Nifty Key levels for day traders

[simple_trader]

I think for today as long as NIFTY future is above 5270, good chance for rally further. RIL looks good as long as it is above 1095 future.


happy trading !

regards

 

[scplindia]

Re: Nifty

Dear Alok,

Nifty Futures Made high of 5303.25 on 06-Jan-2010 and today it made high 5309.90 which is a higher high. As per my knowledge, Double top is where the second high is lower then the first high. So, I doubt if it is a double top or not.....

Seniors/Experts, please throw some light on this point


Double Top Formation Components :

1. First High: Bulls push prices upwards making new highs; however, these new highs are short lived and prices retreat.

2. Second High: Prices don't retreat for long because bulls make another run, making a similar high. Nevertheless, this is bearish, because bulls were unable to push prices higher; bears held their ground at the previous high level. The bears push prices back to support (Confirmation line); this is a pivotal moment - either bulls will make another push higher or bears will take control and push prices even lower, more than likely taking over for good.

Image For Reference of a Sample Double Top :

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the second high should be on lower volumes and can be plus or minus of the first high, need not be lower, can be slightly higher as well. But second high should be on lower volume compared to the first high.

 

[simple_trader]

For intraday, it is better to book longs here at 5320 around once. 30 mins TF may be a showing a sign that NF can be in the range of 5270-5330 NF range for some more time.

If Break out happens, then one can consider longs at higher level later.

Happy trading!

regards

 

[sumitdasjoshi]

Hey simple trader how do you deside the rangr is it a treand line something alse plz thriughsome light on that.

 

[rajputz]

Nifty can reverse back to top from 5300....be cautious at those levels...

 

[simple_trader]

Hey simple trader how do you deside the rangr is it a treand line something alse plz thriughsome light on that.

Dear sumitdasjoshi,

Seeing BB in 30 mins TF, i felt like it was falten'ing. Hence I thought that we would be range bound for next a few candles. That was not the case, we broke out and expanded it. Hence my idea was book longs and if breaks out go long again. These are mostly applicable for day trading and scalp, which I do.

happy trading!!

regards.

 

[simple_trader]

NIFTY happens to hit the upper band, which is around 5330 spot (please check the thread, talked about it earlier).

Though it may be looking to be going up more, one may be cautious in long for time being (some days).

can it reverse over time? I do not know frankly. better to be cautious in carrying longs!

These are my personal views.


regards.

 

[simple_trader]

For day trading, as per my understanding NIFTY would be positive as long as it trades above 5285 future today.

One needs to be careful around 5340-50 range. If we take out this range successfully in 2nd half, then 5390 NF around is possible.

However one must be careful at higher levels. RIL may give a upward breakout today.


happy trading!!

regards

 

[simple_trader]

After 7 weeks of positive rally, NIFTY has done a doji (nearly perfect) weekly candle on 8th week.

My sense, which ever way market breaks out next week, it will move significantly in that direction.

Happy trading!


regards

 

[varun2504]

Hi Every One
why are u not participating in this thread
plz post ur analysis
:clap:

LINKON ji where r u ?????????