Nifty Key levels for day traders

[linkon7]

US markets closed positive but post the market closing the US Fed made an important announcement of discount rate hike. Asian markets opened edgy and are trading weak post the Fed news. Our market opens in the negative. Sensex is trading at 16191, down 135 points and Nifty is at 4840, down 40 points from the previous close. CNX Midcap index is down 0.59% and BSE Smallcap index is down 0.32%. The market breadth is negative with advances at 181 against declines of 609 on the NSE.

 

[varun2504]

what can we do now can we go for long

 

[linkon7]

better buy 4900 calls..if u want to go long...

budget not getting any positive vibration...and there seems to be a wait and watch approach before it comes out...

4828 (38% retracement from the top of this small rally) is the SL for the 4900 call...

 

[MINITRADER99]

Congrates, Linkon.
Good work. You are exploring new ideas and trying to implement it. Saw the thread today only. Will go in detail during sat, Sun.

 

[rafiswcc]

linkon7 - can i buy nifty call 4900 (feb)at this level

thanks

 

[linkon7]

linkon7 - can i buy nifty call 4900 (feb)at this level

thanks

makes sense...

but exit if we close below 4800... and if we close above 4828..then carry it for the next day...

my expectation is...next week we'll trade in a range of 4800-4950 till budget...

logic is, money is waiting on the sidelines to buy in after the dip that the budget may cause. It will slowly flow in from the next week, position built wont be aggressive, but we wont see any major selling also...

Weekly chart suggest that the main trend continues to be bullish...

 

[varun2504]

what will be our market if Europe opens?

 

[linkon7]

what will be our market if Europe opens?

we are just waiting for the budget now...
whole next week... will be just as boring...

only thing good is the series expiry...that might spike up the VIX a little...

 

[PGDIMES]

IMO, after 4 days rally European markets should be in the red today. What say Linkon? How deep would be the cut?

 

[findvikas]

According to my System... we need to close above 4875 today/this week to continue uptrend.. Daily Trend turned Bearish again today....


Monthly Trend: Down, Up above: 5030
Weekly Trend: Down, Up above: 4875
Daily Trend: Down, Up above: 4865

Hourly Trend: Down, Up above 4824 before 2pm, Up above 4819 before 3pm


Talking about NIFTY FUTURES