Charts for the Day

[anil_s_trivedi]

Nifty update:

As expected weakness spreading over to hourly charts getting into selling mode. Nifty intraday support zone at 7715-20 levels still there.
Problem right now is, expiry these week and holiday tomorrow. so probability of falling mkt is high one. I may test 50 SMA too @ 7548 right now. We will go step at a time. I am just saying this, as this expiry seems to be a gullible one. correcting on lower side, and then in august you can have that 7800 breached on upside swiftly.

Anyways, i am not into forecasting mode, so price wise intermediate support at 7641 and below that 50 sma @ 7548 zone. So one can initiate positions into stocks closer to Nifty charts at 7550 levels or closer to stock specific retracements with S/R levels.

Why..i am positive on market is..simple i am expecting a HH-Hl formation intact as a classical student expects, and that is right zone support wise too. And till market trading above these key averages its worth to be in a trend side mode. and not to try oversmart thing here.

Nifty update:

Nifty failed to clear 5min resistance zone of 7795-7800 and gone sideways in morning and falling after 1 pm hourly bar. As we are ascertaining positional strength only above 7800 zone till then structure is weakening.

Intraday support zone at 7712-16 levels, if fails to hold on daily SAR at 7680 waiting in line. Else if weekly weakness is there then it will go for closing below 7650 zone.

Strength on intraday only above 7775 levels.

As expected hourly weakness will spread and it will have impact on daily then. Right now daily in SELL mode and till 7750-70 zone taken out its sell on rallies on daily.

Now, a challenge here is to have hold up weekly support zone of 7640-50 levels, else closing below it will have impact to correct till 50 SMA or lower. We will again go it step wise, not through forecasting but with price action only.

A crucial zone now is 7750-70 on upside, then 7640-50 in middle and 7550-65 on downside. A lot of price action here expected in these range now.

Yesterday was a monthly closing, and remember its still in strong mode. So whatever retracements we will having on daily charts we will use to go long in quality stocks with tight stoploss. As we need to watch, weekly weakness dont spillover to monthly charts. dont worry, we will have plan here, if thats the case.

So expect lower levels coming in next few weeks. The probabilty of correction can be severe if 50 sma fails to hold on. Then its the case for below 7000 levels or rather specific 6900-6950 zone.

Again, dont fall into my writings and go on shorting, but wait for retracements on upside and then short.

For traders initiating long on stocks go for price action + bar patterns only.

Have a plan...please...

 

[anil_s_trivedi]

Nifty update:

This is what i am expecting when we are trading near 7770-80 zone. But Nifty has it own mind, as expiry prevented that fall and smart players just hold it up. These levels sub 7600 were looking like a fools number, if anyone had spoken and above 7750 zone. But a price action makes it possible to expect what may come.

You know what hitted me, to expect 75xx levels in 2-3 days was purely price action. And let me tell you what it was.
Nifty made 78xx high and fallen till 74xx and then again a rise till 78xx, but failed badly, the same day when it attempts to cross it. This is pure weakness case. And it tells, when all time highs levels dont crossed with a good bar or rather when market fails badly there, expect a drama to unfold. As it shows lack of bulls strength, and now its time to surrender for the bulls.
And bears are having party since yesterday...So focus on what every bar is telling. A success/failure near important zones is act of strength/weakness for the players.

A fight for 7640-45 zone...for weekly...lets see, if bulls defend this one or else, these too have been surrendered...

 

[anil_s_trivedi]

 

[simplebuthard]

1450 is 61% retracement approximately.

and an wolfe wave too supports. Better buy at 1445-1455 range for higher targets.... stoploss exit if wolfe wave not respected.... :thumb:

 

[insider]

Anil Bhai - I post in your thread as I am not very regular and since your thread is very popular so I did not want to unnecessarily spread the content thin for benefit of our members. Let me know if there are any issues.

For medium term I like Bank of Baroda. Around 830 levels the stock has formed multiple instances of bottom clearly indicating all the supply has been soaked up by the bulls. Moving averages have whipsawed multiple times during this base formation and ultimately seems to have given way towards upside. All the indicators after been almost sleepy have started waking up to signal a move is round the corner. What is most interesting is how the stock has outperformed in the near term weakness of markets. It has had profitable days and weakness has been very shallow.

The stock can be bought at current levels and even if it falls to around 865 levels in weakness it would remain a buy. For entire position 835 would be a stop loss.

 

[manojborle]

1450 is 61% retracement approximately.

and an wolfe wave too supports. Better buy at 1445-1455 range for higher targets.... stoploss exit if wolfe wave not respected.... :thumb:

The wolfe wave shown is not valid as the lines are not converging.

free image hosting

 

[jain.er]

Anilji couple of doubt...
1. Say a stock has solid support @100 and the stock is falling from 110 and cmp is 103 , so what will do

1. Buy at 103 with sl of 99.5

2. Buy @ 100

3. Let the stock form a base then bound from 100 region and then buy with 99.5 sl

 

[insider]

Another counter in my opinion worth looking is Sasken though its a high risk counter.
The stock ran up from 210 to 305 levels in 2 days. After which it has languished around. Had the stock not have steam left it would have surely corrected in these weak days. But the action suggests it has consolidate on upward boundaries. A strict stop at 290 can be put and accumulate at current level of 317. 475 may be on cards once 350 is cleared.

 

[anil_s_trivedi]

Anil Bhai - I post in your thread as I am not very regular and since your thread is very popular so I did not want to unnecessarily spread the content thin for benefit of our members. Let me know if there are any issues.

For medium term I like Bank of Baroda. Around 830 levels the stock has formed multiple instances of bottom clearly indicating all the supply has been soaked up by the bulls. Moving averages have whipsawed multiple times during this base formation and ultimately seems to have given way towards upside. All the indicators after been almost sleepy have started waking up to signal a move is round the corner. What is most interesting is how the stock has outperformed in the near term weakness of markets. It has had profitable days and weakness has been very shallow.

The stock can be bought at current levels and even if it falls to around 865 levels in weakness it would remain a buy. For entire position 835 would be a stop loss.

Dear insider,

As i had stated many times and in starting, i am free to discussing charts and fellow members posting their valuable ideas. And it may any of their studies, like EW/WW patterns/ or volume based studies.
Idea is as long as they maintain their idea of originality its all welcome. Fellow members should be benefitted, as simple chart reading skills with lesser indicator clutterness is all the moto here.

Thanks for your contribution...

 

[anil_s_trivedi]

Anilji couple of doubt...
1. Say a stock has solid support @100 and the stock is falling from 110 and cmp is 103 , so what will do

1. Buy at 103 with sl of 99.5

2. Buy @ 100

3. Let the stock form a base then bound from 100 region and then buy with 99.5 sl

Dear jain.er,

I assume stock in uptrend and then you buying on corrective fall. There is no guarantee that stock will test 100 or fall more. So my basic plan is buy in 2-3 tranches as soon below 103 and till 100 with SL as comfortable to you.

You cant wait to form a base, if stock is exhibiting strong uptrend, assume it will be v-type recovery, as unpatient buyers will dip in to accumulate. So look for clues on hourly/5min to get in. You will get many signals there, whwther stock really holding 100-103 zone.

One of my EW friend, watch for 5's in 5min chart, to gauge whether upmove starting or not, and equally likely termination of correction with simple abc projection at 100%.

Or fibonacci followers, wait for breaking pattern of 61.8%-80% and then initiating position. This means if stock is falling in 5min, and any last/previous fall is challenged by breaking 80% retracement then it is safe to assume current downtrend is arrested.

Combine it with simple bar patterns of outside of engulfing patterns or pin bar and it will be a win-win situation.

Hope it solves your query...