Nifty Futures Trading

[Sunil]

mannnnnnnn
it did not come up till 2993 properly for my shorts entry....
:-((((

 

[renu daga]

today nifty is just hovering around 70 levls!!
seems,,, roaming in lanes

renu

 

[arnav_rulz]

mannnnnnnn
it did not come up till 2993 properly for my shorts entry....
:-((((

I did get to short 50% @ 84.95 ... n covered it again in 2870 zone !!

 

[Sunil]

so what has SPOT done today with respect to 60min chart & EOD chart:

The short term uptrend continues with a new high made today, and thus Friday's LOD SPOT 2813 becomes a key HL & SAR level.
But still, 3160 remains the last mountain's peak and bear's pride which needs to break for turning up the intermediate trend.

As per EOD charts and applying Saint sir's flow concept, we have a pivot low in friday's low of 2813 (coming on back of 10Dec WRB low of 2785, with 3150-60 being key HODs to break...

for tomorrow, we have today's double top of 3010 and seemingly double bottom of 2955-50 as immediate rectangular pattern range, for further directional cues.

 

[Sunil]

we should thank today's Reliance confusing advance tax numbers for today's up & down movement...

this is what exactly happened during the big gash down intraday in both RIL and Nifty:

RIL's Advance tax nos. were announced - around 450 crs vs 1025 crs (YOY)

and is what RIL and Nifty did after this news by diving down swiftly...

and later, it was cleared that last year's 1025crs had figures of RPL's stake sale figure too...
so, it should be 450 crs vs around 525 crs of last year
(this much downfall is already expected by nearly all commodity cos.)
so RIL has a good recovery along with nifty


sometimes i wonder, looking at the timing of both news & clarifications:
is it that news follows technicals or technicals follow news...

well, RSI & technicals is in front of me all the time, and one can have no idea of what & when certain news will come out...

 

[Sunil]

Indian cricket team is behaving exactly like the "down-trodden" bulls over last 5 trading sessions...

proverbial hand-to-mouth distance between victory & intermediate uptrend now..

dekhte hain kisse kya milta hain

 

[columbus]

we should thank today's Reliance confusing advance tax numbers for today's up & down movement...

I feel Operators were trying to MANUFACTURE the reasons ...........

 

[learn2trade08]

technically ril opened at resistance....infact i was short ( anticipating a bearish engulfing on hourly) and right at the time of covring my shorts the advance tax numbers came out...got the cue held on to it.....one of the most satisfying trades i can recollect so far...
we are at resistence once again(ril)...infact was discussing with a friend today, most of the stocks were easy to trade in decmber.realised it lately,i guess better late than sorry...i am pretty sure a lot of traders have benfited from it.....
nice to see nifty_I back in action with renuji and sunil...
attached chart is with the help of SIT_the man...

p.s:i am a firm beliver of news following charts..

 

[renu daga]

regarding reliance i wnated to ad something

when after october we had rumuors,,, nifty 600/900..and nifty 2000( whihc even i though to eb teh last low)...as per,, broader terms,, but now a bit subjective ,, what january wil fold into!!

for reliance we had rumuors 800...sure... every person had this tgt!!
but logic!!!! anhin

logic ,,only if it breaks 1000!! levels otherwiseNO....
here chart posted reliane cleraymov av,, showsbullish after long time... 1100..were it showed short consolidation rectangle,,, but now shaping up in rising wedge...and now a bit is more left in 3/4... pattern

so lt rumuors/news are all...blah blah ... its only charts / indiactosr predict fast / and sometimes abit slow if u are unable to read,,,, but wil never fail u
if u dont understand stand aside wait for some other opp... but news/ rumuors!!...are all.. waves,,, but not elliot!!
renu

 

[Sunil]

for tomorrow, we have today's double top of 3010 and seemingly double bottom of 2955-50 as immediate rectangular pattern range, for further directional cues.

Immediate support levels at 2967-63 & 2950 (the importance of 2945-55 band was highlighted yesterday, for intraday basis)
Below 2945, we have 2920 & 2905
2875-70 & then 2850 are crucial support levels for today...

On upside, we have initial 2993 hiccup (highlighted yesterday) and then 3010-17
50DSMA is at Spot 3020 / FUT 3025 today.
These need to break for targeting 3070-80 & eventually 3100.

14period RSI as at close:
Day = 67
60min = 54
5min = 47

RSI showing bearish divergence in hourly too...
Please note one thing I studied about divergences:
Divergences in themselves do not signify a reversal or a trend change, they merely gives us an advanced warning of the underlying strength or weakness in the prevalent trend. The real confirmation comes from the Price action itself.