Charts for the Day

[anil_s_trivedi]

Dear Anil sir,
Yesterday's closing Spot Nifty 15 min chart, inverted cup & handle. Please enlighten. Thanks

Dear Dipankar,

You post it. I am not seeing any. My pattern recognition skills are poor. I see some simple ones only. Like wedges, channels and triangles.

If you see one, and entry to trade come with good risk reward then its good one.

 

[anil_s_trivedi]

 

[anil_s_trivedi]

Nifty update:

Hourly closing above todays high, approx 7655 (7650+5pts) will be positive for bulls. expect resistance same level.
Todays close coming is also bearish one, and strength on daily only if closes above 7750 levels. Till then its sell on rallies.

A move towards 7540-45 and then breaching 7580 is sign of strength.

 

[dipankar_ghosh]

Anil sir,
since nifty spot breached 7500, is there chance today to go to 7400

 

[anil_s_trivedi]

Anil sir,
since nifty spot breached 7500, is there chance today to go to 7400

Dear Dipankar,

Sorry was late on update. As i trade less on event day. Only current positions management.
In the mean time, Your question is well answered by Market itself.

 

[anil_s_trivedi]

Nifty update:

Daily closing above 7700 will changed daily to UP mode on SAR basis.
Hourly weakness only below 7590 now.

On daily, momentum reading still showing short & Intermediate as down. ON hourly although, short term is Up, and intermediate will tell its verdict this hour closing at 3 pm.

So all eyes on closing above 7700 for Daily SAr to be UP and to maintain bulls momentum they will try to close above 7730, if at all they want to show bears,what they mean...

 

[dipankar_ghosh]

Anil sir, Regarding your buy call on Speciality resturant: SL of 142 was breached till 136/ yesterday and recovered again today on low volumes(84 % delivery). I have this share, can u comment on this development.

Thanks

 

[anil_s_trivedi]

Anil sir, Regarding your buy call on Speciality resturant: SL of 142 was breached till 136/ yesterday and recovered again today on low volumes(84 % delivery). I have this share, can u comment on this development.

Thanks

Dear Dipankar,

I had initiate trade on 4th july @ 145 levels, and out of trade on 8th july @ 140.5 as stoploss triggered. Also close on that day was at 140.1 levels, below our stoploss level.

When SL triggered, i am out of the scrip and never think twice, as these rules helped me in my money management better.

 

[anil_s_trivedi]

In these leg of rally from after elections, marked key bearish reversal bars. Observe how market facing challenge from these bars to overcome it. These simple observations in itself implies many things.

Nifty resisted at 7730 zone and fall badly yesterday chopping off all gains made during the day. Its a classic case, where we need to understand that closing matters and not intraday movements. Only swing traders have been survived yesterday, that too, those who have faster changing skills.

Anyways, closing yesterday was not good and way it didnt hold off that 7660 levels is in itself not good. Its a crucial zone coming in charts. Today a challenge is there to close above 7570 zone, if succeded good, else weakness will creep in breaking 7545 for 7400-10 or atleast 7430-40 zone.

Weekly closing due today, it will try to hold on these 7545 levels, closing below it not good. IF bulls have strength they will defend this levels on closing basis.

Hourly charts showing strength only above 7640 levels. Remember 7625 is todays high as of now. so these is quite a well resistance zone on intraday basis, 7625-40...

 

[anil_s_trivedi]