Trading NR7 setup

[trader.trends]

The first 13 days of December we had a close within 100 point range between 5031 and 5132. January seems a repeat. Close for the last 10 trading session between 5202 and 5288.

 

[AW10]

I was anticipating increase in range in January and that's what typical behaviour of Jan also shows i.e. many Wide Range days.
Unfortunatly, 1/2 of Jan is almost over without and action. Lets see what comes in second half of Jan.

Happy Trading

 

[rohangawale]

2NR7 today with 37 points range.
last time 37 pts range was on 30th dec.
still waiting for WS bars.
Hope next week will see some action on nifty.

 

[rohangawale]

NR7 Stocks Triggered on 14 Jan:

[B]STOCK		HIGH		LOW[/B]
NIFTY		5272.85		5232.5
BPCL		637.9		623.1
BHARTI AIRTEL	322.60		317.20
CIPLA		345		340
GRASIM		2889		2830.1
HEROHONDA	1643.3		1615.2
HINDALCO	172.9		169.5
IDFC		163.35		160.75
NTPC		232.7		230
[B]RANBAXY		520.9		514.75**[/B]
SAIL		244.5		240
TATA MOTORS	792.3		779.55
TATA STEEL	651.2		641.55

** = 2NR7

NR7 Close on 15th Jan:

		[B]14-Jan			15-Jan		
STOCK		HIGH	LOW		Close	Day Range	Trigger[/B]
NIFTY		5272.85	5232.5		5252.2	37.4	No Breakout
BPCL		637.9	623.1		617.35	17.5	Down Break
BHARTI AIRTEL	322.60	317.20		317.40	6.50	No Breakout
CIPLA		345	340		350.2	14.35	Up Break
GRASIM		2889	2830.1		2847.4	48.9	No Breakout
HEROHONDA	1643.3	1615.2		1625.35	24.00	No Breakout
HINDALCO	172.9	169.5		166.60	6.00	Down Break
IDFC		163.35	160.75		159.70	3.80	Down Break
NTPC		232.7	230		232.25	3.50	No Breakout
RANBAXY		520.9	514.75		515.40	9.05	No Breakout
SAIL		244.5	240		237.30	5.50	Down Break
TATA MOTORS	792.3	779.55		797.20	28.50	Up Break
TATA STEEL	651.2	641.55		645.15	10.95	No Breakout

 

[rohangawale]

NR7 Stocks Triggered on 15th Jan:

[B]STOCK		HIGH		LOW[/B]
NIFTY		5279.85		5242.45
DLF		392		384
[B]GRASIM		2,873.90	2,825.00**[/B]
HCL TECH	373.9		366.15
HDFC LTD	2538		2505
[B]HERO HONDA	1640		1616**[/B]
REL INFRA	1140.9		1122.1
UNITECH		89.95		88.2

**=2NR7

 

[enygma]

All contrarian indicators also pointing to the same

- The bunch of narrow range days
- India VIX at 3-4 month low
- Perhaps the complacency of the low VIX leading to people writing naked OTM options like no tomorrow
- The so called "smart foreign" money buying options (either new trades and squaring off previously written options) in the past two days or so.

Well all these are weekend thoughts - on Monday, we should be back to trading what we see on the charts

Regards,
Enygma.

I was anticipating increase in range in January and that's what typical behaviour of Jan also shows i.e. many Wide Range days.
Unfortunatly, 1/2 of Jan is almost over without and action. Lets see what comes in second half of Jan.

Happy Trading

 

[enygma]

Just like AW10 mentioned about GAIL a couple of days back, something similar on Ranbaxy. While a little bit of range expansion removes it from the NR7 scan list for Monday, the fact that it put up 2NR7 followed by "No Breakout" implies that the tight range continues. It is worth watching for a breakout from the range for the past 2-3 days.

Regards,
Enygma.

NR7 Close on 15th Jan:

		[B]14-Jan			15-Jan		
STOCK		HIGH	LOW		Close	Day Range	Trigger[/B]
NIFTY		5272.85	5232.5		5252.2	37.4	No Breakout
BPCL		637.9	623.1		617.35	17.5	Down Break
BHARTI AIRTEL	322.60	317.20		317.40	6.50	No Breakout
CIPLA		345	340		350.2	14.35	Up Break
GRASIM		2889	2830.1		2847.4	48.9	No Breakout
HEROHONDA	1643.3	1615.2		1625.35	24.00	No Breakout
HINDALCO	172.9	169.5		166.60	6.00	Down Break
IDFC		163.35	160.75		159.70	3.80	Down Break
NTPC		232.7	230		232.25	3.50	No Breakout
RANBAXY		520.9	514.75		515.40	9.05	No Breakout
SAIL		244.5	240		237.30	5.50	Down Break
TATA MOTORS	792.3	779.55		797.20	28.50	Up Break
TATA STEEL	651.2	641.55		645.15	10.95	No Breakout

 

[rkkarnani]

Just like AW10 mentioned about GAIL a couple of days back, something similar on Ranbaxy. While a little bit of range expansion removes it from the NR7 scan list for Monday, the fact that it put up 2NR7 followed by "No Breakout" implies that the tight range continues. It is worth watching for a breakout from the range for the past 2-3 days.

Regards,
Enygma.

Wud like to add to Enygma's interesting observation abt Ranabxy :

The Range of Ranbaxy Futures on weekly charts :
Week ended Range
24 Dec2009 19.45 (NR12)
31Dec2009 23.75
08Jan2010 29.20 (Hi 534.35 & Lo 505.15)
15Jan2010 15.90 (ID NR 12) (Hi 524.90 & Lo 509)

 

[rkkarnani]

NR7 Stocks Triggered on 15th Jan:

[B]STOCK		HIGH		LOW[/B]
NIFTY		5279.85		5242.45
DLF		392		384
[B]GRASIM		2,873.90	2,825.00**[/B]
HCL TECH	373.9		366.15
HDFC LTD	2538		2505
[B]HERO HONDA	1640		1616**[/B]
REL INFRA	1140.9		1122.1
UNITECH		89.95		88.2

**=2NR7

Nifty Future on 15th was also an inside day and had narrowest range in 12 sessions (NR12)

 

[Karanm]

Nifty Future on 15th was also an inside day and had narrowest range in 12 sessions (NR12)

Can you please provide me Formula to Explore NR7 Stocks in Metastock with EOD Data.