Charts for the Day

[anil_s_trivedi]

Nifty update:

Now intraday strength can be seen above 6090-92 zone.
A holding of 6065 can be seen as first sign.

 

[anil_s_trivedi]

Nifty update:

Closing seems to be coming below our 6024 level. It implies tomorrow todays low should be protected else selling will intensify.
So it seems ideal bull plan to be close near lows and below our level of 6024, and tomorrow a flat to up opening in sight, and a test of 6100 zone or higher.

Its just a expected path, so dont get carry away, but this is what options too telling right now.

So all eyes tomorrow will be on todays low...
Keep Watching...

 

[anil_s_trivedi]

Nifty update:

As per our last analysis, nifty breached yesterdays low and climb back up immediately with first low on 5min chart bar in starting of the day.
Its holding as of now, so it seems it is consolidating right now.

On intraday, a 5min bar close above 6030 will be first sign of strength.
Watch it closely.
Similarly a 5min chart bar closing below 6010 will be first sign of weakness for downside to continue.

 

[anil_s_trivedi]

Yes bank got well rejected at top testing at 500 levels and witness a sharp correction till 217 or so. so stock got corrected more than 50% levels. And now it is in the process of bounce.

We got fresh sell near to 380 levels and stock witnessed another selling from there.
Now is it still in uptrend or not is the question.

Looking at weekly chart and momentum oscillators it seems its still in uptrend and may find support near either at 316 or closer to 290 levels.

On daily, a -ve div witnessed stock correcting and its still in downtrend, 50 DMA coming at 325 levels. So any longs chances only at a close above 50 DMA or 21 EMA only.

Focussing more on hourly chart, it seems first sign of strength will be closing on daily above 332-335 levels. To gain more strength a close above 340.

Mind you hourly levels are valid for today only, as it comes from hourly price action.

 

[mangup]

Nifty update:

As per our last analysis, nifty breached yesterdays low and climb back up immediately with first low on 5min chart bar in starting of the day.
Its holding as of now, so it seems it is consolidating right now.

On intraday, a 5min bar close above 6030 will be first sign of strength.
Watch it closely.
Similarly a 5min chart bar closing below 6010 will be first sign of weakness for downside to continue.

Anil bhai,

Reading the post giving a view of reversal below 6000 levels.

http://www.traderji.com/derivatives/72776-incisive-nifty-trend-analysis-161.html#post896188

 

[anil_s_trivedi]

Anil bhai,

Reading the post giving a view of reversal below 6000 levels.

http://www.traderji.com/derivatives/72776-incisive-nifty-trend-analysis-161.html#post896188

Dear Mangup,

Yes it is right hourly getting oversold (which people shouting from 6150 levels) still nifty corrected till 5970 levels. Daily too getting oversold on some of parameters, what prompting traders is after setting top in Diwali, nifty continuously making black candles. So expectation of rise is always there.

What market did today:
It opened gap down by a few points, struggle to cross 6040 zone decisively and fail to close above 6024 our key level.

But important is it tested 50 DMA level on daily around 5984 or so. So its a key level for intermediate participants who regularly come in at such key levels. so it may possible market may move up in short term, but from my limited knowledge how can i call it reversal to break 6350 high. The supporting evidence is still not there for me.

Evidence for me is, closing above key levels on daily and then weekly charts.

On charts, below todays low or 50 DMA only support zone i am seeing is 5900-10. I may be wrong but thats what i am reading into.

If you have focus our analysis till yesterday we too expecting a bounce, thats why i regularly mentioning strength above / Weak below levels so that any run up should not be missed.

On nifty i run two positions one is SAR based and other is trading wise. Trading wise my stoploss is 6040. While SAR level is 6196 as of now. Tomorrow opening figure will change my SAR level.

I didnt get a single trade past three days, apart from short positions i am holding into.

Last thing, some of my fellow traders expecting a Gapup tomorrow, lets see...

Hope i am clear...
Happy Trading....

 

[anil_s_trivedi]

Stocks when look on weekly and monthly charts seem to be better placed for studying breakouts or breakdown. But then risk of failing is also costly. I like to play long term plays showing promising picture by prices. In the quest, CESC looking a great candidate for breakout. But in present market conditions it may be under suspect. So trade wisely.

As chart is on long term timeframe, and breaching long term supply line is the second stride, as first it already completed on weekly charts showing HH-HL formation.

Try to make position slowly, and it will doubt if it falls below 300 levels.

Hi,

CESC recommended on 28th october breached resistance with huge volume bar, now pattern seems to be a flag in making, eye on.
CESC as told sitting on breakout, and its one of such scrips where we booked some at 15% profit. Our entry level was 340. And just to have some in kitty we booked out partial.

Stock still up, and we are reading momentum readings, telling us a small resistance at 409-410. Trailing stoploss has been revised to 355 on closing basis (unless stock witnessed 10%+ downmove in a trigger day, just to save flash crash in those stocks).

 

[anil_s_trivedi]

Hi,

I will also post other recos and performance on tomorrow. Its not like that we only focus on winners, loosers also teach a lesson.

So stay tune...

Happy Investing...

 

[mangup]

Dear Anil Bhai,

ur view on Hindalco for short term positional? Expecting Fall in it.

 

[anil_s_trivedi]

Dear Anil Bhai,

ur view on Hindalco for short term positional? Expecting Fall in it.

Hi,

System was down since saturday, upgrading to windows 7. So it will take time.

Will reply shortly.