NIFTY 22 JULY 2021: We can expect a traditional bounce from support of 15600 support zone. 15800 may be on hunt again.

 

Good Morning Friends,

Nifty hit a low around 15578 in the last trading session and then we saw some revival. That revival was a point to add long. I have already anticipated for the support around 15600. 

I am still repeating as long as Nifty is above 15600 there is no point to get panic from trend. It may not be better to name as trend. Nifty stuck in a range and taking swings only in the zone of 15600 to 15900 levels. 

It may not be easy to predict the time for breakout but swing may be easy to trade. Simple strategy is to short around 15900 and to add long around 15600. Risk management must be followed in every trade. 

I am expecting a bounce today. I have a disclosure that I have some long trade from past session from levels around 15600. 

Happy trading, 

Praveen Kumar

NIFTY 20 JULY 2021 : Its just not the point to be panic as long as NIFTY is tall above 15600.

 

Good Morning Friends, 

I kept waiting for 15600 and my waiting never end. I was pleasantly surprised by the better than expected relative strength in Indian market. How much money is in waiting line. 

From technical prospective, there is no point to be panic as long as Nifty is above 15600 levels. I am expecting some firm trade today. 

Let us see how it open and trade. I will look for the oppotunity to trade long. 

Happy Trading, 

Praveen Kumar

NIFTY 19 JULY 2021 : SGX NIFTY down 200 points. CORONA VIRUS and INFLATION fir se jag gaya.

 

Good Morning Friends, 

Have a look on above chart, it is on hourly time frame. Market has convincing above 15900 but it was never be comfortable above 15940 levels. This gave a sense of caution, some was not convincing on Friday and here comes reason. 

Reason may just be add. I learn from some News paper that Asian market is lower on Virus and Inflation concern. This is how technical works. It gave you no comfort first and then news hit. 

Gap down is very likely. Support is it does not fill the gap then it will be named as "truncation".

It is will be willing to fill the gap then its opportunity. I will look for opportunity after gap down. May be near 15600 again..... not too sure but some formation may comes. If there will be no signal to buy from low then I will make a holiday. 

Happy Trading, 

Praveen Kumar  

NIFTY 16 JULY 2021 : Nifty gave a clear breakout. Possible target can be 16400-16500 levels.

 

Good Morning Friends, 

It was a great breakout which came with conviction. On daily chart it gave a contraction in volatility pattern which normally favour the rise. From now onwards even 15900 will act as strong support so it may be the best possible risk reward ratio in favour of bulls. 

Even if it breaks occasionally then also up trend will remains intact and can be bought in any possible dip. It is very unlikely to expect break below 15670 levels. 

On higher side we can expect a possible target of 16400 to 16500 levels. It is that kind of strong pattern which can give as big as 1000 point of rally. 

Hence, there is no possibility to trade short. If one want then can be a contra trade. 

Hope in coming days we can expect more firm signals now. 

Happy trading, 

Praveen Kumar