Nifty Futures Trading

[Sunil]

By problem I meant it as confusion. Every intraday trader has his own strategy and which is far beyond the conception/s of position trade. As for today, Sunil rightly pointed out the 4315 level, but for me that was not my level to square off. Here the positional and intraday trader clashes. It creates confusion .. and as the intraday traders always are in toes, this clash results his anger even loss in trade. So it is better not to mix intraday trading with positional trading in one pot.

and yes, one bounce from good support level in over-sold condition has still not ended this short term downtrend; though it has given a breather to the intermediate uptrend (temporary or what, will be answered tomorrow)...

As of now, the stop for this short term downtrend, which has been forming LL LH since last Tuesday from 4650, is now yesterday's HOD (ie 4447).

This is where I appreciate Satyajit da's patience & experience with a trend. (Satyajit da, please never ever think that any of your posts or charts are unwanted - your hourly charts keep us informed about everything in one single thread).

He rightly mentioned that intraday trading posts (which is the main purpose of this thread) create noise/confusion in minds of positional traders - and there's an imminent clash between two mindsets. If one is bearish for short term, then it does not mean, one cannot anticipate/enter intraday reversals.

It's not that i am against positional trades/posts, but one should understand & realise that many of our trading posts are meant for intraday trading. I, myself, seldom carry forward any FUT position (i prefer optons for this). Asish da, himself, resisted from posting his positional trades here - and now I realise the reason behind it.

This confusion can only be avoided by someone if he knows/understands what is the timeline of his particular position a la Satyajit Da. If one is only a positional player with a bearish view, then one should leave these intraday bounces to scalpers/intraday trades, etc. In fact, I would add, that if one is very clear abt the bearish short term view (for eg), then one should add more short positions on such intraday bounces a la Saint sir.

Realise whether a particular post is for a 5 min trade or a 60 min trade, and trade/ignore according to your own mindset & position.

and dearest satyajit da...

your hourly charts can NEVER confuse an intraday trader....
infact, postings of positional trades should not disturb any intraday trader in any way, i feel...
but yes, the reverse is true... intraday trades' posts do confuse / create noise for not-so-experienced positional traders

I would again say that it has never been intra vs positional for me...
satyaji da, czar, raj, i would always be happy if u post your positional/hourly charts here only... these up to date charts actually help an intraday trader, not confuse him.... we come to know whether most of our trades should be "buy on intraday dips" or "sell on intraday rallies".. It's only sometimes that when a particular level comes up, you have to indulge in a bit contra-trend intraday trading...
Asish da's FUT 4455 (recent example) came in handy to me 3 times in 2 days... and i used that level twice for selling and once for buying. Spot 4315 is again once such level - it's like a chokidar/watchman - never letting pass easilly.... it only gets broken by gap openigs....

So, i would request satyajit da, czar, raj & others to continue their positional trade sugestions here... but i will leave the ultimate decision to majority. I would really appreciate EVERYTHING about NIFTY here, so that all can benefit w/o having to look/search in other threads about nifty trading.

I am just emotionally attached to this thread, and I rarely post in other threads... If work is worship, then this thread, I feel, is like a temple built by a man who taught me to pray & do my karam (intraday trading).

[my "kiddin" yesterday was directed towards renu as answer to her "court cases", i didn't expect such emotional outburst from my friends - i am very sorry for such behaviour]

I would also request renu, milkyblack, debdeeps, devasish & above all, Asish da, to continue with their active intraday nifty trading guidance here.

 

[uasish]

Sunil,

Highly appreciate your feeling,time has come for you to venture out in a new Thread,like this we have grown in Traderji.You have real dedication to this thread,this anybody of us can understand & FEEL.Your levels RSR are awaited by us.We can & should stay in this thread ,unfortunately the choice of the thread's main direction lies with the thread starter.
Plz keep this thread for intraday & scalping.Like any of us you also know that the rules of one day & twenty twenty is never same.
As Czar has already started a part-2 for Positional thread we all can use that anytime.
Even in trading we always have 2 different a/c for intraday & positional trades ,when trading in same scrip.
Plz do not misunderstand me ,personally i am really impressed & moved by your dedication to this thread,as you also do intraday hence let the newbies understand your intraday trades here .

Asish

 

[Sunil]

NIFTY SPOT LEVELS FOR TODAY'S TRADING

Well, Tuesday & Spot 4315 both played their roles as expected yesterday. But, as clarified, the Short term downtrend is still on - this LL LH formation has now a stop at SPOT 4447 or FUT 4456. Till then. all intraday rallies will be met with resistance.
The intermediate bullish trend with HH HL formation is still valid, and got a breather yesterday (temporary or what, will be answered today).

Key levels for today:

4355 - It's the pivotal level for today. Till EU opening yesterday, it was the lower level of ranged trade, and later in last hour trading, it has become the neck of inv. H&S pattern. Spot should sustain above this for some bullishness. Also, some sort of HH HL was also attempted in this last hour of trade. 4355 is again an important previous HL here.
If spot opens flat, then this level can be used to enter long positions or as stop for intraday long positions.


Supports:
4340

4315 - This level will always be there for me. The KING of RSR (resistance-support-resistance) levels. Today will be the second day of its test. S1 for today

4300-4280 - Not just S2, but also the 50DMA level. If this level (4280) breaks, then it will be the first body blow to the intermediate bull run. Also, today the TL's support (if we take non-log adjusted charts) is around 4300.


Resistances
4380 -

4395 - SPOT filled the gap down in 5 min charts in yesterday's dying moments, though not convincingly... Besides HOD of yesterday/close of monday, it's R1 for today.

4440 - In this short term bearish downtrend (LH LL), selling has come in force near every previous LH. Now, entries around this R2 can be used for fresh intraday/positional shorts with stop as mentioned in the beginning (4447+)


Just to summarise with round figures, this fight between 4300-4400 can be used for intraday swing trades by buying on dips with stop below 4250, and selling on rallies with stop above 4450.

After 5 days of negative closings, SPOT has 99% of times made a positive closing on the 6th day - this is what one can conclude after studying SPOT EOD movements over the years.
Today is the 6th day - let's see if SPOT carries forward the tradition (or will this be the day to be counted in the 1% exception category)

 

[tinchu76]

hello iam saravanan

vannakam anna

 

[Sunil]

i think, like in any office, we have become so much used to each other that we all feel & miss chit-chatting after EOD...

i think we should start one thread/use another existing thread, specially for this, and for all of us, for after-EOD,
- just to maintain the sanctity of this thread...

 

[uasish]

Sunil,

You can discuss anything related to Nifty Here only after EoD rather that is a good practise ;to discuss where we could have gone wrong in the course of the day.

Asish

 

[uasish]

My views:=
In Nifty Fut the Major Trend is (-)ve.
The Low of yesterday 4331 may have become a temporary 'Fractal Low',this we can only be confirmed if it can close above 4411.65 today.
If 4360.80 is protected in the down side then also a temporary upswing started yesterday can continue.
On the Upside 4476.30 is a tough hurdel to cross.

 

[uasish]

In 60 mins 4422 is a minor resistance & 4378.80 is a support.

 

[biyasc]

biyasc: to reply you I will quote your own post so you get what I'm saying:

i was looking for proper information, not for confidence. btw, dont wanna spoil the thread anymore. if you want then we can talk further in decent way via pm. thanks for last days 40 points gift to traderji members., keep it up.

 

[Czar]

An intraday pull back to test the pink falling TL may be imminent at 4365 approx

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