iCharts Discussions

[vinay28]

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

Nifty for Friday (27/05/16) and beyond

Supports are at about 8053/31/10, 7997/81/50/05 and 7896 while resistances are at about 8105/22/50/75 and 8264. Unfilled gaps on the higher/lower sides are at about 8233/7934. Two +WWs can give about 8130/72 (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now). An IHnS can give 8635 if nifty sustains above 8000.

Nifty opened up with a gap and rose sharply to close strongly well above 8050, the highest close since 29/10/15. Daily volume is also strong +ve. However, there is -ve div on daily and a mild bearish div on weekly and we may see some reaction soon. Nifty must close above 8296 to continue the rally while a close below 7979 can cause a fall again. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, this being a long expiry and we could see high volatility.

[vinay28]

Likely hurdle.

[amitagg]

May be but it should target 8250/ 8300 now ( around 61.8 of fall from 9119 to 6825)

Secondly resistance would take time to fructify and Bulls won't loosen the grip yet

Any reaction would find willing buyers

Given the good rally it's too early to expect resistance since 'time' would need to be taken to take a turn back.....

Your analysis again turned right on the bullish side.

[vinay28]

[EssJay]

Awesome Vinay, about the May series. I had one question for you. Reply whenever you're easy.

You mainly play options, right? How do you trade them? You give multiple supports and resistance levels. So how do you trade? Do you buy at successive support levels small quantities and sell at each resistance? How do you place a stoploss?

[vinay28]

[EssJay]

Awesome, bro. thanks.

[vinay28]

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

Nifty for Monday (30/05/16) and beyond

Supports are at about 8130, 8098/73/53/42/10 and 7928 while resistances are at about 8179/91, 8223/64 and 8363. Unfilled gaps on the higher/lower sides are at about 8233/8065. Two +WWs can give about 8162/8359 (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now). An IHnS can give 8635 if nifty sustains above 8000.

Nifty opened gap up again and kept rising to close strongly above 8150 and above 50 wma. Daily volume is good but weekly volume is not commensurate. Also, bearish div is becoming stronger on all TFs and we may see sharp reaction soon. Nifty must close above 8296 to continue the rally while a close below 8069 can cause a fall again. An interesting aspect to note is that 200 dema crossed over 200 dma on Friday. Though, surprisingly, I found no mention of this in any literature, historically, I found that when this happens, market remains overall bullish for about a year. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, this being a long expiry and we could see high volatility.[/b]

[katariajs]

[vinay28]

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

Nifty for Tuesday (31/05/16) and beyond

Supports are at about 8150/24, 8094/41/28 and 8009 while resistances are at about 8205/29/50, 8312/45 and 8368. Unfilled gaps on the higher/lower sides are at about 8233/8069. Two +WWs can give about 8270/8360 (+WWs with higher targets are not mentioned as of now). (-WWs with lower targets are not mentioned as of now). An IHnS can give 8635 if nifty sustains above 8000.

Nifty opened up with a slight gap but remained in a small range to close above 8150. Daily candle is a doji cum spinning top cum likely evening star. Latter will be confirmed if Tuesday's candle is red, preferably after a gap down open. Bearish div is becoming stronger we may see sharp reaction soon. Monday was a NR4 day and we may see a big move on Tuesday. Nifty must close above 8296 to continue the rally while a close below 8069 can cause a fall again. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, this being a long expiry and we could see high volatility.

[ridinghood]

Today's volume was the highest since 1st December,2015.
What does it indicate?
regds

[vinay28]

[vinay28]

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

Nifty for Wednesday (01/06/16) and beyond

Supports are at about 8140/22/12, 8098/69/31/14 and 8009 while resistances are at about 8172/83, 8207/45/52 and 8312. Unfilled gaps on the higher/lower sides are at about 8233/8069. Two +WWs can give about 8272/8345 (+WWs with higher targets are not mentioned as of now). A -WW can give about 8060 (if below 8182) (-WWs with lower targets are not mentioned as of now). An IHnS can give 8635 if nifty sustains above 8000.

Nifty opened up with a gap but fell to close -ve but above 8150. Daily candle is bearish engulfing with strong -ve volume and we may see some more fall. However, monthly candle is strong +ve and good volume and fall may not be major. Bearish div is becoming stronger we may see further reaction. Nifty must close above 8296 to continue the rally while a close below 8156 can cause a fall again. Global and local eco-political events can have a bearing on how nifty moves in short term. Trade carefully, this being a long expiry and we could see high volatility.

[NU2013]

[ridinghood]

Thanks vinay but has it anything to do with 7.9% gdp figures?