Hello everyone,
So far the market is dead near support of 19600 levels. There are a few important points to notice for today's trade. Be optimistic only till it holds 19600 levels.
If it breaks 19600 then we can hope for 19500 to 19450 levels. On the higher side, we can see stiff resistance emerging at 19740 to 19760 levels.
It is very much possible that Nifty has entered the zone of consolidation and we can expect choppy trades still next month.
Happy trading.
Welcome everyone,
If you look at the chart you can observe that right now Nifty is running at its crucial Fibonacci levels. Yesterday it took a "U" turn from 19600 and then recovered well but gave immediately. The scenario suggests that if this breaks 19600 levels then it can march towards 19459. So I am taking the target range as 19500 to 19450.
Unless it goes above 19740, no bounce is safe. I have already anticipated earlier on the failure at 20200+, not to expect on the bullish side for the next month.
Happy trading
Hello, Nifty is almost in a break situation. I have shown two possibilities in the above chart. First is, if a bounce comes then it can take the Nifty to 19800 levels with strong support at 19600. It is based on fibonacci retrechment. Hope it comes true.
Alter way, purely based on the candle pattern, If it starts trading below 19650 and sustains then Nifty can go to hit 19500 levels. Intensity can be sharp and this can be achieved by today itself.
Stock to watch - LT and TCS for long deal.
Happy trading,
Praveen kumar
Hello,
It has saved 19700 marks which was important. We saw a 500-point correction in just 4 days of trades from ATH. So far, it looks healthy. I must say to remain intact in rally mode Nifty must save 19700 support levels else it can go sidewise
Suppose, if we see a reversal pattern today on the EOD chart then it can be another phase of rally and perhaps we are on the bottom of this. Today's closing will have a lot of meaning. One can expect a strong reversal day with a gain of around 150 points on Nifty.
Stock to watch for trading opportunities on the long side are - LT, ACC, and TATAMOTORS.
Happy trading,
Praveen Kumar
Hello, above is the explanation based on which I said 20200 is a crucial level. Nifty has respected and fallen down but falls with a gap down. In normal conditions, this kind of setup indicates a short-term top.
So the question is what next?
For today, have a watch on 19830 as support and it is looking to see another gap down as indicated by SGXNIfty. My point is simple either it will try to revive from 19830 or it will fall by another 100 points. Bulls and investors should be careful at this kind of level. At least, do not add fresh stock here.
Today is derivative expiry so you can expect lots of noise on chart. For more update, follow me on my twitter account.
Hello, this is the first expiry above 20000 marks. Another fact is that it is going to be expiry near at all time high. I assume that there can be lot of stuck positions waiting to be covered. This can make the market volatile to highly volatile. I am not saying that range can be big but it will run with lots of odd swings. This can kill option traders.
Let us talk about the technical aspect. There is nothing to suggest that it can be corrected. Above 20120 you can expect 20200 kinds of levels. Remember, at ATH, it will be in a resistance-free zone. In the down side we can see lot of technical supports, one is at 20040 and then 20000 marks itself. I can repeat that as long as Nifty is above 19910 levels, it will remain in the firm grip of bulls with buyers waiting at lower levels.
Option traders, be carefull today and have a nice & profitable trading session.
Hello traders,
I found the above 15-minute chart more interesting as patterns are clear in it. It defines the importance of 19010 support levels. I firmly believe that it is not going to be bearish from the top so easily.
Equally, the chances of profit taking is still there. On the higher side, we can have two important resistances, one is at 20040 and then at 20110. Support, if it breaks 19910 then we expect 19800 levels in a very short time.
Take note that whenever support breaks then prefer to short on bull back. It is very likely to see odd moves in the market now.
Hello, first of congratulations of 20000 on Nifty.
What is coming next is the big question. In my view, 20000 is an important technical landmark on the chart. So far, things are good, and looking for further extension of this rally. Pure technicals are giving the target of 22000 for Nifty in the medium term, may be in 4 to 6 months.
Immediately I am not expecting any good chance of price correction. There can be time correction Intraday support will be at 19930 levels and on the higher side 20100 to 20150 can be the possibility that we can think about.
Correction can hit only if it stand below 20000 marks and breaks 19930 levels.
Hello everyone!!!
This is going to be another exciting week of trading. So far, we have seen a gain of almost 600 points in the past six trading sessions. Momentum remains stronger. Just based on the daily chart of Nifty is looks like we are going to see 20000 marks this week itself. Although I am not suggesting fresh entry on long in hurry. One should use dip.
So, what is here for bears now? Fine, I must say that even if fall comes it will more or less be the surprise deal. Still unexpected is nothing. One can expect that near 19900 levels we can see some resistance emerging. I will not look for a side trade. So, as long as Nifty is above 19700, I will look for the opportunity to buy only.
A word of caution is also advisable at this kind of level. Let us see where they will market give us a chance to enter intraday.
Hello, I must say that when Nifty was saving 19250 and unable to close below 19250, that was a sign that the market may refuse to go down. I was not expecting that. Now, it has closed above 19600 with furious strong hourly chandle. Here is the chart -
Hello, I am going to present views based on two charts. One is a Nifty daily chart and the other is an hourly chart. Let us first discuss the daily chart conclusion.
Now, let us discuss Nifty hourly chart where we have just wing swings.
Very good morning and Happy Teacher's Day.
What happened yesterday was a perfect example of the retest of support and bounce. What I feel now is that it can take a dip from higher levels. This higher level should be the most meaningful resistance around 19580 to 19600. I must add that there can be the possibility of overshoot and it can go up to 19630 if momentum hits.
In the lower side support in the zone of 19420 to 19400. I still believe that the market is denying fall but it should come to hit 18800 levels with N line support at 19250. We need close below 19250.
Let us see how market shape up today. Do join me on twitter for my live updates
Friday's bounce is another attempt by the bulls to save support. It moved too far and went above 19400 levels. I see a threat unless it goes strong above 19500 levels. Support has been tested too many times and hence it must be weaker now.
For today's trade, one can expect higher opening but then I will look for an opportunity to short at higher levels on suitable signal. My stop loss will be just above 19500 levels. Where is support, immediate intraday support at 19400 levels itself which can be easily broken as it is not the most meaningful figure.
In short, the market is not safe to buy. Let us see. Traders must wait and watch for some stong candle pattern to emerge near resistance to short.
The chart speaks louder than the words. So far, we have seen a 23.60% retracement of the whole recent rally. More than that, we saw multiple hits of support which made the Nifty chart weaker. If it breaks 19250 on a closing basis then we can expect the next good support at 18800 levels which is going to be my target.
September may not be good for investors, although this will provide a better entry point for them if they book stocks at a higher price.
