Nifty: Daily Price Analysis

[scplindia]

Nimish,

How do you trade the FTSE, Swiss, mining co in Europe. Whcih broker helps you do this.

Regards,
Prem Kumar

 

[nimish_rulz]

Please do not get me wrong, we could well test 5150 in Tuesday's trade.

Still it would not mean that this upmove will be disturbed.

Just wondering why 5150 SL! fair chance that market will take it out.

Because it takes out the bullish sentiment and last time we broke it we went down to 4970. It has acted as a support in Jan too. Long term support. And I dont have a problem booking profits if it breaks. Will wait for the signal to reenter. To be highly Bullish Nifty needs to close above 5280 1 and second 5330 Like Raunak mentioned earlier. And if you are an investor like Raunak said wait for these levels to be cleared before you get an intermediate term long position. I tried bottom fishing on friday and was rewarded and hence now want a tight stop loss and will probably change position if the 5150 support is broken. Many thanks

 

[nimish_rulz]

Nimish,

How do you trade the FTSE, Swiss, mining co in Europe. Whcih broker helps you do this.

Regards,
Prem Kumar

I live in UK!

 

[scplindia]

I live in UK!

you have already started to trade India, and then you trade Europe, so you have a very very long trading day, something like 18 hours.

 

[nimish_rulz]

you have already started to trade India, and then you trade Europe, so you have a very very long trading day, something like 18 hours.

Yeh I trade India so wake up at 430 am and then work for an Asset Management firm in the UK, so don't get much time to trade between 830-530 here but later I trade in the US market or sometimes during my lunch break

But Today things are not looking good US futures is down 70 points and the whole of Europe is down around about a percent(futures). Market opens in an hour lets see how it pans out.

Got stopped out on copper, euro and oil. Lets see how other contracts pan out. Gone long Oil again at 76.40 with a stop of 7599.

 

[SwingKing]

I had updated my previous post today morning before the market's began. I had posted that Nifty would find it very difficult to go past 5220. The reason I had mentioned this was because of the resistance that lies around that area. Over the previous sessions, Nifty has formed a complex head and shoulders pattern. Price action previous week saw the neckline being broken and saw the prices go upto 4987. Market's then bounced back on Monday and tested the neckline. It failed to close above the neckline on Monday. I projected the neckline towards right and found that Nifty will find good bit of resistance around 5210 - 5230 level. Today's session confirmed this resistance and market again tested the neckline as highlighted in the chart. Going by the H&S pattern, we get a target of 4880.

On a broader note, the price still remains in the range highlighted and neckline will continue to pose good resistance. Shorting the market's around the neckline won't be a bad option as it presents good risk to reward trade. Markets globally continued their volatile swings as media continues to report positive/negative news in random. Going forward let's see how things shape up.

 

[aryan.]

Raunak, you do a better job in explaining the market details than all those so called experts on cnbc and moneycontrol.

 

[pegasus]

yes I too agree to that.I usually avoid the technicals of market. But raunak sirs' posts make me feel that technicals can b interesting

 

[simple_trader]

Because it takes out the bullish sentiment and last time we broke it we went down to 4970. It has acted as a support in Jan too. Long term support. And I dont have a problem booking profits if it breaks. Will wait for the signal to reenter. To be highly Bullish Nifty needs to close above 5280 1 and second 5330 Like Raunak mentioned earlier. And if you are an investor like Raunak said wait for these levels to be cleared before you get an intermediate term long position. I tried bottom fishing on friday and was rewarded and hence now want a tight stop loss and will probably change position if the 5150 support is broken. Many thanks

Thanks for your response. Actually day before yesterday we had move without retracement, which was giving a hints that market will retrace on next. I was correct. I thought minimum SL is Monday's low 5080. Since SL is such low, hence I would not carry long on that day.

Anyway, good to have discussions!
happy trading!

 

[scplindia]

HI Raunak,

The neckline seems not correct, the line should join the bottoms formed from the head pattern. i.e end of left shoulder and beginning of right shoulder.