Charts for the Day

[anil_s_trivedi]

Nifty update:

Opening analysis was acted upon and did reacted from levels mentioned. Yesterday too was a good day with levels and pre opening analysis.
As of now, 5650 is the support zone needed to hold on.
Positionally move below 5600 is weak now.
On upside a resistance placed at 5690-95 levels.

We anticipated the early signals of nifty turning from 5480-85 zone, and carrying our trades with due diligence.
15th is a holiday, so tomorrow and 16th two trading left for the week closing. If higher timeframe had to show weakness it will act on else bulls will carry the flag and kill put premiums which they consumed from 5500-5650 to pocket it.
In normal parlance, it will consolidate here.

A close above 5650-55 is a bullish one.

 

[anil_s_trivedi]

Bank Nifty update:

As analysed yesterday 9555 as crucial support and Bank nifty made low at 9582 zone. Also intraday sign of strength was first at 9740, and it also cleared our first level at 9825.

As told resistance is at 9965, right now it made high at 9972, a closing above this zone is in bulls favour for higher targets.
A closing above 9895 is for more upsides.Next halt at 10230-250/ 10445.
A closing above 10040 on weekly will halt downtrend for the time being.

 

[anil_s_trivedi]

In two days VIX down by more than 10%. Imagine the profit PUT writers made in these two days. First is they written PUTs at high VIX which is lower now, secondly nifty moved in their direction.

Markets are always amusing, watch Bank nifty up by almost 2.8% as of now, while SBI is in trash. These is the period of extremely challenging trading and traders need to survive this period, by saving capital or trading cautiously.

If still your eyes are glued on TV, please switched it off. Yesterday evening IIP data came out, many pointed gap down. Dollar trading in opening at uncomfortable levels, but what Nifty did today is extremely opposite, getting Shorts squeezed.

So moral is, dont trade on news, trade on technicals and with stoploss. If you right you will get your share, if wrong then penalty is much lower.

 

[anil_s_trivedi]

Nifty update:

Nifty next resistance in sight at 5745-50 zone.
Hourly short term momentum deteriorating.
Sustaining 5750 will have again higher levels in sight at 5820 / 5890.
Although we would like to see price action near to 5750.

Intraday weakness below 5705 levels, till 5670-80 zone.

 

[anil_s_trivedi]

Nifty update:

An act of higher timeframe acting as weekly closing approaching.
We need to watch closely, as markets corrected trading to nearby 5750 resistance zone.
TRading below 10 hour bar high means above 5725 is a sign of strength. Trading below yesterdays daily bar high of 5704 is weakness.

stay away from carrying risky positions overnight. I mean writing naked options.

 

[anil_s_trivedi]

near to resistance zone

 

[anil_s_trivedi]

Happy Independence Day...


There are many stocks looking set for a rise, as intermediate bottom is made in those stocks.
Some of them are...
Gujarat state petronet(Stronger)
Jindal Steel power ( Strong)
JSW Energy ( close to a good buy..watch out)
Jyoti Structure ( Strong and seems a bottom i place as of now)
Allahabad Bank ( short term bottom in place..longs need to have Sl 67 on closing basis)
Bajaj Hindustan ( a aggressive bet, as short term bottom in place)

There are many i need to look closely. Anyways comments are written on it. Will try to post chart on it, if time permits, in between go through them if you had any alternate system to support the same view, it would be a great confirmation.

 

[anil_s_trivedi]

Nifty update:

As a warning already told dont carry overnight positions. An act of higher timeframe comes in . This is what called technical analysis. See how hourly and daily oversold got beautiful runup, while as weekly closing approaching, higher timeframe shows its hand.

Anyways, a support near to 5605 level. If sustained below this and closed also then see 5500 levels below.

A move above 5650 may have hope for another upmove show.
As weekly closing today, closing below 5630 is a sure sign of weakness. A close above 5670 may have a chance to consolidate here.

 

[anil_s_trivedi]

Nifty update:

That was the day bears are waiting for. The small mistake from govt side and see the reaction of FII's side.
Anyways its miles away from controlling damage on weekly charts. And no hope as of now.
Now i am not advising to book shorts here, as trend is down hold it.
The lack of action in traderji reflects many are trapped in this fall.
Please use stoploss. Dont throw money easily at others. Its your hard earned money.
Many possibilities in store, it may bounced from here also, but with trend stick your neck down.
It was massacre on stock futures and options fronts too. A big volatility jump clearly indicates traders unaware about this fall.
Last but not the least, its high time govt need to act, else foot in on peddle already...

 

[anil_s_trivedi]

Hi Friends,

Will join on Wednesday...trade light...

Happy Trading...