Long or Short Opinion

[rajputz]

BankNifty is giving me sell signal through every indicators, other then volumes. The volumes are increasing everyday and the candle is closing near the highs, like accumulation process is underway, otherwise CCI is down, Cowbunga, Stochastic RSi are giving a fall. Lower pivot are also broken. Although i am bullish, but be cautious on Banknifty before going bearish.
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[rajputz]

Ghost occured on Orient Bank. Expecting more downside. Stochastics and RSI are also giving divergence.

 

[rajputz]

Either bank are taking support near 9200 and showing a reversal, forming a GB100 pattern for upward continuation, otherwise the more downside can come in. If 9200 is broken then 8900 and 8800 are possibilities.

 

[simple_trader]

One data point about bank NIFTY and big banks.

Almost all big banks (SBI, ICICI, AXIS etc) added good OI in PUT option on Friday.

One needs to watch them closely on next week, may be bank index is at support.

But needs confirmation for initiating trade.

Also I feel, though global markets are in weak spot, one needs to give good respect to 200 DMA in chart. Hence my thinking is fresh swing shorts around 4950 NIFTY has good risk.

Happy trading!

 

[simple_trader]

As per my understanding, SAIL and TATASTEEL are showing sign that these will give bounce early next week. Do not know bounce will sustain or not, but won't be surprised if bounces 5-6% in first two days of next week.

happy trading!

 

[rajputz]

As per my understanding, SAIL and TATASTEEL are showing sign that these will give bounce early next week. Do not know bounce will sustain or not, but won't be surprised if bounces 5-6% in first two days of next week.

happy trading!

Any Basis for the theory...

 

[rajputz]

Trend Decider for nifty tomorrow on Future is 5017. Above it may touch 5058 5084(Least Possible). Downside targets trading below 5017 can be 4990 4950. Whenever i comment least possible, Opposite of it always happen. So be cautious. .

Nifty's Momentum currently is down according to me. No upside.

 

[rajputz]

Rupee posts biggest weekly fall in 14 months

http://www.moneycontrol.com/news/business/rupee-posts-biggest-weekly-fall14-months_456490.html

Dont know how the news work. But does it mean that IT industry and export based industry can go bullish. Any ideas???

 

[scplindia]

Ruppee was expected to fall with all the FII selling going on, they need to buy dollars to take the money out. Demand for dollar has gone up.

 

[simple_trader]

Any Basis for the theory...

Dear rajputz,

it's combination of following reasons.

- chart wise, it seems last 2-3 days, down side momentum has reduced.
- metals (commodity) are over sold and gave some bounce towards end of last week.
- metal stocks fell more in correction, so when nifty bounces, metal will out perform all.
- SAIL took support between 204-205 future for last three days. looks good for bounce.

Though trading is a probability game. As per my understanding, up side probability is high in beginning of the week.

I do not follow chart indicators, hence can not justify my view with chart.