Category Archives: Nifty

#184 Nifty Update: Rajan karega Raj

All Indians are busy planning their vacation for next week diwali but vacation for investors would all depend on Mr. RBI. Tomorrow we have a monetary policy and markets is all waiting for the results. Most of them expect 25bps hike in repo rate and 25bps in MSF which is already discounted in the market. A change in either rate and we could see a volatile session tomorrow. Technically as we had been mentioning in the last few updates that we are expecting a correction but not more than 6030 and tomorrow could be the day. A small narrow channel has been dipping downwards since last week. All the indicators are at the verge of support and  nifty’s upcoming movement would be crucial for us. It is sitting on the Moving average which we consider to be strong support. According to retracement and tiny gap 6020-6045 is a spot were risk taking buyers should go long tomorrow. We expect expiry to be around 6200.

Our recommendation: Risk traders should go long at 6040 and safe traders should wait for a confirmation.

Disclaimer: I may have personal position in index and above mentioned stocks. Views and News mentioned above may have Errors and omissions. My views are biased more towards technical analysis. Please read and study the market carefully before investing on my idea. For any suggestion contact me on my email. Some words mentioned in article don’t mean their actual meaning. They are correlated for market.

#183 Nifty Update: Madness around the Chart

Since last few updates we had mentioned a channel which was broken a day before yesterday but yesterday we moved back into channel initially in the day and closed back exactly on the verge of new support line. Nifty closed with a Dragon fly Doji but its not supported with perfect rules. Indicators have turned flats to slightly bearish with intact of my tgt of 6035. ONE PECULIAR CHARACTERISTIC OF NIFTY THIS WEEK IS THAT IT HAS CLOSED NEGATIVE EACH DAY. Yesterday we saw a higher high and higher low but we have to wait and watch what should we do the next. On thing supporting bulls is bank nifty which is signaling a buy on each dip and it has under performed nifty. Our trailing SL has been hit on both side yesterday and currently we dont recommend anything for safe traders

Our Strategy: Risk takers go long at 6034 or above 6220 today for holding it positional. Safe traders wait and watch for a safe call.  

#182 Nifty Update: A bearish Engulfing after a Doji

A rewind button has been pressed on Nifty today after 2 days of pause. But today i feel that more weakness has been smelt around the charts. Firstly, Nifty resisted around the same levels for 3 consecutive sessions. Secondly, it gave a super slide in intraday making indicators turning in favor of bears. Thirdly, the channel which we mentioned since last 2 updates had been breached on lower side in intra-day and closed exactly at the verge. On the downside we have a tiny gap unfilled at 6034 which is also coinciding with a another support level making it a strong tgt to be achieved on the downside. Indicators have shown some sign to move downside but a confirmation is required tomorrow from them. Trading and close below 6186 tomorrow is consider to be weak

Our Strategy: Risk traders are SHORT as we initiated during market hours yesterday while a trailing SL for safe traders at 6167 has been hit for long positions. So we are Status Quo for near term on selling side while safe traders its NO Trade zone.  SL to shorts are at 6220

#181 Nifty Update: Rewind or Forward after a Pause button??

Everyday you all come across “Rewind, Forward and Pause” button but since two days Nifty has pressed pause button on its level around 6200. What next?? A”Doji and spinning body” as circled in graph suggest a pause to a current trend and it could retrace or move forward (Rewind or forward) depending on the momentum of global platforms across. Nifty is still in the trading channel as we mentioned yesterday suggesting some bullishness for sure. But NIFTY today exactly resisted near to my 1st tgt 6220 as mentioned yesterday. Intraday movement suggested some weakness ahead so we did initiate a safe player strategy on out FB page during market hours i.e., “Going Long on a Midcap stock and shorting nifty with SL of 6235 (Cash levels). Risk takers are holding long for sure on my nest two tgts 6280/6310. We would recommend to keep Trailing SL at 6167 on downside and 6235 on upper side.  Though long term trend is positive with SL of 6050. Tomorrows CLOSE is a crucial of the movie ahead. 

#180 Nifty Update: Index in perfect channel

On our last update on #Nifty we mentioned to Hold long for risk traders and we are seeing a perfect upside angle on index. We had mentioned to that safe traders could keep a trailing SL at 6050 and it was hit but if you are lucky enough than its good for you. Anyways coming back to nifty, it is in a strong bull momentum. Our tgt 6220 as mentioned in #179 update is yet to be achieved and it would be comfortably achieved. Fundamentally US shut down is over and markets have positively discounted it. Indian markets are also positive on good Q2 earnings. Indiacators are yet positive and signalling some good road head for the index near  term. Weekly and Monthly charts are still handsomely supporting bulls .But WE DONT RECOMMEND TO Initiate new long though.

Our strategy: HOLD existing long with the tgts 6220/6280/6310 trailing SL 6125 (Closing)

#179 Nifty Update: Mixed bag fundamentals but strong technicals

Around 2 weeks ago we gave of tgts 6150 on Nifty in the update #175. We have achieved all the tgts on intraday basis but we still of the idea that we will get a strong close above 6150 soon. Inflation of our country has been rising but on other hand this result earning season has been good so far. With Infosys,Reliance, HDFCBANK, TCS and HCL Tech delivering above estimation result we can expect others to perform as well. US Senate has just passed budget before few minutes to avoid debt default which is of a great benefit for us indirectly. Tapering in US will be delayed and liquidity would stay with us.  CAD has seen some improvement which is also to cheer for us. Technically we are close to over bought position on daily chart but still we can see a long upside on Weekly and monthly chart suggesting a every dip as a buying opportunity. Our strategy is to HOLD long on Nifty  with tgts of 6220  6050 is important support for next 2-3 sessions which could be trailing SL. Currently downside is capped at 5900 which could be consider as buying opportunity if we see that levels first. 

#178 Nifty Update: Super Bullish confirmation achieved!!!

Our 1st tgt 5988 on Nifty has been achieved as we stated in our #175 Nifty update. Today we saw a weak opening but markets rebounded strongly on Trade deficit numbers which came at 2 years low. Technically nifty took support at a moving average. But close has given a more useful bull sign as per candlestick i.e., A bullish engulfing. Though it is more significant at the lows of chart but we cant ignore today’s pattern. We could consider it as a continuation pattern of the current bull trend. Indicators are still expecting some upmove. We are intact with our next to targets 6090/6150 with a trail SL of 5900 (closing basis)

#177 Nifty update: Role Reversed!!

On our post #176 we mentioned a speed breaker at 5915 and yesterday Nifty did resisted there. Ghosh!! yesterdays close for nail biting but finally it did go with our view on bulls side. It is believed that chart discounts news before they appear on Media, and it was so true. Yesterday market recovered to the top in last hour because RBI’s after market step of reducing MSL was discounted. I hope none of you have been caught on the wrong side of the trend. As you all can notice in the chart, a trendline which was acting as a resistance on 5th Oct is now acting as a support line that is what we called ‘Role reversed’. Indicators have turned bullish and nifty is trading comfortably above all the moving averages. Now 2 close above 5900 would be a confirmed uptrend. Infy result this week could take our market to the tops.

Our Strategy: We are status Quo with our Long call on #175 Update with intact tgts of 5988/6090/6150. 

#176 Nifty Update: A small breaker ahead

On our post #175 we mentioned for safe traders to go long on Nifty above 5889 and i guess everyone got a chance to go long. Fundamentally there is only one event and that is quarterly results this monthly. Technically Nifty is trading comfortably above short term and Long term moving averages. Indicators on daily chart have turned positive but we are facing a strong resistance at the trendline which has taken strong resistance 2 times. But we are biased towards bulls as it had breached once above that in near term. So traders may go long intraday above 5915 on monday while for safe traders our strategy is status quo. 

#175 Nifty update: No trading Zone for Safe traders

In our last post #174, we did recommend to cover shorts which we initiated around 5988 in our post #172. We hope that most of you got 215 points on our last short call. Now its a No trading zone for the safe traders upto 5889.   Yesterday Nifty has comfortably closed above Long term moving averages indicating a strong support level around 5740 which we had be mentioning since long. Indicators on daily charts are at the mid-way suggesting to support both the bull and bear side equally. Analyzing the chart with waves, we are in a secular bull trend but in the mid way correct phase. We could get a confirmed short term buy call only above 5889. For risk traders we have already initiated long on Nifty at 5760 on our FB page . Follow us there for instant updates and recommendations.

Our Strategy: We recommend safe traders to go long on NIFTY above 5889 and add longs above 5915 with tgts of 5988/6090/6150.