iCharts Discussions

[psalm]

The nifty is gonna face resistance around 4770 levels, i guess. So, one should be careful. I believe one can short nifty around 4765/4770 with the stoploss 4785 for the day(spot levels). The targets are 4710/4665. But I want to mention here that intraday trades are very risky. This is just my view as of now.

[SwingTrader]

Do not create so many different topics. Consolidate your posts and continue to post in 1-2 different topics. Please make sure you follow this with immediate effect.

Thanks.

[psalm]

I will follow this instruction

Thanks

[psalm]

Since the RBI policy meeting is there later today, one should be cautious in trading. Since the trend of the market is down, my bias would be to sell on rallies in the range 4825-4840 with stoploss placed at 4855 (All spot levels). The intraday target here could be 4750 or even 4625. If the market goes below 4744, I expect a lot of selling pressure coming in. However, if the market goes above 4855, its better to cut the SHORTS and wait for another opportunity.

[vinay28]

I think we are heading towards 4860 that we discussed two days ago.

[psalm]

But yesterday, the downward target of 4730 was achieved. So, that trade is over. As of now, I feel that market might go to 5855/5860 spot levels. But beyond that will be difficult. But who knows. I'll be shorting the market if it comes to the above mentioned levels with stoploss at 5861. That's the only trade i can see as of now. But if it goes down below 5740, then selling might increase.

[vinay28]

it reacted from 4840 itself

[psalm]

Mood looks soo down in the market. More selling might happen if it goes below 5745/5740 levels i guess.

[vinay28]

psalm, the first digit in the nifty values of your last two posts is 5!

[psalm]

Oh man....i wish, the market was there....hahaha.....

[psalm]

Looks like my second target for the day on the way down, ie, 4625 might be achieved today itself....The market looks really weak. If anyone wants to go LONG in this market, the opportunity might be there around 4600. One can buy it around 4600 with stoploss at 4580. But even that trade might be risky. Be cautious.

[vinay28]

good calls psalm but I understand that, theoretically, below 4640 it is 4250

[psalm]

Selling for the day is done, I guess. But who knows, if it might go down by another 25 or 30 points. I'll be going to buy a few CALL options if the markets goes down to 4600 levels. But my stop-loss will be the same, just around 4580 or 4570. I'll get out of the options if the market goes below that....

[vinay28]

psalm, your's are spot values, right?

[psalm]

The levels I'm mentioning here are spot values. My downside target for the day was 4625....and the low made today was 4628.