iCharts Discussions

[vivek999]

EOD chart of Nifty http://www.imagebam.com/image/4acf5978864352

Long term trendline support stands at 5220 Nifty Spot level. Need to watch if it's going to break or hold.

[vivek999]

SGX Nifty is currently at 5225. Looks like Nifty's opening is going to be around support level (5220) mentioned yesterday.

[vivek999]

Nifty moved around 5220 support levels yesterday and today. Notice Nifty's movement around 5220 level in a narrow range between 12pm and 2pm today. Finally, it broke 5220 level, and moved touched 5150 level.

[pkveenu]

nifty spot level 5220 was really crucial
u mentioned in ur mail 02nd may 10 03rd may 10 and finally it broke on 04th may 10 after hovering around these level showing that this level will be protected but failed
now next support according to me is 5003 then 4850 around
can u agree on these support levels
reply
pkveenu :

[vivek999]

I see support levels around 5150, 4960 and 4710.

[vivek999]

By the way, 5150 will now act as resistance level.

[kanna]

wil this hold .. or that too broken

[vivek999]

[ridinghood]

indeed for now ur support of 4960 is working! well done !!!

regs

ridinghood















1

[vivek999]

Apart from determining support levels, it is important to have a strategy to use those levels for trading. I am sharing two scenarios in the form of Question and Answer to explain how one can have a strategy to use support levels for trading.

Question: How do I initiate a new trade based on support level 4960?
Answer:
Taking Short position: When Nifty is approaching support level, initiate a short position with a trigger price just below support level 4960. When the trade is executed, place SL at intraday resistance level or a resistance level based on 30 min chart.
Taking Long position: If you want to initiate a long position, wait till the price moves close to support level 4960. When price hits 4960, initiate a long position at intraday resistance level (e.g. 4980-4990) above 4960. If the long trade is triggered, use 4960 (or intraday support level below executed price) as SL.

Note: Trigger-price and SL can be fine-tuned based on intraday charts.

Question: I am already short on Nifty from 5090 levels since 18 May. How do I use the information on support level 4960 for trading?
Answer: When Nifty gets close to support level, trail your stop-loss to a resistance level on intraday chart. For example, you will notice intraday support level on 19 May around 4980-4990 was broken. When a support level is broken, it becomes a resistance level. So, when Nifty moved to 4960 level, you would trail your stoploss to 4980-4990 level.
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By the way, since 4960 level has been broken yesterday (May 19), this level will now act as resistance level.

[vivek999]

Here's the chart of Nifty kissing 200 EMA and a major trendline. There's a good pullback after the kiss.

[optimist]

Hey Vivek,

Great stuff... Thanks

[vivek999]

Trends of Sensex top-weightage stocks:
Reliance Ind - wait
Infosys - wait; Resisted and has fallen to a support level that is close to resistance level
L&T - Up; Breakout upwards from trendline resistance level
ICICI - wait; At trendline resistance level
HDFC Bank - wait; At resistance level
HDFC - Up; Breakout from trendline
SBI - wait

[vivek999]

Trends of Sensex high-weightage Top-7 stocks:

Reliance Ind - Down; Two support levels broken at 1060 and 1040 in the week of July 26-30

Infosys - Down; Support level broken at 2830 on July 30

L&T - Wait; Support around 1750 level

ICICI - Wait; Just below Resistance level which is around 940

HDFC Bank - Wait; Resistance at 2215

HDFC - Wait; Support at 2950, 2850, 2810

SBI - Wait; Resitance around 2545 to 2570

All levels mentioned are NSE Spot levels

[pradeepgolfer]

Hi Vivek

You say Infosys has broken support of 2830 and it is 'down'.

Down in which time frame? 5 min? 20? 60min? I do not get intraday stock charts.
But I have daily charts.I have posted my thoughts on Infosys.