Daily Tryst with Nifty

[Sunil]

7 red hourly bars in a row....

trading for a green one, from xx00

2:00 is NR7

 

[Sunil]

20SMA in 5min + TL from yesterday's peak....

still coming in way
enough retests - B R E A K it

 

[Sunil]

one more time - failed to break downward TL of price, 20SMA in 5min, 50 RSI in 5min

 

[WOD]

still coming in way
enough retests - B R E A K it

Wow.....broke it...

BTW...how did you corelate 20 SMA and yesterdays TL low to come to this conclusion.......Can you please eloborate...

Thanks....

 

[WOD]

one more time - failed to break downward TL of price, 20SMA in 5min, 50 RSI in 5min

that eventually brokee sunil.....why did u feel it was fail TA.......

 

[myvineet]

why market is bearish before budget ....??

me thought it must be around 46 00 till friday ...

sunil bhai ..ur views....

 

[WOD]

why market is bearish before budget ....??

me thought it must be around 46 00 till friday ...

sunil bhai ..ur views....

May be because market does exactely opposite of what we think. I think we should be giving up our thinking process before market.
Sometimes I think of not at all using TA on charts and think like a novice trader(neverthlesess I am not pro) and then take reverse position of what my mind is tellling me to take.....

 

[myvineet]

May be because market does exactely opposite of what we think. I think we should be giving up our thinking process before market.
Sometimes I think of not at all using TA on charts and think like a novice trader(neverthlesess I am not pro) and then take reverse position of what my mind is tellling me to take.....

i am fully hedged ..have 4500CE & 4500 pe with me ...

want big rally so that i can sell my portfolio before budget...:lol:

 

[WOD]

i am fully hedged ..have 4500CE & 4500 pe with me ...

want big rally so that i can sell my portfolio before budget...:lol:

Great.....but I did not understand the strategy of heding the position with CE and PE......means how can you hold long and short postion in nifty at same time......

Or are you talking about a straddle.....

 

[Sunil]

why market is bearish before budget ....??

me thought it must be around 46 00 till friday ...

sunil bhai ..ur views....

had already put in my views:

This is the last trading week (3 more days) before the Budget Day on 6-July. Ideally, it should not be a big ranging week, and hence expecting range contraction in daily & weekly chart.
2 day swing is up, with SL at 4250
So, maybe a broader range of 4250-4450 till budget....

62% of the entire fall - around 4780 - remains the Laxman Rekha.
Let's see Straddles cost as week progresses...
As of now, cost of 4400 straddle (mid pt of 4700 & 4100) is around Rs 400/- :-(
(ie 4800 & 4000 as breakeven levels)

Not sure, if this is correct approach, but on checking the prices of
Call 4800 @ 60/-
&
Put 4000 @ 72/-
(the two equidistant strikes),

it gives a mild signal of 4000 more likely....

Never observed this before - let' see same time, next week


BTW, it's also the cheapest strangle



PS: Arnav - please pitch in your views

As for today, enjoying H&S with my Puts:

now this 4350 appears like one hell of a neckline of an H&S worth 100pts!!!
pretty ambitious...
will have to keep an eye on 5min PHs being formed