Charts for the Day

[amitrandive]

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.

Khurshed

Thanks for your kind words and appreciation.!!!
Please feel free to post any motivating articles/images on my thread.

 

[anil_s_trivedi]

Nifty Update:

Monthly - Trend UP
Weekly - Trend UP
Daily - Trend sideways

As seen from trend parameters, daily is in sideways, bcoz the way it tested highs and closed afterwards in the end, signifies that upper levels seen supply coming throughout.

Resistance: 7305-10
Support: 7080

Hourly trend is down, every rally will test supply at 7305-10 zone. sustaining above this on monday, will only raise the point of going fresh longs.

Probability of going sideways is more, as range expansion failed to take it on upside with price closing higher.

Remember, every upmove need support of strong price action bars. Which is not seen on 16th may trading day.

For my SAR, system which i tracked and trade, Hourly in SELL mode with resistance at 7300, and daily still in buy mode with SAR at 6925 levels.

 

[anil_s_trivedi]

Nifty update:

5 min chart showing resistance at 7275-80 zone. If hourly closing above this, it can inch higher.

 

[anil_s_trivedi]

5min chart looking in good for bulls, as long as, 7250 holding it nicely. Below this it will resume towards 7205-10.

 

[anil_s_trivedi]

There is a modification on chart. Its strength on daily if closes above 7285.
And intraday strength/weakness above/below 7315/7245 .

Hope its clear.

 

[anil_s_trivedi]

State bank of India:

According to price action study, it touched 2600 modest tgt today.
I am not holding this stock, just informing to holders, trail it with SL now on.
stock looks over extended in short term on momentum scales, needs cooling down.

holding 2600 is a bullish sign.

Weekly chart too much bullish. Need to take a step at a time.

 

[anil_s_trivedi]

Nifty update:

5 min chart is not in best of health, unable to clear off 7286-92 zone will imply a clear weakness ahead.

 

[anil_s_trivedi]

Nifty update:

look out for support at 7215-20 zone

 

[anil_s_trivedi]

Nifty update for 22nd May 2014:

Today was a clear day, with price showing reluctance to move above 7280 zone, and it started falling towards support zone 7215-20, breached it by a margin and made low around 7206.

So daily charts is in sideways mode, with upperhand still with bulls here.
Expect resistance around 7275-80 zone if crossed and hold more upsides. On downside, below 7235 it may show intraday weakness towards 7205-10, below it can have possibility of hammering till 7160 zone.

Close below this on daily is too negative, so bulls will try hard to defend this.

If prices opened gapup, one may go long with SL 7275 levels.
IF price opened down, one may place SL 7285.

 

[anil_s_trivedi]

Technicals Rules above all views..once again proved with DLF rallying like a hell, there is no tomorrow....

We also initiated buy but got stopped on closing below 140. We expected a price action support zone at 136 and stock did taking support there, but i personally failed to initiate the buy, due to no follow up on stock, and in these missed the good trade in it, which i am waiting for so long....

So, many didnt initiated looking Mr. Vadra got into it, and DLF got the punishment...but as we know, and i always have view, that whatever.....whatever be the news if stock is buy on your technical just go and buy it....if its a SELL..then go and sell it, dont listen to anybody out there..its your money, and if you have proper plan in place, its worth the risk...

For me lesson is, keep tracking stocks...i sometimes loose trades, just for the sake of minting in Nifty futures...