Charts for the Day

[anil_s_trivedi]

Nifty View:

Momentum:
Short term - UP
Intermediate - down to flat
Long term - Up but flattening

Price Action levels:
Weekly - A move till 6810-05 will be bought into if move is a strong one
Move below 6750 will take it towards 6640 again

Price action levels:
Daily - A strong market will turned up from 6775-80 levels, a move below 6740 will take it towards 6650 zone

Market is now will be driven more by emotions of polling outcome, will be ruled by opinion polls too. So it will be all news based if i say in one word.

What one should do..??
If you have leverage positions cut it to lower side. Over leverage generally kills during higher volatility regimes if caught on wrong side.
If trading intraday, weekly levels in conjunction with daily levels to be considered.

Some of brokers have given notices on friday to maintain additional margins, as they know well what their span models must be staring at right now. They dont want to suspend their trading during high volatility.

 

[anil_s_trivedi]

Nifty update:

Hourly weakness will creep in below 7070. A close below on hourly for this hour will add confirmation to it.

Hourly chart till now is range bound since yesterday 1 pm. A contraction already going on, will explode on hourly for nasty surprises to take SL of both sides.

Daily still UP, sell only below 6830 which is far down.

A close below 7020 on daily will put in sideways mode. A strong market will turn up from this level.

 

[anil_s_trivedi]

 

[timepass]

Is there a divergence on any oscillators ?

 

[anil_s_trivedi]

Is there a divergence on any oscillators ?

Dear timepass,

There was a -ve div on momentum side. But as we know very well, time based correction will be sign of strength only.

I have not studied EOD charts just posting, from my analysis as of 1 pm.

 

[anil_s_trivedi]

nifty update:

Time consolidation in play. Support on 5min at 7090. Below this weakness will creep in.
Hourly closing this hour below this not good.

Upside resistance at 7130-35 zone.

 

[anil_s_trivedi]

Congrats to BJP for this huge victory, and the voice of common people for selecting the government with majority.

 

[praveen taneja]

Bro modi ka chart post to kar do hehehehe

 

[amitrandive]

Bro modi ka chart post to kar do hehehehe

NaMO Index from Times of India

 

[khurshedmanjra]

NaMO Index from Times of India

Good afternoon dear Amit,

I regularly go through the posts on your thread A STRONG TRADING MIND. It helps one to be prepared mentally. Moreover, enhances positivity in one's mind and life.
Coming to the chart, I feel the market immediately blew up yesterday, and then fizzled out during the course of the day. It should consolidate from here, and then pick up momentum later on.
NIFTY monthly chart (Chartink) shows it has entered fresh Elliot Wave since Dec 2011 and entire wave cycle is not yet over. Thus, PATIENCE AND PERSEVERANCE will definitely reap rich rewards in the near future.
Keep your thread going, and wish you ALL THE BEST.
Regards. Khurshed.