iCharts Discussions

[vinay28]

[vinay28]

[vinay28]

a lower low and then a higher high today.

[rk_a2003]

Sold NF exactly at 5952.

[amitagg]

me too...my timing always falter me by 1-2 days u shall gradually notice...but time has told me to be patient and rational amongst anxiety..

[vinay28]

[amitagg]

however hard we may find a justification to reject this type of trading,.....but we have to trade...then only "profits"......vertical rise etc....history tells this is top....one can make past analysis and compare...except in 1 occasion i guess of thereabouts, 600-800 nifty points have to give way on downside [min 150-200 points even in case of sideways reaction]....note i am banking on ONE break of support....5860..then 5720 will come......markets are currently targetting inverse H&S, tops trendline resistance etc.. at 5970. i may then sqaure of at 5770-5800 parts.

so i am not bothered till the trade is closed. holding on.........again it becomes reading the market.

Independant TA analysis would not get anybody to buy now...right ...so no Sl at this point...SL is open.

[rk_a2003]

Nifty broke the past 2 resistances with Gap up opnings helped by rupee strengthening.Later it formed a huge green candle followed by a hanging man and I expect some sort of retracement near to second gap up before it attempts any further higer levels. I mean it may retest 5750 levels in the coming days.

Rupee which is dictating the nifty movement in recent past is hovering around 63 ...a strong support; It may rebound to higher levels from here.

This is the thinking behind NF shorting @5950.I could be wrong too.

[vinay28]

Nifty for Thursday (12/09/13)

Supports are at about 5865, 5830 and 5810 while resistances are at about 5935, 5985 and 6002. 200/100 dma are at about 5836/5814 while 50wma is also at 5814. The nearest gap on lower side is at 5680. A +WW can give about 5985 (+WWs with higher targets are not mentioned as of now). Three -WWs can give about 5883, 5806 and 5720 (once below 5873) (-WWs with lower targets are not mentioned as of now). A rising wedge BD can give about 5580 and a rising channel BD can about 5320 in case nifty remains below 5830.

Nifty at last closed above 5900 and above 100/200 dma. It crossed just below 200 dma before bouncing up. But it seems to be tiring out. Hence, a reaction is likely. Also, daily candle is a hanging man, a likely reversal sign. Nifty will have to close above 5914 with a green candle to defeat it. Break of 5815 could be bad but break of 5730 could be very bad. Oil price and INR can play spoilsport any time and will remain key to the future of Indian markets in short to medium term. Additional tension due to likehood of a US attack on Syria seems to be going away for the moment. High VIX can cause sharp swings. Only global cues and/or liquidity can take nifty further up.

[aahoo]

[amitagg]

5 other TA reasons for shorting NIFTY at 5950 (F) (but spot level is resistance) have been just posted by me in Butterfly thread. ( Supporting your argument for your short)

[apka]

[rk_a2003]

[pkholla]

[vinay28]