iCharts Discussions

[SwingTrader]

Market Status as of 11:48 AM:

BULLISH : 88
SIDEWAYS WITH BULLISH BIAS : 9
SIDEWAYS : 76
SIDEWAYS WITH BEARISH BIAS : 45
BEARISH : 89

The control now swinging to bears? At least whatever bullishness was there is now gone...bearish scrips are increasing.

[SwingTrader]

NF at BEAR level, if it breaks down below BEAR the next support, of course, is S1 a break below which can lead to significant downside.

Same goes for BNF.

[SwingTrader]

FYI: I am going to be out of the office for the rest of the day for a meeting. Will post later in the evening.

[dilesh]

hi ST Sir,
Request to give your view on NF

Regards,
Dilesh

[SwingTrader]

[dilesh]

[SwingTrader]

NF around LOC with EMAs also bunched over there....neutral at the moment with market stats indicating slight bullishness which can change at anytime.

BNF slight bearish as it has turned down from LOC, EMAs are above it so they are resistance at the moment.

Can go either way....trying to find some stocks with good moves now...

[SwingTrader]

Stocks above/near R1:

ADANIPOWER, CENTURYTEX, HINDUNILVR, TATACHEM

Stocks below/near S1:

BAJAJ_AUTO, WIPRO

*** These stocks can be over extended, do your analysis before considering an entry. The above are not buy/sell signals. ***

*** DO NOTE THAT THESE STOCKS, IF THEY REVERSE, ARE GREAT CANDIDATES FOR REVERSAL TRADES - REVERSAL FROM BEAR-S1 OR BULL-R1. SO IF THEY BREAK BULL/BEAR LEVELS...WATCHOUT ***

[SwingTrader]

Both NF & BNF now bearish as both are below LOC & EMAs. Next stop BEAR unless they go back over LOC & EMAs both.

[SwingTrader]

NF has some support around 5445, if it breaks that it could move down to BEAR. BNF is already near near BEAR. What happens around this level is the key to further move from here.

When trading stocks, keep in mind that many selected stocks will go in the direction of the market trend. This is especially true if the trend is strong. If the market trend on one side is not that strong or is sideways then stocks on the both sides can be traded comfortably. If the market trend is strong, the trades in direction of market trend will work fine, while the trades on other sides might fail...but these scrips can be excellent candidates for reversal trades (from bear-s1 or bull-r1) as they join the main market trend.

Market stats are currently neutral.

[SwingTrader]

Market stats continue to be neutral indicating sideways at the moment. Stocks giving signals can work on both sides at the moment given the sideways nature of the market.

Watchout for stocks trading in the bands...watch for breakouts.

Stocks trading in BULL-R1 bands:

APIL, CHENNPETRO, HINDALCO, MCDOWELL_N, SRF

Stocks trading in BEAR-S1 bands:

BHARTIARTL, CAIRN, JSWSTEEL, MARUTI, ORBITCORP

Do note that these stocks can continue the trends or reverse from here.

[SwingTrader]

NF at BEAR level, watchout...if it breaks NF can quickly go to S1.

[dilesh]

hi ST Sir,
Pl. explain the current situation in NF.
Currently NF is getting Resistance at Bear and also of EMAs. Would shorting at Bear level be ok or that one should wait for break of S1 also for new shorts.

Regards,
Dilesh

[SwingTrader]

Dilesh,

A short now can be initiated if 89 EMA provides stiff resistance to price and it turns down below BEAR.

There is a certain component of this method that I am unable to explain properly. Let me try. Apart from the standard signals I take positions based on where price has broken down from. For example...like today when it broke down from LOC + 89 EMA confluence, I am fine initiating a short there with SL above LOC & 89 EMA. These levels are areas of support/resistance, trades have to be initiated with that in mind. If there are confluences like today morning's breakdown then one can initiate trades based on that.

Standard signals are a guideline for beginners using these levels. The next level is to use these levels more intelligently combining these with your own tools like I combine with EMAs. Trades can be initiated using various ideas based on combination of such tools.

[dilesh]