NIFTY 50 future TRENDS-Part 2

[prabhsingh]

I am posting a chart with all possible visual interpretation.........i want you to give your comment on it ..........please treat it as learning purpose may be helpful to others....

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At first glance following is my observation.Will appreciate your thoughts/correction for same:

- Support seems to be at red line which is 5800.

- For last couple of instance,Nifty is not able to break black line resistance which seems to be 5970/5980.

- Once resistance levels gets breakout and Nifty is able to stay above 5970/5980 through-out the day Long positions can be intitated where Nifty can try to touch 6100 which seems to be 2nd Resistance level.

- On the down side,if redline support of 5800 gets broken then next support which seems to be coming is 5670.

 

[SEVEN STAR]

90% perfect..the left out 10% are.......this is one year daily chart base made around 4800 time Month of June..5800 levels achieved in time frame of about 4months that is Oct...from then on 300 points consolidation more than 6 months ...price fails to move above even 6000 at most of this period..conclusion more probable retracements than breaking 6000..in that scenario 38.2..at 5590..and 50% at 5440..(exactly gap left open area)huge volume recorded on 28th feb final day of series
Prabhsingh......thank you for your valuable time spent in giving your views...........

 

[pranay1986]

Hi SevenStar,

Thanks for the wonderful analysis.

However if you could clarify one point mentioned in the above post.

If you could elaborate on the point of "(exactly gap left open area)" it would be helpful.


Thanks.

 

[SEVEN STAR]

Hi SevenStar,

Thanks for the wonderful analysis.

However if you could clarify one point mentioned in the above post.

If you could elaborate on the point of "(exactly gap left open area)" it would be helpful.


Thanks.

Most important aspect of TA is TF..(Time frame)......... Look at the price action with respect to TF......price moving up is showing clear hurdles..300 points up down....6 months and then the down on Feb..expiry day was with high volume at lower levels. 5670.........clearly indicates the push up is fake ..........
I think There can be some bad news waiting to push the price drastically down suddenly ........
As a trader and TA my trade's are not speculative my levels are very clear
5970..levels to be short and add more shorts close below 5780...lower levels are open..to test..any break out above 5970 is not clear...bull run ...only thing i would do is close my shorts will not go long till it clears the high of 6110.......
Nifty is highly in compressed zone...nearly 6 months...you have to assess the out come of it...........:thumb:

 

[NANDAMAD]

Most important aspect of TA is TF..(Time frame)......... Look at the price action with respect to TF......price moving up is showing clear hurdles..300 points up down....6 months and then the down on Feb..expiry day was with high volume at lower levels. 5670.........clearly indicates the push up is fake ..........
I think There can be some bad news waiting to push the price drastically down suddenly ........
As a trader and TA my trade's are not speculative my levels are very clear
5970..levels to be short and add more shorts close below 5780...lower levels are open..to test..any break out above 5970 is not clear...bull run ...only thing i would do is close my shorts will not go long till it clears the high of 6110.......
Nifty is highly in compressed zone...nearly 6 months...you have to assess the out come of it...........:thumb:

very clear and confidant analysis. thank you.

 

[SEVEN STAR]

SPOT NIFTY WITH FIBO RETRACMENT LEVELS.........AND THE GAP OPEN AT..5430 50% LEVEL........

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[prabhsingh]

Most important aspect of TA is TF..(Time frame)......... Look at the price action with respect to TF......price moving up is showing clear hurdles..300 points up down....6 months and then the down on Feb..expiry day was with high volume at lower levels. 5670.........clearly indicates the push up is fake ..........
I think There can be some bad news waiting to push the price drastically down suddenly ........
As a trader and TA my trade's are not speculative my levels are very clear
5970..levels to be short and add more shorts close below 5780...lower levels are open..to test..any break out above 5970 is not clear...bull run ...only thing i would do is close my shorts will not go long till it clears the high of 6110.......
Nifty is highly in compressed zone...nearly 6 months...you have to assess the out come of it...........:thumb:

SevenStar,

Couple of things i would like to add here.You are very correct with respect to 5970 levels.This is coming out to be very important level.Have a look at weekly Nifty SPOT charts.For last 4-5 weeks it has clearly failed to breakout 5970 levels and same hold true last week as well where high was 5971 SPOT levels.Hence i completely agree to add Shorts at 5970 levels but definately with some cautiousness specially on Tue as not sure if some surprise element comes during RBI Policy.

 

[SEVEN STAR]

In my experience chart..n TA gives indications before the events takes place..but you have to trust your TA..

 

[SEVEN STAR]

DOW CHART..HIGHEST IN RECENT TIME (1 BILLION)VOLUME ON FRIDAY THOUGH THE TRADED LEVELS ARE SMALL THIS IS GOING TO BE VERY SIGNIFICANT ON MONDAY....

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[pranay1986]

Some news on the Euro maybe that might be trend changer..(Downwards):thumb: