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Technical dissection - NIFTY |
RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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Post: #16  Posted: Tue Dec 07, 2010 9:57 pm Post subject: |
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Now what I am posting is some what contradictory to what I posted intraday.. first apology for that..
Today when I saw EOD Daily chart I found the consolidation in nifty.
Please find attached chart for more understanding.. there is high probability that it will break on upside.. lets see what happens...
Regards,
Royal
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minooda
White Belt
Joined: 21 Apr 2009
Posts: 8
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| Post: #17 Posted: Tue Dec 07, 2010 11:05 pm Post subject: |
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NkSachdev sir ,can u please guide with some charts as examples.
It would be of great help.Sorry royaltrader for using your thread.
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sherbaaz
Yellow Belt
Joined: 27 May 2009
Posts: 543
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| Post: #18 Posted: Tue Dec 07, 2010 11:18 pm Post subject: |
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| RoyalTrader wrote: | Now what I am posting is some what contradictory to what I posted intraday.. first apology for that..
Today when I saw EOD Daily chart I found the consolidation in nifty.
Please find attached chart for more understanding.. there is high probability that it will break on upside.. lets see what happens...
Regards,
Royal |
Hi Royal Trader,
Nice analysis using VSA. I would like to add to your VSA analysis.
The bar which you have marked the UPTHRUST BAR ie of yesterday as per my understanding was a PSEUDO UPTHRUST BAR as volume was below its 30 SMA, volume not even above average where as for an UPTHRUST BAR we need to have high volume (minimum above average).
Now since it was PSEUDO UPTHRUST BAR it is not as potent as UPTHRUST BAR, but still it signify weak, weakness. Today candle/bar did not close down or it is not a down bar so the weak,weakness also negated of PSEUDO UPTHRUST BAR.
Low volume is there since past 4-5 days but since its December it may be like this as there will be long vacation in west.
There may be breakout as you also wrote as 30-11-2010 EOD candle was a HIGH VOLUME UP BAR which show's the strength, but it could be for retracement also. A breakout tomorrow may confirm the strength of this candle.
Regards,
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Ekantha
White Belt
Joined: 25 Dec 2009
Posts: 1
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| Post: #19 Posted: Wed Dec 08, 2010 1:46 am Post subject: Great job sir.keep on going.Very much interested |
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| RoyalTrader wrote: | sorry guys for updating late, actually i am not well. Anyways yesterday market went above the resistance zone of 6020-6050 but could not held that level and fell sharply in the second half of the day.. Volume was missing a bit concern.. it clearlyy indicates that market is not supporting higher prices.. I will advise not to remain long in this markt.. one can think of shorting as per risk tolerance levels. Stop loss for short is above 6030. To initiate long we need closing above 6050
Regards,
Royal |
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kanna
White Belt
Joined: 03 Jan 2010
Posts: 91
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| Post: #20 Posted: Wed Dec 08, 2010 8:40 pm Post subject: |
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hi royal trader
really good one. i liked your charts and observations. Great
pls continue.
As the todays bar is with better volume and downside, what can we expect tomorrow. a bigger red one with better vlume
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #21 Posted: Wed Dec 08, 2010 9:27 pm Post subject: |
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Welcome Kanna , Eknatha & Sherbaaz...
Thanks for your comments..
Sherbaaz - Great contribution to this thread with your valuable views..
Right Kanna, tomorrow we can expect some more red.. with increased volume.. today also there is an uptick in volume.. Global markets are at verge of breaking down..
Dow Jones: Bearish Gravestone Doji Yesterday (Double top also)
Dax: Broadening top
CAC:Head and Shoulder
So be Cautious.. Below 5850 Target 5700-5600-5560-5350...
All the Best Bears..!!!
Regards,
Royal
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #22 Posted: Thu Dec 09, 2010 10:44 pm Post subject: |
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As expected Market celebrated heavy red day today... on increased volume.. Now the pivot low of 5690 is in real danger ... Bulls will fight for it tomorrow... But will they succeed...???
Today there is nothing wrong with global markets.. it seems that our market has started underperforming global markets... Now where this bear move will stop.. will it be a double bottom at 5700..???
IF MARKET TESTS 5690-5700 LEVEL WITH A LOW VOLUME (WHICH SEEMS TO BE THE POSSIBILITY TOMORROW) IT MAY FORM A DOUBLE BOTTOM AND WILL START ITS UPMOVE WITHOUT GIVING ANY CHANCE TO ANYONE..
So I strongly recommend those who are short to book profit tomorrow (atleat partially)..
You can initiate again short after market breaks 5700 convincingly..
When to go long that I will tell you tomorrow after seeing tomorrows volume and price action...
Just go through weekly chart below attached...
Regards,
Royal
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anand1234
Yellow Belt
Joined: 17 Jul 2010
Posts: 830
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| Post: #23 Posted: Fri Dec 10, 2010 10:31 am Post subject: |
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hi......Royaltrader...................
u mentioned the fegure 5700..........is it spot or future pls guide us............thanks
thanks
anand
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #24 Posted: Fri Dec 10, 2010 11:46 am Post subject: |
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its spot anand..
Today market tested 5720 and now heading upward.. Closing above 5840 is necessary for sustained uptrend...
Regards,
Royal
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #25 Posted: Fri Dec 10, 2010 11:24 pm Post subject: |
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Yesterday I mentioned that 5690-5700 may turn out to be a double bottom.. and it did.. Yesterday I strongly recommended to book profit today..
Lucky guys must have booked the profit.. today in the first half market gave good opportunity to book profits of your shorts at lower levels..
Smart people must have baught at closing as the closing is above 5840..
Now keep a S/L 5790 spot for all your long positions and hold for 5924-6030-6070-6151-6227-6280-6342. (All spots)
Enjoy.............
RT
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acharyams
Yellow Belt
Joined: 04 Jul 2010
Posts: 552
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| Post: #26 Posted: Sat Dec 11, 2010 10:26 am Post subject: |
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stop loss 5790 to be maintained on closing basis or intraday basis?
Please make it clear.
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newinvestor
White Belt
Joined: 16 Feb 2010
Posts: 120
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| Post: #27 Posted: Sat Dec 11, 2010 10:27 am Post subject: |
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| RoyalTrader wrote: | Yesterday I mentioned that 5690-5700 may turn out to be a double bottom.. and it did.. Yesterday I strongly recommended to book profit today..
Lucky guys must have booked the profit.. today in the first half market gave good opportunity to book profits of your shorts at lower levels..
Smart people must have baught at closing as the closing is above 5840..
Now keep a S/L 5790 spot for all your long positions and hold for 5924-6030-6070-6151-6227-6280-6342. (All spots)
Enjoy.............
RT |
RT, can you suggest some trailing stop loss for these targets?
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #28 Posted: Sat Dec 11, 2010 6:52 pm Post subject: |
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Welcome acharyams and newinvestor...
acharyams,
You can keep stoploss of 5790 on intraday basis for Monday, you can even open fresh long positions on monday witht his stoploss depending on your risk appetite..
newinvestor,
I will update about trailing stoploss as market moves upward, for monday keep it 5790 (spot)...
Regards,
RT
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WILL2WIN
White Belt
Joined: 05 Mar 2010
Posts: 51
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| Post: #29 Posted: Sat Dec 11, 2010 8:12 pm Post subject: |
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| RT can u please dissect BNF also. Can it touch 12100 again?
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RoyalTrader
White Belt
Joined: 31 Oct 2010
Posts: 75
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| Post: #30 Posted: Sat Dec 11, 2010 8:36 pm Post subject: |
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Sure WILL2WIN
I will try and post it tomorrow...
Regards,
RT
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