NIFTY 30 JULY 2021 : Patterns are still giving no conviction for cross of 15900. Eventually it can fall again towards 15600.

 

Good Morning friends, 

            I hope you got my point in yesterday's trade. A bounce and short. It looks like market will open gap down. Will this see any recovery today? Nothing is impossible but chances are little less. Even if recovery comes it may get sold on top. 

I still suggest we are not too far from all time high and hence I am not referring this market as weak in any time frame. This can just be a pull back and trading opportunity. Hence keep your risk management strict. 

Now, once you decide your stop loss then you can expect a move towards 15600 again. If it starts closing below 15300 then one can name this market as weak and we are too far from those levels. 

I am already trading with low to moderate volume on short side. 

Once there is gap down, there is no point to short low due to unfavorable risk to reward ratio. 

Happy Tradaing, 

NIFTY 29 JULY 2021 : Expect fall again from higher levels. Resistance may be 15850-15900.

Good Morning Friends, 

Yesterday we saw some flash sell off again in first half. In panic Nifty broke 15600 and low goes around 15513. This is more than expected fall but recovery hit very quickly. This suggest that there are buyer to buy lower levels. 

So can we expect continuation of recovery?

A simple answer is that at some point buyer or seller will get exhausted and then only we can expect a breakout of trade. Who will exhausted first, is a billion dollar question. 

Technical charts say support at 15600 and then at 15500. 

I will again look for opportunity to add short on bounce. Well, not only on bounce. I will short on bounce if I get some confirmation pattern for fall. 

One thing is clear that we need to maintain a very strict money management. 

Happy Trading, 

Praveen Kumar

 

NIFTY 28 JULY 2021 : Nifty slipped as expected and hit a low at 15701. It can slip again after bounce?

 

Good Morning Friends, 

I have already updated too many times that Nifty remains heavy at 15900 levels. It shown weakness at top again and then eventually slipped. Yesterday it hit a low at 15701. Can we expect a bounce

Yes, as it is shown by SGX Nifty but picture may not change. I am expecting a fall after bounce and that bounce may remains an initial bounce. 

Take a note that we may see opening quote near at15800 and that level may remain a zone of resistance. Still, I feel that one should prefer to take caution at initial hours of trades. 

If market generate pattern of weakness above 15800 and below 15850 then I will prefer to add short again. 

Do not expect market to go beyond 15600 to 15950 quickly. Don't matter we spend two months in this zone. So far we have no great signal of breakout. 

Happy Trading 

NIFTY 27 JULY 2021 : Its nearly 2 months in same zone. Still NIFTY remains indecisive near 15900 levels.

 

Good Morning Friends, 

Its almost two months that we are near 15600 levels but still indecisive mode. Technical set up is still not giving great clue for breakout time. So far it looks like Nifty will turn heavy again near 15900 to 15960 levels. 

There are chances that if it fails to give breakout on higher side then we can able to see 15600 levels again. So, I am sitting blank as of now and waiting for next move. I may add some position on short side on weakness but with very strict stop loss with Nifty spot equivalent to 15960 + levels. (All depends on intraday setup to take such decision). Take a note it can be contra deal and do not move with out stop loss. 

Do not play khatron ke khiladi season 12. Just joking.... you are good enough to put stop loss. 

Does anyone talk about 16000? Number of people anticipating such levels are lesser this time. 

Let us see how much opportunity we get today. 

Happy Trading