Great descending triangle setup. Watch out for an explosive breakout. There's been accumulation against the selling from removal in MSCI-0.77% index EEM-1.80% . multiple springs from 162
Market Bytes 09-May-2016 Nifty futures: On our Fridays Market bytes edition we discussed that 7700-05 will hold a key base for the markets. This got respected pretty well despute a gap down opening. This further rep inforced the level. We discussed that the range of 7700-7900 is going to probably hold fort for coming sessions. On the upside immediate hurdle lies...
Market Bytes 02-May-2016 Nifty futures: NIFTY Futures played to the script on Friday, we had discussed that the base now remains at 7830-50 range and upside hurdle is at 7920-30 zones . Markets respected the base and managed to pull back and and made a high below 7920. The script for the coming session remains the same; look to take a breakout trade above 7950 and...
If the daily close not atleast 100 points up from current levels then looks like the preferred path is down.
Market Bytes 27-Apr-2016 Nifty futures: NIFTY Futures formed a perfect technical case of a double bottom set up and pull back. We had time and again emphasized that 7850 holds a support range and is the key. Once that level was sustained for the second time we saw a massive pull back. Yesterday's pull back in the late hours was witnessed with high volumes with...
Price reaching Renko resistance level and 7 period RSI reaching saturation levels. So a short after a 50-100 point rise.
Hi All, I follow Elliott Wave Principle for trading, I am a novice trader (trading since DEC-2015 using the Wave Principle). This is my first post/idea in the forum, so pls forgive any mistakes. Below is an interesting chart. Request veteran traders to pls review and comment. On weekly, TITAN has completed its X wave at 379. This X is continuation of...
There are several methods of plotting price channel, in my opinion drawing it from closing value is more logical when we are looking at long term charts. Considering this we are out of recent down trend channel and yet to close above main down trend channel, the supply zone and channel are crossing each other just above current price. we can expect very...
First of all thank you to tradingview for intraday Banknifty charting BankNifty has a history of making very violent corrections when it finds a trendline and right now we have banknifty at a 1 month strong support trendline in a crucial demand zone. In addition the selling from 16k+ levels made the last week the largest volume week of the past few years :...
Hello This is an update from my BANKNIFTY Long call from 13700 and my BANKNIFTY short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl. The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY rallied from 8k to a 200%+ high...
This is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
After heavy consolidation for 2 months I can foresee a potential breakout from the 1 yr+ triangle to supply zone @ apprx 85. SL is at 62. RR Ratio = 1.65. Always the possibility of denial at resistance trendline however this extended period of consolidation gives me the confidence of an overwhelming bullish sentiment Best of luck!
Nifty, I think that Nifty can show a some correction and will give opportunity to invest. Short covering has been seen in the index and now its time to home.
Market Bytes 29-Feb-2016 Nifty Futures: TOday is the big day ; isnt it? well statistics have a funny suggesstion; the net movement in budget days for the past few years have been less than or around 2%. So despite the big hoopla it indicates makrket on closing basis may not move beyond 2% in most cases. I would say there are three key themes for the budget this...
Nifty is moving in range of 6960 - 7280 . Nifty has already made triple bottom pattern on daily chart. stay long on nifty till above 6960 . further 7100 7190 7280 any break below 6960 then reverse the position and go short on nifty with the target of 6900 6869.
Market Bytes 15-Feb-2016 Nifty Futures:Friday we restated that we see a bottom at 6800-6830 levels against the tide of the trend. This proved so correct as NIFTY managed to hold on and make a low of 6875 to bounce back from there. Expect 6850-75 to be a bottom for now and this could be used for swing long trades.For intraday trades our immediate suport base can...
Trading Idea Nifty Futures: NIFTY Futures few sessions ago we had discussed that 7430 was the trend decider and above that 7550 was a possibility, that target nearly got done in yesterday's session, after that markets paused and went to crash and test our trend decider all over again. Both sides provided a decent trading opportunity in last few sessions. Next up...
Banknifty opened below the congestion zone range of 17880-17740. This provided the entry point for the short trade. Could only enter the trades around 17700 range. downside targets are about 17570 and 17440 levels. Rest can be trailed.