NIFTY 29 OCTOBER 2021 : NIFTY is on breakdown mode, perhaps trend is reversing in medium term.

 

Good morning friends, 

Above is the daily chart of Nifty. I have few big words today. Charts are suggesting that trend might change. Why do I am saying that. 

Above is the channel breakout pattern and that's the really brutal breakout yesterday with not even any single intraday recovery. 

Next resistance is 18050 (Might tested), 18150 (Less chance), 18350 (Only above this up trend will resume). 

How dip can this market fall immediately. Fine, I am giving extreme possibility and that is 17400 levels. It doesn't mean you add shorts at any levels. It is a view and you need to adjust trading with proper risk and reward ratio. 

Can we expect a bounce today? I cannot deny. 

Happy Trading. 

NIFTY 28 OCTOBER 2021 : Likely support will emerge at 18100. It can turn weak from higher levels.

 

Good morning friends, 

It took expected dip from levels near to 18320. In fact it was showing discomfort from 18320+ levels. Eventually it took a dip. It go to hit 18170 kind of levels and that's surprising. It is showing that market may not hold good above 18320 + levels. 

What's coming next?

It is very likely that Nifty may fail at top. The way I am seeing the chart, I am not expecting Nifty to go above 18260 for today. 

In the lower side it can come around 18100 levels sooner or later. 

We have Monthly derivative expiry today so be alert from false signals. 

Happy trading. 

NIFTY 27 OCTOBER 2021 : If it sustain above 18320 then 18500 may be on hit. Be cautious near 18300.

 Good morning friends, 

I was expecting 18250 levels and then a dip. We got same yesterday but bounce has pleasantly surprise me in closing hour. It seems that intensified buyers are back. 

Current chart pattern is suggesting that if Nifty can sustain above 18320 then we can expect 18500+ levels. Who knows if we can get a new all time high also. 

So 18320 is crucial. It will act as make or break levels. So it safer to be cautious at higher levels near 18300 levels. Let it cross 18320. 

Happy trading. 

NIFTY 26 OCTOBER 2021 : Rebound from support can take Nifty towards 18200 to 18250 levels, higher levels may not sustain either.

 

Good morning friends, 

I have quoted for support at 18050 to 17950 yesterday. Nifty took a dip in to that levels but due to strong support, it has rebounded too. It was a too big day yesterday. 

Now let us talk about rebound and the possibilities for the day. 

It is very logical to talk about the top to be somewhere near or above yesterday's high. It can be at or above 18200. 18200 may be a make or break levels. If it fail to attract buyer then it will again see a fall. 

If it get buyer above resistance then 18250 and 18300 may also be the possibility. 

Now buyer are not that much strong as it used to be early days. So be cautious at resistance and higher levels. 

Happy trading. 

NIFTY 25 OCTOBER 2021 : 18050 TO 17950 can act as good support in down side.

 

Good morning friends, 

Above is the hourly chart of Nifty. We can clearly see the levels of 18050 to 17950 as good trading support. If market rebounded from current zone then we can expect rebound to sustain. 
Above is the most likely scenario. 

Let us see the alter sense also. If Nifty breaks 17950 by any chance then Nifty will be in worse shape of recent time. It can go to drag towards levels of 17600-17500 levels. Who knows what can change if that happens. 

[Note - I am also studying monthly chart which is suggesting me that this super rally will end either by this year end or max by early next year. Anyhow it looks as bearish 2022. Hence avoid fresh investment].

Happy Trdaing 

NIFTY 22 OCTOBER 2021 : Very likely to rebound till 18259 and then 18340.

 

Good morning Friends, 

Nifty get a support at 18050 levels and rebounded. This rebound was really impressive. Right now Nifty is looking better for a round based on momentum. This market still has bullish undertone and we are likely to see higher levels today. 

Two levels that comes in the chart is 18259 and then we can expect a sharp rise till 18340 levels. 

Well, can we expect a new all time high again?

Fine, I cannot deny the possibilities. 

I do not suggest shorting today at levels. 

Happy Trading. 

NIFTY 21 OCTOBER 2021 : Yesterday's low around 18200 is a decisive support.

 

Good morning friends, 

Nifty hit the expected levels of 18250 to 18150. It has made a bottom of 18208 yesterday before a pull back. 

I studied hourly chart too and found that 18200 may act as support. A bullish market used to respect every support. I am not going to prefer shorting this market unless settle below 18200 levels. On higher side, I see a meaningful resistance at 18340 levels. 

18340 looks too far but this is the levels where I can expect a good risk reward ratio for trading on short side. 

A big question. Has the top done? 

May be not. May be not. We may see consolidation but Nifty has yet to give many sign before call for top. 

Happy Trading. 

NIFTY 20 OCTOBER 2021 : Nifty is likely to correct up to 18250-18150 levels.

 

Good morning friends, 

Shorting is a sin this market. Still above chart is suggesting me for the price correction up to 18250 to 18150 levels. This correction is going to be the result of many big gap up opening. This can just be the usual pull back in the price. 

It is just not going to hurt anything for up trend. Nevertheless, just one day of 50 points fall cannot be named as any sign of weakness. 

Warning situation is that price is moving too higher than any moving average. Price will try to come near to moving average. 

Is there any scope of trading long?

This market is all about trading long with proper risk rewards. Wait for strength signal which will come soon then add long. 

Happy trading 

NIFTY 18 OCTOBER 2021 : Too many gap up to trade. Likely to face resistance at 18500 and 18700 levels

 Good morning friends, 

We saw two big gap up and then a up market. SGX Nifty is giving a hint to another 80 points higher opening. That's make me uncomfortable to trade. I cannot afford to short this market as it is making new high. 

A bind long and hold is the only strategy that work in this kind of market. 

From option data it seems that market will face resistance at 18500 or 18700 levels which is most likely levels to be testes. I am not denying further rise. 

Shorting is a crime in this market. 

Happy trading. 

NIFTY 14 OCTOBER 2021 : Another new all time high day. Is it looking for 18500???

 

Good morning friends, 

Above is the daily chart. It is clearly showing a resistance free zone and hence I am not in favour of shorting this market. 

Where is support?

18100 levels is looking to act as support based on intraday movement. It is looking to hit 18300 first and then it may hit 18500 levels. 

I am advising caution at higher levels. Personally, I am not in favour to trade aggressive long. In case of higher opening, I will prefer to sit silent. 

Happy trading. 

NIFTY 13 OCTOBER 2021 : Nifty likely to challenge for new all time high again. Expect 18100-18050.

 

Good morning friends, 

I am back again. Well, we saw a sharp recovery from 17860 levels and that was great. Now I am expecting a firm opening and that will give us levels like 18100 to 18150. 

Big question is will it face resistance at top. My answer is simple that it is unpredictable. It may face resistance and may not face resistance. Chances are 50-50. 

I strongly suggest not to short this market unless it gives you some pattern for topping. If top has to comes then it may come at 18150 levels or near by but I may not prefer shorting. 

My rule is simple, not to short a market which makes a new all time high. 

Better is - trade long. It will give reward. 

Happy trading. 

NIFTY 01 OCTOBER 2021 : Nifty likely to open lower and on support at 17440-17400 levels. No trade.

 

Good morning friends, 

I always advise traders not to trade on temptation. Most temptation comes with euphoric market. Previously it was euphoric rise and now it seems we are going to witness euphoric fall. 

Yesterday it broke 17600 marks in closing minutes but now what I am witnessing on SGX is really scary. It is looking to open with 150 points downside opening. 

Gaps are not in the hand of traders. What is to be done after such gap down opening. My view remains same. 

Do not be tempted and do not be aggressive. It may not be easy anyway, the same way it was not easily tradable rise. 

Technical support is at 17440-17400 zone. If it recovers then its fine else it may get a door for 17200 levels. 

Happy Trading