Charts for the Day

[anil_s_trivedi]

Nifty update:

Bears again failed near support zone of 7640, and bulls again have shown their dominance o last hourly bar. This has put hourly dynamics back into bulls net, and now weakness below 7670 levels only.

As i said, its a fight between intermediate traders and short term traders, who are forcing their way turn by turn, unless one side gives in, it will be tussle only.

My daily SAr levels coming at 7740-45 levels.

One should understand, why fight in these zone is happening. And one should expect a good move from these zone, whichever side wins, as lot of position getting changing hands in these zone.

 

[anil_s_trivedi]

Remember, we have previous week closing not good one, and daily too yesterday asserted its significance, so this is fight back on hourly only as of now.
So unless it resolves, its fight only.

 

[anil_s_trivedi]

 

[insider]

Prism Cement offers a very good deal for both investors and traders. Stock had a dream run this year up to June 2014 till 79 levels. Stock went into consolidation pattern thereafter, All the studies and indicators suggest that this was a healthy correction and a gain in indicators suggest stock is ready for another bout of strong uptrend. Cement as a sector is also gaining traction which goes well for the counter. With a stop at 66 the counter can be bought for good medium term gains.

 

[anil_s_trivedi]

Nifty update:

Opened gap down and below 50SMA at 7602. Weak below 50 SMA on daily charts. Support zone at 7525-30 zone. Below this more weakness.

First sign on daily of mild strength will be sustaining and closing above 7615-20 zone. expect resistance for rallies at 7615-30 zone, a stiff one.

Major correction will target around first at 7400 levels if breached 7525-30 zone decisively.

I had said and time and again, Understand chart action, whats going on, where is getting rejected,,why..??
In this thread, i had mentioned, whenever there is higher timeframe weakness, for ex: on weekly charts, smart players hold the market for first half of week to get rid of longs, and then show their true colours in second half of week. With two green bars on monday and tuesday, many gone longs and with deliveries getting reflected in their demat on wednesday and thursday, they cant do anything but hold on, expecting market to move up.

Its selective rotation going on, some scrips getting punished to 5-8% where some holding flat to 1%+...this is how they hold market and do rotation.

I expect these thread readers to have tight stoploss with your position, bcoz one never know whether these trend is new one or just another corrective action going on. You may hit SL of 3-4% on your positions but prevailed drawdown to 40-50% in hoping...

 

[Esse]

Hi Anil,

Pl revive the Reading The Price Action thread. That would do all of us a lot of good. I am sure other TJ members would also agree.

Regards

 

[anil_s_trivedi]

Nifty closing on weekly basis on friday was just short of more bearish scenario, as it hold of support zone of ours 7535-40 levels, but considering price action bars its still weekly as long as its below 7720-25 levels.

On daily, weakness still there in price action bars, and any strength sign today will be above monthly pivot zone of 7665 and above weekly R1 at 7700. For exact we consider a close above 7685 atleast.

Previous week we suffer to sustain above weekly R1 at 7738 levels and paid price for the same in second half of week.

On 5min, crucial levels marked on chart and as long as its holding that 7600-05 its positive on intraday basis only.

 

[anil_s_trivedi]

Plan maintained as per this post, and i only managed to enter 25% planned quantity near to 135.5 levels.

Will see it to see strength and then add, else will add on lower levels to make SL comfortable.

Regular readers will know this, we had modified NTPC trade plan when i spot more momentum weakness will break 140 levels and might close below it to take some long trades out. Thats why i revised plan to accumulate in this region is spotted on.

 

[anil_s_trivedi]

Nifty update:

Yesterdays closing was a good one on daily charts and it did forcing strength on daily charts. With closing above 7690 zone. A resistance zone is now at 7755-60 zone as i am specified already exist here. If sustained we may cross ATH for a newer highs. Else it will be just another rally to sold of longs.

First sign of weakness on intraday is trading below 7710 levels and subsequent move below 7690 will add more weakness to it.

Momentum wise, short term moving up while intermediate is flattening and long term still down.

 

[anil_s_trivedi]