Nifty Futures Trading Part 2 (Positional)

[satyamsit]

dear seniors,
can you ppl please take a look at this and help me understand a bit better....
things like if i am drwaing it right(gann) or are there any particular steps to be taken while plotting the gann...
thanks in advance.

L2T nice work, 100 MA spot on... dont have much idea about gann sorry cant help...

As we discussed about your query, Nifty had to give respect to this TL.... check this quarterly chart...

L2T and cz bro... thanx for the interpretation of the chart to someone illiterate on GANN thoery and technique like me . as i know nothing abt that, was just trying to look at the previous occasion to get a sense how it behaved approaching it. and it proved valid on MONTHLY chart for a number of times. as per that GANN t.l nov and dec supports r coming near 2349 and 2362 respectively.

 

[satyamsit]

nifty remains in the bearish mode hitting the dotted t.l time and again. But as 1000 pt up move took place as a corrective of the previous down move 4654-2228 and finding the direction for its next journey, being sideways and volatile with negative bias. And nearing a important support zone near 2760/2732.

discussing abt the given support at 2756/2734, its proving to be a area of convergence from various price movement.

1) 2228-3298... 50% 2761.

2) down move from 3298 is a corrective of 2228-3298 then A=3298-2855 and
if c = A, then c = 2732.

3)3298-2855 ... 23.6% extension 2755.

4)

So further wkness will set in once it brk 2761/2732 level convincingly.

 

[satyamsit]

what if we hold the support we discussed in the above chart. lets take a look.

we certainly can hit the 23.6rt fm 3178 which is 2867...

U may be wondering y did i directly draw 2974 (50%) above 23.6% , instead of stopping at 38.2%.....

neck of INV H&S on 5 MIN CHART and 23.6.. 2867
target if breaks 2867 .. 2968 ... 50% rt 2974(above pic)...and 2974 is at

Neck of 1 hr H&S .... happy trading!

 

[arsenal_7]

Looking at 5 MIN chart since 12-Nov 14:00 hrs or slightly earlier shows descending triangle formation which is continuation pattern of bearishness and would breakout around 2800-2770.

Weakness has already creeped in following failure to move above 3161 and break below 2980 (breaking T&L of recent bear market rally.)

Nifty confirmed double top formation on 12-Nov with volume , OI change and 2 day close below 2860. Pls check trading activity on 12-Nov around 2860 and OI for the day as most wrong side trades of long exited.

The downtrend has resumed and should test previous closing low. Friday was another opportunity for longs to exit. Monday may be painful for pending long positions. A bounce from previous closing low could bring nifty back to 2860 region in next week+.

Good Luck

 

[Czar]

L2T nice work, 100 MA spot on... dont have much idea about gann sorry cant help...

As we discussed about your query, Nifty had to give respect to this TL.... check this quarterly chart...

similarly this is of sensex quarterly, tested the long term bullish breakout...

& even in nifty when we went below the line it was intradayish... thats why i also said bottom should be around 2600 nifty (since the time the bear mkt started), if the big big bull market is to continue.... incase we break down these levels on more than monthly basis, then the big trouble bear continues its march.....

problem is 50 month ma is at 35xx 100 mma is 2400 & 200 mma is at 17xx, these gaps need to get lesser, thus the distinct assumption than we may have to go down sooner or later to sub 1700 levels.... as the bear market usually end with minimizing these gaps of avgs...

now see dow monthly chart... 200 mma already hit, even FTSE same....

 

[Czar]

The sensex monthly in comparison:

 

[Czar]

Now for example of what I'am saying lets look at some Index stocks:

TISCO:

TELCO:

SBI (thats why i always say Sbi should atleast go down to 800):

RIL:

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[Czar]

but remember all this is monthly & quarterly & takes lot of time & retail investors get frustrated in the small moves only...

 

[the tape]

shrt in nifty @ 2721

 

[the tape]

shrt in nifty @ 2721

Out @ 2705. looks oversold