iCharts Discussions

[paa]

Spot lvl or NF

[shashangan]

NF

it didnt happen so i am probably wrong.

Sorry
Gautham Shashangan

[amitagg]

no. the level to go long u posted was good even though not worked... i see a bounce to 5300 before it touches 5175....if there is weak opening tomorow. i shall look to add few aroiund 5200-5230 surely..thanks

[shashangan]

5108 Aug & 5124 Sept were lows for future Nifty.

Like I had mentioned around 5135 will give a good bounce you did see a strong pull back to 5318 Aug & 5337 Sept.
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Right now Mkt has possibility to dip to min 5094-86 lower target again. Stay cautious with your shorts from this level. I would watch & go long for medium term from this level.

If I am not wrong NF 5020-12 could be the projected approx bottom for this move for now. Around 4944-38 is the worst low if extended (doubtful).

Mkt may bottom out anytime from tomorrow. Max by Monday or Tuesday mkt should be bottomed in case it extends for stop hunting.

Next week, the rally should start to target min 5495, followed by around 5534-38 & 5630-33, 5667 NF before 10th of Sept.

As it dips below 5100, You can start buying 5400-5600 calls.
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8240 is the next possible target for Bank Nifty (Spot). 8150-27 may be the target bottom for Bank Nifty. Only If extended 7990 could be the next support (Doubtful).

You should see a massive 1000 points rally to 9135, followed by 9490-510, 9870, 9930-65 in Bank Nifty.

Good luck
Gautham Shashangan

[shashangan]

High Risk Intra day Trade -

Book all longs & reverse trade for intra day with tight stop.

Short Sept @ 5400-5404 with stop 5426. Tgt Open

Regards,
Gautham Shashangan

[ajit602]

[shashangan]

Scale down your stop to 5409 or preferably 5397 (Cost) from 5326 to be safe.

Good luck
Gautham Shashangan

[shashangan]

Hello Ajit

It's always better to close positions on the same day, since everyone knows how the mkt can be. It may open with 50-100 points gap.

Unless you are confident of a trend or if you have option protection, then it's ok to hold. If not you should be having good money power & be prepared for at least 200-300 points risk, to trade as a long term trader, also be able to trad with discipline not averaging every 30-40 points.

Regards,
Gautham Shashangan

[ajit602]

[badri2003]

Shashanganji, is this view still valid? because before reaching 5000 levels, nifty going towards 5490. that is why this query.

[shashangan]

Place an order to Sell NF @ 5484-88 with tight stop 5501 or 5522. Tgt open. Min possible 5445-41 area.

Regards,
Gautham Shashangan

[shashangan]

Hello Badri,

There is still possibility of mkt dipping around 5200. But as of now, I am not sure since NF has made a very strong pull back reaching my 1st target. Infact Bank Nifty already tested the 1st level dot on target, which i had mentioned 9135 (spot). Today being Friday, I also need to see the weekly close to confirm it.

Let's see.

Thanks
Gautham Shashangan

[saumya12]

Hi Gautham

Please post your views for 2.9.13. and for this week

Thanks

[shashangan]

I am not very sure of the move yet Saumya. I have a confusion since Nifty has made a strong pull back close for consecutive weeks & also since the mkt has been quite volatile for past 2 weeks.

Just a guess NF may open around 5435. There is an immediate support at 5415. May be there is a small possibility of testing 5255 - 45 region, but not sure as of now.

It can also go up since the mkt has made a pull back hammer for 2 weeks. A surge above 5497 will possibly slow down the bearishness temporarily & strong break above 5523 could be possible reversal of the intermediate trend. Let me see the moves tomorrow & may be will get a better picture.

But even if it corrects higher, I can possibly say the mkt has one more bottom, which may take a couple of weeks consolidation & pull back correction before turning down to one more new low.

NF Resistances are at 5534-38 & 5630-33, 5667, 5755.

Bank Nifty Spot Resistances are at 9135, 9265-85, 9490-510, 9870, 9930-65.

Upside anywhere from 9700-9850 (Spot) be cautious with your longs, since the mkt may possibly top out this correction & anywhere from 5670 NF stay thin with longs.

Shall update if I am there in the mkt anyway.
Good luck
Gautham Shashangan

[saumya12]

Thanks Gautham for your views

So you too, do not have clear indications of market movement.