Charts for the Day

[anil_s_trivedi]

After previous week hammer got breached on upside as well downside today...Todays bar again going to form hammer on daily chart...

Hammer..Hammer....Hammer...

 

[anil_s_trivedi]

Nifty view:

Today was a day a typical pre-expiry day with rise in VIX and added it with higher timeframe downtrend mode.

I for one, view todays rally as pullback only, till i get more confirmation from price follow up, which is missing factor in every attempt by bulls.

On daily, Short term is down, intermediate down, with long term too.
Although a crucial support of 5115-20 got hold off, and next support in sight only near to 3900-4000 levels. This will sound gibberish but thats what i am currently reading into.

A chance for more upside only till 5425-50 zone is captured. Watch 5265-70 spot for tomorrow, a hold on is good, else again a sell off is due. A resistance zone at 5360.

On hourly, although short term is UP, and intermediate flattening out, while long term still down but flattening, is enticing to get into long mode. But i as a trend and momentum follower, restricting myself ( controlling emotions) until i get a price action confirmation with follow up action.

A gapup and resistance near to 5360-70 is a sign of weakness.

These are difficult days to trade as VIX is shooting one like a hell and nifty movements on intraday basis are minimum a century, sticking with guidelines and rules is best. Dont get carried away with intraday momentum, always remember its a higher timeframe which rules. The moment we get a sign of turning on daily even though i miss few 100 points on it, i dont want to regret it later.
Stay with your system with strict stoplosses, who knows the game has just begin...

 

[oilman5]

Problem is close of rupee,all we know Nifty vs $/inr are inverse relation.
After nifty close ,doller further appreciate .So another 120pt nifty fall expected within 2day .So play NIFTY put.

 

[oilman5]

Sorry to all, sudden north bound nifty..........may not down.
PL forgive me for put buy of NIFTY.

 

[anil_s_trivedi]

Hindalco on my radar since last few weeks, showing sign of bottming. With improved relative performance vis-a-vis with nifty.

A pullback to 200 DMA happened on monday 26th august, and the act of todays bar showing it as a rejection sign as of now. But momentum readings on daily and weekly favouring to look for possible sign of upsides.

In that quest the minor support zone near 95-97 zone and a good one near 89-90 if holds back stock is set for a rally till 120-130 levels.

I will initiate longs near 95-97 zone and rest near to 90. With SL on closing basis at 88.

Hindalco initiated yesterday going well...lets see how it goes further...

 

[anil_s_trivedi]

Nifty update:

Yesterdays price action continues today also, and bulls dominated throughout, or rather bears running for cover this suits more aptly.
Anyways, a close above 5425 will be bullish...A close below 5360 (which appears remote as of now) is bad.
Closing In between a fight continuation likely.
A close below 5395 will be tilt towards downwards.

Tomorrow a weekly close, it will try to challenge 5490-95 levels, if at all todays closing above 5400.

Previous week was a hammer, and this week too developing as of now is a Hammer only...so watch carefully...

 

[anil_s_trivedi]

Nifty update:

Intraday price action tested weak bulls and got off the train. Now going for Tgt zone of 5490-95.

Anyways, as we have seen second weekly hammer coming in. Mind it previous weekly close was 5471.75. So a lot happened on daily, but on week-on-week a likely closing 5470-75 zone.
Seriously, trading nowadays is like a marathon. A moment and picture get reversed.

 

[anil_s_trivedi]

Nifty on daily have short term up, and intermediate too up. While long term still down. Closing on monthly basis no good, while on weekly it has shown arrest of immediate downtrend as of now.
Mind you here monthly weakness is still there. So it may possible to trade in a range here till monthly closing with slightly bullish bias and real trend effect will be shown on month end or closer to month end.

On hourly, short term UP, and intermediate and long term too UP.So current rally has potential to go up with slight corrections in between.
As VIX got shoot up too much on current fall, the vix slowing down will have killing on option buyers. And writers will cherish it.
Crucial levels for the week ahead are 5560 / 5660 / 5705
Above 5705 had potential to go till 5900-50 zone.
Below levels are 5475 / 5360
Below 5300 bears will have their lead ahead.

 

[anil_s_trivedi]

As seen from our previous posts of nifty, it did struggled to cross 5560 zone. Today to although gapup but unable to hold off started correcting from there itself.

As seen from nifty 5min, trendline support with our support zone too coming at 5475-80.
Below that risk of testing 5400-10 zone will open. A crucial support at 5360 still in place, a lot depends on todays price action.

On momentum side, a divergence in short term getting itself corrected. Although intermediate too up but flattening, in case it turns down nifty is set to test for 5400 levels. A long term momentum still up.
So as of now every fall will be bought into at 5475 / 5440 / 5400 levels, as per positional players. In between we will see momentum setups for upside developing or not.

 

[anil_s_trivedi]

Nifty update:

drama turning out to be more ugly. As short term hourly divergences are needed to correct, but the way it got down with fiercely, keeping in some weak bulls into always in a check in mode.
Anyways for better or worse, hourly intermediate turned down this hour, and any bullish expectation now only when 5520 crossed, till then a 5400 calling.