iCharts Discussions

[amitagg]

[ridinghood]

Well done again Amit. From the lows nifty has almost gained 300 pts till now. What do you think as the first significant resistance for nifty
Thanks
Regards

[amitagg]

NS is a buy If 60tf above 10445 for target 10535/10565 stop 10360

[ridinghood]

Thanks for your update
Regards

[amitagg]

Next upcoming topping cycle at 10850-10900 level only not below that

Market would target 13000 to complete rise from 6300 ( Final rise to this level would come before 9600). Markets would NOT break below 9600 with filters before touching 13000 first ..... So be LONG. - am I saying too much

10250 and 10900 and 11550 would be support and resistance points

Markets bullish above 10550 for next few months

Markets in profit taking / sell mode below 10550

Markets bearish below 10250 would surely only halt below 10050 and then 9900-9850

( above are levels to ponder over)

Actual Next trades :

Trade 1: BUY 10770 target 10860 stop 10690
Trade 2 : SELL 10520 target 10440 stop 10610

( just note and DO NOT miss) unless there are key events next day or as per discretion

Loss can occasion in all trades since rationale for trades is not posed in forum

[ridinghood]

Thanks Amit for posting important clues for the benefit of fellow clueless traders like us


regards

[amitagg]

SL has been triggered for trade 1 (buy) = (-) 80 points ( high 10782 low 10688)

[amitagg]

Markets should be on course to hit 10850-10890 before at or just after budget .....Beware of any big ( naked) shorts unless are sure how to handle/ ...( on technicals)

If LTCG exemption goes, DDT would also go away ( not much in news yet) ....... ( on event). This would cushion adverse impact

Overall with corporate tax cuts etc it would be a positive budget despite undertone of favouring agriculture .... In fact due to forward linkages it would be immensely good for industry as well.

Above are possibilities ( just as 700 point fall in various 1000-1500 move intervals the 700 point fall is possible from 11300 or 10900)

Cheers and enjoy....

[amitagg]

As expected

TRade 2 has triggered at 10770 ( and open with same target and SL)



( not necessary that this would hit target . Second SL or whip or natural flow also possible)

[amitagg]

[ridinghood]

Thanks Amit
regards

[amitagg]

contrary to expectation below markets have rallied witho a gap till before the budget

Obviously budget SHALL be positive for markets otherwise it would have been sideways before the budget since big ones would not take it to such heights without much effort.....

Just on chart formation plays 11300 /11550 is target after 10600 now that 10900 is crossed

So it can rise to 11300-11550 during or after the budget ( a sucker rally and to kill the shorts) which would give very nice shorting opportunities for buying Feb and March puts targetting 10900/10600 ( if a good budget)

it can fall to 10900 during the budget introduce the shorters and rise back above 11100 levels and close at Wednesday's close ( if a good budget)

it should not give a leg down below 10550 in most cases

both 10900 and 11300 should be touched on budget day ....
If a bad budget ( not expected) fall can stop only at 10600 or lower
If a good budget rise to 11300 would give excellent shorting opportunities in range of 11300-11500

I don't anticipate one way fall down without taking out the current top and going further higher.....

It would be tricky to trade in 11000-11300 and I would give a miss in this range ( except if todays close is very positive)

Some suggested trade with small ( SAME) quantity for each trade ( and normal market risk)

1) short 11000 target 10940/ 10890 stop 11060
2) short 10835 target 10780 / 10725 stop 10905
3) short 10670 Target 10615/10560 stop 10735
4) long 11120 ( after hourly closing above) target 11170 / 11220 stop 10550
5) long 11280 Target 11335/11390 stop 11215
6) long 11445 target 10505/10560 stop 11380

( balance trail to cost after first target - conservative )
( for stops 2-5 point filter / re entry in live market may have to be attempted if confluence movement around the stop in 15tf)
( recommended liquidation is 2/3 rd of total position on first target )

[ridinghood]

Thanks for your detailed view
Regards

[amitagg]

How is it going

Fell to 10900 just as mentioned on one view
rose to 11117 just below 11120 buy level
Also closed as mentioned on budget day
Both low and high and close predicted

Level also working with some filter market watch as these are offering considerable support and resistances

CMP 10750
( book at closing balance 50 percent as well for trade 2)

Sell triggers become buy triggers For intra day trades or levels for exiting open positions

For instance 10835 becomes short exit or intra buy level for Monday
For intra buys trade your own system basis levels posted

The specific trades posted are profitable but posted only for standard sets of trades

[ridinghood]

You posted great levels.but due to other engagements couldn't take advantage of .
Pl keep posting
Regards