iCharts Discussions

[sourav25]

Dear market participants,
The Momentum indicators has reached Overbought zone, so the upside should be limited, in Nifty index. and the hourly momentum has become bearish on today, so there is only two or three possibilities left,
First 1> following bad opening:- Nifty will start the most waited retracement for providing the swing entry setup. which is healthy for market also.
Second condition 2:- Following a Good opening due to the last 30 min buying interest. Nifty may trade higher for few hour, but there is the problem that Nifty can start retracement at any time which can affect any long position taken from opening.
Third possibility3:- Good opening followed by first 2/3 hourly candle and there after Nifty can trade sideways for the day till the closing.

Conclusion:- Following a Bad opening, go Short strategy will may be the best for tomorrow.

I think we should not trade in the long side on tomorrow.

[sourav25]

Dear all member,

As I have mentioned earlier that Due to the last 30 min buying interest, 'Nifty can open higher and trade higher for first 2/3 hour'. So Nifty has opened higher and tried to trade above the previous days high but failed to trade above previous days high so,I think it is just a chasing of prior high, and unable to force the momentum to become bullish, the hourly momentum remain bearish. So, this the good situation for going short on Nifty based scrip, following individuals Shorting strategies.

[rainbow]

Hi

good analysis. why dont you come on SB during market hours?

have a nice weekend and enjoy the finals

Cheers