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Nifty analysis - Welgro corner |
welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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Post: #241  Posted: Mon Jul 14, 2014 10:08 am Post subject: |
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Maximum open interest in put option is 7500(4,721,600), still maintain this level after nifty 5 days continue fall. 7300 put option is next highest OI (4,587,900).
Nifty spot currently trades in good support range band (7500 -7300) level.
As per hourly chart nifty spot important key resistance level is 7500 -7515.
Nifty spot if close (Hourly) above the key resistance then we may see some good short covering rally.
Perhaps nifty spot if did not cross and holds above the key resistance then next big sell-off possible,
next downside target may be 7200 level. |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #242 Posted: Mon Jul 14, 2014 4:33 pm Post subject: |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #243 Posted: Tue Jul 15, 2014 7:49 am Post subject: |
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Banknifty and Banknifty future both are NR7 in yesterdays EOD candle. |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #244 Posted: Tue Jul 15, 2014 10:41 am Post subject: |
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Nifty spot already we expected possible to some short covering pullback rally.
Yes, Now nifty post trades around + 60 points compare to yesterday close.
Today 7500 put option added 11K contracts (Max Change in OI) open positions.
It seems bulls build a strong support at 7500 level.
Hourly chart shows nifty facing strong resistance at negative break out trend line (Internal).
Resistance level is 7535 -7540 (breakout line + trap zone).
Nifty spot if breach the resistance level then we may see some sharp bull rally up to 7720 level. |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #245 Posted: Tue Jul 15, 2014 4:03 pm Post subject: |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #246 Posted: Tue Jul 15, 2014 10:46 pm Post subject: |
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| Nifty options Open interest + Nifty PCR Trend – Intraday |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #247 Posted: Wed Jul 16, 2014 10:02 am Post subject: |
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anand512
White Belt
Joined: 26 Jun 2009
Posts: 109
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| Post: #248 Posted: Wed Jul 16, 2014 1:37 pm Post subject: |
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| nifty fut intraday resistance at 7578 (9ema) |
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anand512
White Belt
Joined: 26 Jun 2009
Posts: 109
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| Post: #249 Posted: Wed Jul 16, 2014 1:42 pm Post subject: |
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banknifty 9 ema 14965
opened gap up at 15050 hence gap is likely to be filled
we may expect bank nifty fut 14950 today |
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anand512
White Belt
Joined: 26 Jun 2009
Posts: 109
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| Post: #250 Posted: Wed Jul 16, 2014 1:47 pm Post subject: |
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sir
as per 315 modified strategy nifty and bank nifty both are bearish
( 3 ema < 15lema )
what's your view |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #251 Posted: Wed Jul 16, 2014 2:33 pm Post subject: |
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| welgro wrote: |
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be careful....H&S formation may be underway to trap the bulls around 7580-7625....... |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #252 Posted: Wed Jul 16, 2014 3:42 pm Post subject: |
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| amitagg wrote: |
be careful....H&S formation may be underway to trap the bulls around 7580-7625....... |
Dear amitagg,
 |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #253 Posted: Wed Jul 16, 2014 5:21 pm Post subject: |
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| welgro wrote: |
Banknifty and Banknifty future both are NR7 in yesterdays EOD candle. |
Bank nifty spot will take strong resistance at 15350 levels.
Bullish Wolfe wave target 15600 level, so bank nifty spot will breach the resistance level after some consolidation.
We will get “v bottom” confirmation when Bank nifty spot if hold and close above the resistance range.
V bottom range is 1000 points. So bank nifty spot if hold above the resistance then we will get fresh breakout target.
Target may be 16300. |
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welgro
Brown Belt
Joined: 24 Sep 2012
Posts: 1784
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| Post: #254 Posted: Wed Jul 16, 2014 5:58 pm Post subject: |
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Nifty spot today breach and close above the weekly pivot point, One more interest thing is monthly pivot point and weekly pivot point both are same level(7573 -7582).So now 7550 level is strong support for nifty spot.
Short covering rally target is still pending, Target is 7720.
Bullish Wolfe wave target is 7800.
Channel pattern top line resistance is 7850. |
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #255 Posted: Wed Jul 16, 2014 6:51 pm Post subject: |
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Welgro
You have a different trading strategy due to which you are holding your longs
One strategy of 15tf 100 sma would have booked 70 points at 7640........ So if market goes to 7680 and then falls to 7625 and then 7570 etc where your stop shall be let's see .... And 30 tf for ( is long still)
Point is you fetch much bigger targets without closer profit booking which I am not sure how works....
Do you use some trailing SL method.... Or just price reading chart which itself can be good enough....
Why I am saying this is let's see ( I cannot predict) but your first target is plausible but others above 7800 seems iffy... Important is your appetite for greater profits and sticking to your plan which you contemplate doing
Let's see...... |
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