Charts for the Day

[anil_s_trivedi]

Adani in uptrend, stock under consolidation,watch lower volumes on correction, and rising under rallies.
Its a aggressive play out here. I am long in it yesterday at 61.2 with SL of 59 below on closing basis, will be out near to 70. Playing on lower volumes, as position is initiated on breakout and relative strength still showing not some good sign.

Now i have raised SL to 59.9 on closing basis.

Raised SL to 60.7

 

[anil_s_trivedi]

Stock showing divergence on weekly charts. Now on daily holding 50 SMA, but showing relative strength weakness vs nifty. So it required caution here if one is holding long here.

Two trendline support, first one near to 50 SMA, will put warning sign, and second subsequently will affirm it.

 

[anil_s_trivedi]

Stock holding/consolidating near 50 SMA, at trendline support and volume too lower on consolidation.

A long near to 50 SMA with SL 142 on closing basis is the trade here.

 

[dipankar_ghosh]

Dear Anil sir,
if u could explain the relation between 9d conversion, 26 d base and 26d Chikou span. Thanks in advance

 

[anil_s_trivedi]

Dear Anil sir,
if u could explain the relation between 9d conversion, 26 d base and 26d Chikou span. Thanks in advance

Dear dipankar,
I dont follow ichimoku studies. So cant comment on it. May be other fellow members can comment on it.

I only know, preliminary basics about it. Read it in books a long time back.

Thanks...

 

[Esse]

Anil,

How much can the markets stretch? Is a correction not long overdue? FII constantly net buyer and DII net seller on day to day basis.
There has to be a breaking point. Whats your take?

Regards

 

[anil_s_trivedi]

Nifty update:

A daily intraday support at 7660 levels.

 

[anil_s_trivedi]

Anil,

How much can the markets stretch? Is a correction not long overdue? FII constantly net buyer and DII net seller on day to day basis.
There has to be a breaking point. Whats your take?

Regards

Dear Esse,

Market in momentum can extend beyond the holding point of one of market forces, what we called as bears. Its natural the way market runs/falls to punish one side.

For historical expansions, i had posted chart of Nifty from 200 SMA, and we can see there are two resistance zones for upside. We are at 1st one.
Now bulls market rallies historically tested 2nd one repeatedly and with small corrections moving up..up...up...

So its difficult to pin point where it will ends. I will tell you my nifty SAR position initiated at 7570 levels have moved upto 7600 levels. So i am long.

Till i get price action weakness on charts, its futile to guess. Price will show us believe me. We will not get top, but surely we can align ourselves with trend underway.

Market top in short term and get correction by few 100 points on daily. But to show weakness on higher timeframe weekly/monthly there is a way to go. So have patience and trade the trades. Dont give damn about who is buying who is selling. You never know whats going on.

I had tracked FII no's in past, and they rotate stocks at every inflexion point. And take market higher. You will see good buying numbers everyday. One they selling comes at top. You will thing FII;s are foolish they buy yesterday. But they are smart ones, they had buy on defensives. This is the way it works.

For today if it closes below 7623, i will put sell sign on daily.

 

[anil_s_trivedi]

 

[stock72]

:thumb::thumb:thank you for a clear guide

Dear Esse,

Market in momentum can extend beyond the holding point of one of market forces, what we called as bears. Its natural the way market runs/falls to punish one side.

For historical expansions, i had posted chart of Nifty from 200 SMA, and we can see there are two resistance zones for upside. We are at 1st one.
Now bulls market rallies historically tested 2nd one repeatedly and with small corrections moving up..up...up...

So its difficult to pin point where it will ends. I will tell you my nifty SAR position initiated at 7570 levels have moved upto 7600 levels. So i am long.

Till i get price action weakness on charts, its futile to guess. Price will show us believe me. We will not get top, but surely we can align ourselves with trend underway.

Market top in short term and get correction by few 100 points on daily. But to show weakness on higher timeframe weekly/monthly there is a way to go. So have patience and trade the trades. Dont give damn about who is buying who is selling. You never know whats going on.

I had tracked FII no's in past, and they rotate stocks at every inflexion point. And take market higher. You will see good buying numbers everyday. One they selling comes at top. You will thing FII;s are foolish they buy yesterday. But they are smart ones, they had buy on defensives. This is the way it works.

For today if it closes below 7623, i will put sell sign on daily.