Trading with PT style

[praveen taneja]

Nifty has given a negative weekly close, which means that
the trend remains down till 5342 is not taken off. The
daily momentum says it all, as it remains down after
making a hinge for the second time in a row, which is a
sign of a bull trap. On the lower end, Nifty has support at
5160, a breach of which will accelerate the selling pressure.
Sensex has formed a head and shoulders pattern with the
neckline support at 17240. So, if that support is broken
and if the index closes below it, it will be dragged down
swiftly. The weekly momentum indicator KST, which is in
buy mode, is keeping the hopes alive for the bulls in the
medium run. So, the days to come will be crucial to decide
as to who wins the battle.

 

[praveen taneja]

5705 Big tgt
Trendy Levels
17450 17650 5230 5320
17300 17800 5180 5360
17150 17950 5120 5400
20DSMA 40DEMA 20DSMA 40DEMA
17677 17434 5294 5221
BSE Sensex: 17,558 Nifty: 5,278

 

[aditya14]

I have a feeling we can go short at current levels seeing some charts just now.
Banknifty for example we can go short for a quick 2-300 point scalp.

 

[praveen taneja]

The Nifty April 10 series expired flat month-on-month, with market-wide rollover seen at 65.25%, quite low compared to 84%% in last expiry (3-month
average 83.4%). Nifty rollover was seen at 59.2%, compared to 65.7% in the earlier expiry (3-month average 70.1%).

India VIX (which measures the immediate expected volatility) ended at 21.19 after seeing a spike during the last two days of April 10 expiry. Nifty OI PCR is also in comfortable zone around 1.20 levels.

The option data for May series shows highest open interest in puts with strike 5200 and 5000. We saw healthy additions in calls with strikes 5200-5300, indicating a portion of traders expecting Nifty to resume a bullish trend.
Nifty is currently poised near the crucial level of 5180 and if we see a break from this level then we should see a downside of up to 5040.
However, strong resistance is seen at 5280 to 5295 which are short-term 5 and 20 DMA. If these resistances are breached then we see trend reversal with Nifty heading towards 5400-5500.

 

[fabrics]

PT,
Any trade suggestions for today

 

[praveen taneja]

PT,
Any trade suggestions for today

MKT too shaky and premium too high in options so just holding FCS
keeping eye on 1000 put RIL and 1050 call for some good gain:thumb:

 

[praveen taneja]

NOW IF 5238 MAGIC NUMBER CROSSED POINTS THEN WELCOME the BULLS
OR IF 5220 MAGIC NUMBER IS BROKEN THEN WELCOME THE BEARS !!!

 

[fabrics]

mkt too shaky and premium too high in options so just holding fcs
keeping eye on 1000 put ril and 1050 call for some good gain:thumb:

wht price ril put n calls?

 

[praveen taneja]

wht price ril put n calls?

RIL at 1025 can go for it I am not taking as it is my half day so would enter tomm lots of US data to come so play safe:thumb:

 

[fabrics]

PT,
taken 1040 CA at 26.50