Long or Short Opinion
- Thread starter rajputz
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Nifty broke its long term resistance of 5370 few days back. While trading with horizontal lines, this is positive sign for the up move, as the major resistance is broken. Many longs were getting build up on major shares in nifty all the time, and all got respected on Friday. Even after so much of rise, some shares are still red which need to show bullishness, before further rally.
A classic wolf has formed on Nifty spot which suggest that further move to 5450-5500 is quite possible. After that we need to be cautious as there can be fall according to wolf. But thats in theory. for the time being bullishness continues.
The major trend deciding level for the coming week is 5350. Above that long positions are secure.
For long position 5350 we have the first target of 5410 / 5459 / 5520 keeping Stoploss at 5301.
For short position on evidence of break and resistance for further down move we have the first target of 5301 / 5241 / 5192 keeping stoploss at 5410 (Least Possible).
And as praveen bhai suggested, that there can be gapup on monday, i cant comment on that, as i really get wrong at that. I really find it difficult to predict nifty movement. So lets c what monday gives us.
My sentiments are supporting long on All the sectors, other then Metals
. I am short on that.
A classic wolf has formed on Nifty spot which suggest that further move to 5450-5500 is quite possible. After that we need to be cautious as there can be fall according to wolf. But thats in theory. for the time being bullishness continues.
The major trend deciding level for the coming week is 5350. Above that long positions are secure.
For long position 5350 we have the first target of 5410 / 5459 / 5520 keeping Stoploss at 5301.
For short position on evidence of break and resistance for further down move we have the first target of 5301 / 5241 / 5192 keeping stoploss at 5410 (Least Possible).
And as praveen bhai suggested, that there can be gapup on monday, i cant comment on that, as i really get wrong at that. I really find it difficult to predict nifty movement. So lets c what monday gives us.
My sentiments are supporting long on All the sectors, other then Metals
. I am short on that.Hi Simple_trader
JSWSTEEL has a puzzling chart. Action upon this share will be clear tomorrow untill 2-3 Pm as herd and smart money will have decided, which way they want to go.
Price took support near its 20 EMA, which is not yet broken. Breaking below which i will look fir it to take support near 34EMA. If that is also broken then i will short it. I mainly check the momentum through CCI, and it hasent yet hooked back, from Red Zone. Once it hook back from below and crosses the zero line that can be buy for me. Untill then i wont go for it. 34EMA is at 1193, which if broken, then i will sell it. Otherwise i will wait for it to get support there.
My approach is to buy nearest to the trendline, so wait for some time. let one more candle complete.
My stochastic and RSI system is also showing me a sell system at the current state. Although it fails many times, but for atleast a single day i always find it getting respected over its signal. Stochastic and RSI are visually weak over upward direction.
As i already told that i am currently short on metals, so little confused my self. Cause if tomorrow is gapup, then its final trend will be deicided till noon. So wait from my side.
JSWSTEEL has a puzzling chart. Action upon this share will be clear tomorrow untill 2-3 Pm as herd and smart money will have decided, which way they want to go.
Price took support near its 20 EMA, which is not yet broken. Breaking below which i will look fir it to take support near 34EMA. If that is also broken then i will short it. I mainly check the momentum through CCI, and it hasent yet hooked back, from Red Zone. Once it hook back from below and crosses the zero line that can be buy for me. Untill then i wont go for it. 34EMA is at 1193, which if broken, then i will sell it. Otherwise i will wait for it to get support there.
My approach is to buy nearest to the trendline, so wait for some time. let one more candle complete.
My stochastic and RSI system is also showing me a sell system at the current state. Although it fails many times, but for atleast a single day i always find it getting respected over its signal. Stochastic and RSI are visually weak over upward direction.
As i already told that i am currently short on metals, so little confused my self. Cause if tomorrow is gapup, then its final trend will be deicided till noon. So wait from my side.
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