Charts for the Day

[anil_s_trivedi]

15735 breached.. buy or sell ?

Dear Tpji,

Sorry, was out for work. Its even not one 5min bar sustaining that level. so hold it as of now.

Any longs now have need to be stoploss 15590-15600. So initiate position, considering your risk appetite. Point is it triggered longs on hourly timeframe, and now one needs to initiate the position, considering his risk. One may initiate below 15700 or closer to SL level to manage his Risk. But on hourly its long now, until SL taken out.

P.S - I trade Nifty F&O only in derivatives segment.

 

[anil_s_trivedi]

I will raise stoploss higher, with every hour passing by, so to just have small loss. As we on expiry week. Volatility need to be handled.

Will inform here, about any change of plan, or where i raise stoploss level.

 

[anil_s_trivedi]

Bank Nifty:

Raising stoploss to 15635. A tight one.

for short below that, only if sustains below 15610.

Price structure till now, is somewhat not so good one. As hourly highs of each bar is restricting price to go up. A Lower highs for each successive bars, after a gap up.

Also price regularly feeling heat towards 15735 zone.

 

[anil_s_trivedi]

Anil ji

Your views pls on jain irrigation around 61.8 retracement of previous high

anil negi

Dear anilji,

Sorry, to update late.

Looking at monthly charts, its in uptrend and a pullback is on. I would like to see hold on of 75-78 region on monthly charts and a probable closing above 84-85 levels to keep monthly in tandem.

Weekly is in downtrend, and looking at every red bar, it didnt even try to move up. So this raise little suspicion.

Daily had got support in 200 SMA region, as specified. And i would like to see holding 75. As considering Elliott wave, if its a wave 1 high is coming around 75 levels. so the structure gets negated and better to exit, if its breached.

Also, looking at 200SMA its in rising mode. So expecting not that deep correction.

Initiate position looking at your R:R. I would personally prefer 50% at 83 and below and rest to add on strength if clears 90 region with volumes.

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First sign of strength on hourly is holding, 87.2 region and clearing 88.5 region. This levels are for today and tomorrow. Will update tomorrow, if needed.
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P.S- I dont have position in this stock, and nor i intend to initiate here. If initiated will inform here.

 

[anil_s_trivedi]

Bank nifty:

Raising SL to 15650.

 

[anil_s_trivedi]

Bank Nifty:

No carry forward to todays position. Although closing above 15720 is a good one. Expiry will make sure, volatility will be there.

 

[anil_s_trivedi]

Now the stock requires a quick follow up to the upside. Crucial levels to watch for tomorrow are, high of todays bar, 91.7 sustaining it more upsides.

Any fall till, 89 will bought into, is a good sign for stock and will hint bulls underlying strength.

 

[Esse]

Hi Anil,
If time permits kindly update on nifty and BNF with respect to today's expiry.
Regards

 

[anil_s_trivedi]

Nifty:

Nifty will be in trouble if breached 7930 levels.
On hourly, there is a sign of momentum waning, but price need to confirm it.

ON 5 min, first weakness point is below 7950 zone and subsequent 7940 levels.

Bank Nifty:

Trouble below 15695 levels. And more prompt if have hourly closing below it.
Any move resisting at 15760-65 zone is a sign of weakness. So rally failing there is a sign of weakness.

 

[anil_s_trivedi]

First chart is the weekly one, and it clearly tells getting resisted at resistance of all time highs of 2012 october. Although current week bar is a developing one, and still one more trading left here. So for someone its a failure at all time highs getting materialised sooner.

Now, focus on second chart, its showing breakout from flag like pattern which is running for almost two months. Quite a good consolidation time. And watch volumes were also on lower side. Just perfect for someone who is accumulating.

Now watch how 50 SMA was captured with volumes on 7th august. And from that onwards it showing a support sign.

Stock rallied to all time highs, and made a tail bars at top, showing a sign of supply. But wait, is the course of correction see where it got stopped, the retesting breakout line.

Now, stock situated at such a zone where it can march higher or lower,depending on which line of analysis you prefer.

Point here is, collect credentials for your trade, and it weighs up, go for it. else skip it.
For shorters, clue is testing ATH or double top, as famously called, combined it with momentum divergence on 'lower' timeframe.

For long goers, its a breakout and retesting the same support zone. In addition rising 50 SMA and holding it good as of now. So they know where to run for cover in case. Also stock still in HH-HL formation.

So, trade/invest accordingly and have a plan...