Long or Short Opinion

[kingfisher3210]

2 months back due to ULIP issue, Nifty future opened at almost par on monday but then felt 52 points in next 30 mins (1% down).

Traders needs to be careful as there could be a knee jerk reaction on Monday due to RBI rate hike. You need to factor in knee jerk reactions in your trading plan.

 

[rajeabc]

Can some body post nifty future chart on eod basis with volume...

And also if yahoo data is available for nifty future...if yes then what is the ticker...i need to check the volumes...

Is that what you are looking for ?

 

[nimish_rulz]

Here is the EOD chart for Nifty Futures. With volumes etc

 

[simple_trader]

Hi Smiple_trader, First of all let me thank you for you valuable post here and in your dedicataed thread for trading. I found your thread very valuable for new comers. Now could you please help me to understand
Do you mean that market will go up before any major correction (if any) ? Why do you feel so ?
I was watching a report on CNBC USA .TAs are divided on out come of dead cross . Some of them feel it could be a base for bounce but majority is with the though that market will go down as micro data are not supporting recovery enough as it was thought so.

Hi rajeabc,


Actually global markets are falling on everyday. Somehow our market have not shown sign of cracking down. When market wants to crack, it would make a rally on intraday and make a fall, however it has not happened so far. We have sustained above 20 EMA as well. I have been saying for 5500-5550 because of the trend lines are joining there. Next two days will be critical. We have to see how market takes RBI rate hike on Monday. It can give a push easily to 5200. Till i see sign of market cracking, I would like to think this is just a retracement. Will be bearish once market goes towards 5500.

I am sure market will prove me wrong at some place.

The important thing is that, in case market think other wise, we need to be with track of the market quickly.

Happy trading!

 

[simple_trader]

I think TATA Steel is very near to its strong support @ 471 . Once it break that then I feel it will go to 434 and then 384 . Please correct me if I am wrong in reading it . Also it has gone down below DMA(200). So it might take some time to recover if NIFTY is not very strong.

Yes, these are weak as per chart. But I feel Tatasteel can bounce to 510 and SAIL to 205 before these fail again.

Happy trading!

 

[rajputz]

Hi rajeabc,


Actually global markets are falling on everyday. Somehow our market have not shown sign of cracking down. When market wants to crack, it would make a rally on intraday and make a fall, however it has not happened so far. We have sustained above 20 EMA as well. I have been saying for 5500-5550 because of the trend lines are joining there. Next two days will be critical. We have to see how market takes RBI rate hike on Monday. It can give a push easily to 5200. Till i see sign of market cracking, I would like to think this is just a retracement. Will be bearish once market goes towards 5500.

I am sure market will prove me wrong at some place.

The important thing is that, in case market think other wise, we need to be with track of the market quickly.

Happy trading!

Hi ST

Have you noticed one thing lately. Every time only the down channel is respected but not the upper channel. Means ever time nifty rises above previous high, or to 100 percent of it, but does not fuly comply or stand with the upper channel line. Every time it is lower. Some thing like in below mentioned chart.

I think this is how it will shape up. Or Not.

 

[simple_trader]

Hi ST

Have you noticed one thing lately. Every time only the down channel is respected but not the upper channel. Means ever time nifty rises above previous high, or to 100 percent of it, but does not fuly comply or stand with the upper channel line. Every time it is lower. Some thing like in below mentioned chart.

I think this is how it will shape up. Or Not.

Hi rajputz,

I know this thing. What market has been doing is, it makes a new high every time before falls back. We have not done it.

This time may be different.

 

[aditya14]

rajputz
look at your chart u posted:
1) at point 5 just after the first yellow triangle it didnt make a new high(but this is consolidation) after a while u see it broke the new high.
u can take this as a real case example of whats exactly happening right now.

 

[rajputz]

rajputz
look at your chart u posted:
1) at point 5 just after the first yellow triangle it didnt make a new high(but this is consolidation) after a while u see it broke the new high.
u can take this as a real case example of whats exactly happening right now.

Hi aditya,

I have stopped debating over this market behaviour this noon only. You know for last three days i am trying to predict this only that where the market will go forgetting that this time i am working on a mechanical system. What ever happens either positive or negative on monday or tuesday, i will either chase the trend to downside or just reverse the position at 3:15 in noon. If ncessessary. So lets c what money and tuesday brings us.

I will be more then happy if market starts to go higher and shows us a reversal. Reasons personal.

 

[simple_trader]

Re: Bank Nifty

With just 25 points hike in Repo & reverse repo & no more hike expected till next RBI meet, I think it is time to go long in Bank Nifty in big way. I am not a technical guy so I donot what charts are telling, but Bank nifty is always known to bounce back with vengence & vengence is surely in offering with less than expected rate hike. Can technical guys check & make their input, what target they expect in Bank Nifty or if charts donot suggest any upside in bank Nifty.

Cheers !!!

Alok Tewari

Bank NIFTY future already have a positive divergence for last two days. It is intact so far. But do not know how market would react on Monday!