might lead to a correction upto 250 levels. The risk level is high but so is the reward. Checking the daily charts (resistance not available on hourly charts), the first resistance is at 360 levels followed by 410...

virralthakkaar

NSE trading @ 928.35 An amazing script for Investors. HCL Tech has been in an uptrend since March 20 and doesn't look weak in anyway. An expected correction has been happening since 13th Jan 21 but the candles have been taking support along the trend line since 31st Jan 21. We can consider this correction as a 'Continuation Bullish Flag' and expect a very...