iCharts Discussions

[welgro]

[welgro]

[welgro]

[welgro]

[welgro]

Already we expect some panic short covering possible in today's market.yes same thing happened today.

Now i am little bit confuse about today's rally.market ends with 1.30 % gain without FII investment.

So now difficult to analyse nifty's next move.yes,tomorrow close is very important to predict nifty's next move.

if any thing important things i will update my views in live market hours. So now no idea above pre-market view.

[welgro]

Nifty spot if hold above our support line then nifty spot tries to create inverse head and shoulder pattern.
Neckline resistance 7640 (yesterday’s high).nifty spot if close (Hourly) above the neckline then next important and strong resistance at 7717 – 7725 level (Rising wedge pattern).
nifty spot if breach this level then try to test 7783 (inverse head and shoulder pattern breakout target).

Nifty spot once if trade below the support line (hourly close) then we expect some bearish bias. We will update our long positions decision (hold or exit) in that time.

[welgro]

[welgro]

[welgro]

Nifty spot once breach day low 7515 then i close my 7800 call nifty option

[welgro]

[welgro]

Bull view:-

Nifty spot strong resistance saw at 7620 -7630 level. (Inverse head and shoulder pattern neck line)
Already we are holding long positions in nifty, nifty spot once if breach and close above the inv h&s pattern neckline then nifty spot will get fresh breakout targets.
We need to note some more important resistance points when the nifty spot hold above 7630 levels. Last two days FII’s equities investments are very low. Without FII’s investment nifty spot cannot make some more high peaks. If market making new highs (Intraday too) without volume then bull trap possible at important Resistance levels.
Resistance a. 7695: all time high level.
Resistance b.7754: Rising wedge pattern resistance line.
Resistance c.7817: Inverse head and shoulder pattern breakout target.

Bear view:-

Nifty spot currently trades between the two important chart pattern trend lines.
A. Rising wedge pattern,
B. Symmetrical triangle pattern.
Both chart patterns breakout points are same, 7533 level. Once nifty spot if hold below this level then next important support saw at 7480. (Previous swing low)
We can see real panic sell off volume when nifty spot breach previous swing low. If negative breakout happens in without volume then we expected bear trap on this level.
Already we update our nifty spot final stop loss is 7515. Nifty spot if close below this level (hourly) then I plan to take fresh short positions in nifty (Risky trade). Downside expected targets 7480 (Previous swing low), 7330 (Symmetrical triangle pattern breakout target) and 7040 (EOD longer lime frame trend line).

[welgro]

Bank nifty spot now again take strong support at key resistance trend line.
Index if hold above this key resistance trend line then no problem for bulls. Index breach the all time high (15742) then we may watch next important resistance 15930.we may see further bull rally when bank nifty EOD close above the important resistance.

One more important thing is Bank nifty spot now trading between the maser candle (EOD) price range. So banking stocks investors waiting for this range breakout.

Yesterday USDINR EOD chart pattern is inside day. Today USDINR will open around 60.25 levels. Today USDINR if breach and close above 60.6500 level its very big negative for bank nifty index. Bank nifty long position holders keep monitor in USDINR oscillations.

Bank nifty longs final support at 15140 (hourly close). Index if close below this support level then we expected down side target is 14480.

[acharyams]

update please

[welgro]

[welgro]