iCharts Discussions

[vinay28]

now back to 8381 by Monday?

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Friday (16/01/14) and beyond

Supports are at about 8464, 8428, 8400 and 8320 while resistances are at about 8554, 8620, 8646 and 8671. Previous unfilled gap on lower side is at about 8277. A +WW can give 8580 (+WWs with higher targets are not mentioned as of now). Two -WWs can give about 8392 (once below 8455) and 8227 (once below 8414) (-WWs with lower targets are not mentioned as of now). A bullish flag can give higher level unless killed below 8445.

Nifty rose sharply in spite of a huge gap up open but reacted near EOD and closed just below 8500 and suddenly looks very bullish. However, there is a mild bearish div and unless nifty crosses 8547, it may react. Even if it crosses 8547, if it doesn't cross 8589 but RSI on daily crosses 64.94, it may still react. Sustaining below about 8450 can cause more fall while only a close above 8589 can take it to a new all time high. Global and local eco-political events can have a bearing on how nifty moves in short term.

[riteshucha]

BN spot price open high same.... also today is BN gann turn date... expect extreme volatility...

[riteshucha]

correction---
sell below 8473... buy above 8521.... tgt 50 / 90 / 125

[vinay28]

[riteshucha]

for positional as per JT's monthly levels, 8566 will breakout... didnt touch 8566 yest, hence was likely to come to next level which was 8472, made low 8473....

also 8473 happens to be 30 min candle low which took out pivot 8495...

open was 8500, hence prefered to buy 20 points above.... since 8473 stop is far, i ve moved my stop to 8500...

breaking below 8489, will sell again and below 8473 will sell more... till then, hoping buy SL holds and will again give 8572, 50 points for starters, above 8572, will surely flyyyy....

only negative i see here is BN... yet to take out spot high... till then, i will be nervous with my longs....

[riteshucha]

that method, i ve realised is not very consistent... hence not following...

[vinay28]

[riteshucha]

3rd attempt to cross BN high... cmon...
if not then, it will come down big time...

[pkholla]

BNF
Ritesh: I feel that any big move is unlikely today. Big punters are biding their time till Monday open to decide direction. The key to me is very poor volumes thru'out today. Look at MACD, around 0 for most of the day. And what about ADX/ DM+/ DM-, undecided, like a trio of snakes wound together
If BNF hasnt broken 19350 it hasnt broken 19250 either. It looks to me like a bear spike to y'days low (19150), recovery + steps (one of the most common trading patterns seen in a day's trading).
Prakash Holla

[vinay28]

[pkholla]

[riteshucha]

feel todays NF high was just to adjust the opening anomaly (opening NS high was 8530 & NF high was 8510...) now high being 8554 seems justified...
but if u noticed, apart from the opening high, it didnt really take out yest NS high of 8527.10 after that....

moreover, BN just touched the highs and retraced...

hence, feel it is still risky to hold longs, till 8527.10 is taken out i guess....

vinay, am i reading too much into this...



still i m nervous for

[vinay28]

may be all break outs will come on Monday open.

[vinay28]

This is just a personal view and neither a recommendation nor a tip nor an advice for any trade.

Nifty for Monday (19/01/14) and beyond

Supports are at about 8498, 8464, 8446, 8420 and 8380 while resistances are at about 8527, 8546, 8555, 8578, 8620 and 8646. Previous unfilled gap on lower side is at about 8277. A +WW can give 8585 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 8499 (once below 8540, which is yet to be reached), 8386 (once below 8455) and 8045 (once below 8384) (-WWs with lower targets are not mentioned as of now). An AT can give 8575/8460 if nifty sustains above/below 8527/8506 resp.

Nifty rose to close above 8500 and continues to look bullish. But, the mild bearish div on daily/weekly persists and unless nifty crosses 8547, it may react. Even if it crosses 8547, if it doesn't cross 8589 but RSI on daily crosses 64.94, it may still react. Daily candle is a hanging man and we may see rise/fall depending upon whether nifty sustains above 8531 or below 8452. However, weekly candle is strong. Only a close above 8589 can take it to a new all time high. Global and local eco-political events can have a bearing on how nifty moves in short term.