Nifty Futures Trading Part 2 (Positional)

[praveen taneja]

SatDa becoming Shakuni mama... politics with me da ???? a coup being planned ???!!!

hahahahaha .........lol

 

[mitasatyajit]

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[Czar]

My view for tomorrow: WE had a very good rally on friday (for which we will mostly cool off tomo morning from overbought zone) but was it one off, like the final to 6300 ? As I had mentioned several times earlier 1 more rally is pending which gave me complacency with my longs but now Its on & thus I would be very very cautious till we break 4650 with good force...

reason being we are in a weekly uptrend since 4539 was broken around 6.8.8 & to maintain that we now need to breach 4650 significantly otherwise a scenario of lower or double weekly top will arise, until now this is a test of that 4650 top... 14,500 on sensex should not break on closing IMHO till then I would very cautiously watch the hourly or daily for any sign of reversal to close my longs...

This rally is short coverings mostly till now, but now does it have stronger hands to support. Fundamentally I see nothing good except crude coming down, but till the time S&P (US) hangs out between 1261 & 13xx we will survive, we cannot sustain our own bull market in global weakness... watch for a break of 1260 in US S&P its awfully close.. if that happens, I suspect we will follow suit... Personally I have already shifted 50% stocks to defensive sectors rather than those which have rallied a lot on friday

Disclaimer: consult your own Cartoon Network Business Channel analyst before following above advice & that too at your own painful risk

Caution: S&P as feared has broken 1260, slippery ground ahead...

 

[rishig38]

should have held onto my shorts...seems like we might not get to 4600 at all...ideally shorts should be entered when LOD (4320) is taken out...

 

[renu daga]

dow,,,244 neg,,,

well,,,czar just read teh last post for nifty.,,the last 30 min of nifty were drastic,,,were i told i had entered into wrong trade,,,and we are forming descending traingle which when burst below 27..wewil see good flow to down...but oil too down....letsee,,,

so now be ready...levels posting later...

renu

 

[parttimetrader]

Based on my practice of draw a line, get, set, go, borrowed from Renu ji, here's the analysis and my proposed trade. The 4,500 level is proving difficult to move higher from (temporarily), however 4250 is strong support. The 20-day EMA is at 4375 and 50-day EMA is at 4389.

Using Fibonacci 50% retracement levels (drop from 5228 to 3817), 4,522 was achieved, but not sustained. Expect 50% of this to be given up. Thus 4170 is on the cards using this. Using trendlines, the support is approximately at 4220. Choose wherever comfortable to cover in this range.

My first expectation is a downmove to between 4170 and 4220, conservatively 4220. I am long 4200 PE for now. However want to go long Nifty Futures as soon as Nifty starts moving back up from target 4220 levels, and sustains over 4270, with a target of 4684. I would rather be a little preemptive than wait for confirmation which may take away a large part of the move, given recent momentum.

A trendline on the Ultimate Oscillator is also trending upward.

Views?

 

[Czar]

Ashish totally agree with you , was expecting 4200, lets see.. But Satda the monthly trendline support is around 4.2K right ? Since this is a new month above the falling TL, it should test the falling TL once...

 

[mitasatyajit]

Ashish totally agree with you , was expecting 4200, lets see.. But Satda the monthly trendline support is around 4.2K right ? Since this is a new month above the falling TL, it should test the falling TL once...

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Right Czar, but I can't wipe off the probability of touching UT line at 4654 or so before going down.

 

[renu daga]

chart on daily basis,,,,4320 is teh immediate support fo this very short bull phase(of 2 days)
and then immediate 4300/4296...of this short term term form 3800

sos till we can instead of going longs,,,can short because as i stated we are near our safe band area so definitely either gap down,,,,and conjestion over 4451 area....

renu

 

[Czar]

Chapter where we are made to believe that our markets are resilient is on , show might go on for some time, need to climb above 4385 (spot) for bulls...