Charts for the Day

[anilnegi]

Anil ji

As per my understanding the pivot high is around 160 in daily chart, shouldnt we wait price to cross the mark or should we accumulate it from here on on basis of weekly chart with stoploss of around 140

thanks

anil negi

 

[umesh12]

Between 1:30 and 2:30 did the nifty do a double bottom on the 1-min chart or did i just get lucky?

Which double bottom you are talking of (between 1:30 and 2:30), particularly between 13:45 and 14:20
Whether in Nifty or in Nifty Future.
You will find many double bottoms in 1 min chart.

 

[manojborle]

Which double bottom you are talking of (between 1:30 and 2:30), particularly between 13:45 and 14:20
Whether in Nifty or in Nifty Future.
You will find many double bottoms in 1 min chart.

I think he is talking about this.

 

[umesh12]

I know that, Manoj. But just writing that there is a DB in one hr range in 1 min tf was not sufficient. So I asked him.
Thanks for chart.

 

[anil_s_trivedi]

Anil ji

As per my understanding the pivot high is around 160 in daily chart, shouldnt we wait price to cross the mark or should we accumulate it from here on on basis of weekly chart with stoploss of around 140

thanks

anil negi

Dear Anilji,

Thats a right pivot wise, we need to wait. But i am focussing on that trade considering rising 50 SMA and 200 SMA, more particular to 200 SMA. Also the correction from recent highs if looked at its a three wave ABC and corrected 100% as of now, Also that 140 level is just between 50% and 61.8% retracement.
Also another thing the bar on 15th july made a low of 142.6. So its a good trade to lap around that support zone.

I will myself post here, if i initiate there or some change in technicals in between.

 

[anil_s_trivedi]

Nifty update:

Sustaining below 7775 and breaking 7765 is weak case on 5min charts and next intraday supports at 7740 zone only.
If breaks 7765 zone it will face struggle to cross 7795 levels, thats is clear sign of weakness again, if any rally failed there...

 

[anil_s_trivedi]

Nifty update:

Market responded from the level 7775 itself, see low made at 7773.75 there and now cleared 7800-05 zone comfortably.

As closing seems to be above 7800, no shorts here. Trend is UP. We will see tomorrow if any weakness, then only one can think of.

Daily SAR still lower around 7600 levels, but hourly S/R levels catching up fastly, as the current rise was a slower one. Expect weakness on hourly structure below 7785-90 zone.

For weakness to see intraday on 5min charts, it will be watchable for first hour trading at 7805 and 7795 levels. Below this its a weakness on intraday.

 

[anil_s_trivedi]

Nifty update:

As expected Nifty holding our zone of 7785-90 to prompt for hourly weakness to spread over.
Morning closing of 10 am hourly bar is just trying to save bulls effort as of now. On 5min charts every rally will now face resistance at 7821-25 zone. only above this bulls now claim their ownership. As hourly structure deteriorating slowly.

On downside, hourly reversal below 7785-90 zone and breaching this will face resistance at 7820 zone.

Todays a weekly close too, so bears will force to close below 7750 levels to keep bulls in struggle. And bulls will press hard to close above 7790-95 levels to place their importance of this rally.

 

[anil_s_trivedi]

Nifty update:

7750 is intraday support zone, on daily if weakness spreads it will see 7700-7710 zone.

 

[anil_s_trivedi]

Assuming sensex in uptrend, its wise to look for sectors undergoing corrective leg, and loosing relative strength, as they are now due for next rising upwave.