Nifty - Pre Deepavali Week
Aggiornato
This is a re-post. Chart wasn't clear in the earlier post.
There is a high probability of Nifty falling below 16900 this week (as compared to chances of Nifty moving above 17500)
Marked the Zones in the chart.
I'm trying to play safe with a large grey zone (16940-17422). As long as Nifty stays inside this zone, it's better to book small profits, and safeguard the capital.
Go
Bearish if a major candle closes below 16940 (preferably 2 Hr ).
Bullish if a major candle closes above 17422 (preferably 2 Hr )
On Monday, Nifty may move as per below
* Gap down opening around 17050 , with 17065-17075 levels acting as resistance for the day.
* In the first 2 hours, fall below 16950 to take support at 16870-16880 and bounce back towards 16940-16950
* first 2 hour candle closes below 16940.
* Nifty then tries to break 16980-16996 resistance(a fake move), and trends down
Good luck!
These are my views and not a recommendation. Trade as per your judgement, and keep a stop loss.
More updates to follow.
There is a high probability of Nifty falling below 16900 this week (as compared to chances of Nifty moving above 17500)
Marked the Zones in the chart.
I'm trying to play safe with a large grey zone (16940-17422). As long as Nifty stays inside this zone, it's better to book small profits, and safeguard the capital.
Go
Bearish if a major candle closes below 16940 (preferably 2 Hr ).
Bullish if a major candle closes above 17422 (preferably 2 Hr )
On Monday, Nifty may move as per below
* Gap down opening around 17050 , with 17065-17075 levels acting as resistance for the day.
* In the first 2 hours, fall below 16950 to take support at 16870-16880 and bounce back towards 16940-16950
* first 2 hour candle closes below 16940.
* Nifty then tries to break 16980-16996 resistance(a fake move), and trends down
Good luck!
These are my views and not a recommendation. Trade as per your judgement, and keep a stop loss.
More updates to follow.
Nota
Nifty opened in the grey zone at 17144.8. High at 17200 & Low at 17098.Resistance Levels - 17180, 17196, 17226, 17239, 17265
Support Levels - 17110, 17084, 17065, 17000, 16950, 16888-16871.
So, you can go long above the day's start 17144.8. Keep the resistance levels as targets, and as and when one of them is broken, keep the next one as target.
Similarly, you can short below day's start, and keep the support as target.
Nota
Obviously my pre-market prediction for Nifty's move in the first 2 hours is invalid now. Since we're still in the grey zone, suggest to flow with the trend rather than being rigid with a strong bullish/bearish view.
Nota
First 2 Hr candle, watch if it closes above or below 17263.Nota
Really a nice comeback today. But I would still reserve taking a bullish stance, since we're still in my grey zone.SGX Nifty is suggesting a gap up opening, and we'll know around 9:10 AM.
Will try to add support/resistance levels and the trade plan in the first 15 mins of market opening tomorrow.
Nota
Nifty opened in the Green Zone at 17438.75.You can stay bullish as long as Nifty stays above 17422, for targets 17467, 17496, 17520, 17576.
If Nifty goes below the opening, you can short Nifty for small profits, keep these levels as targets - 17420, 17400, 17383, and 17347.
Any close below 17330-17320, change your view to neutral/bearish.
Good luck.
Nota
Add 17536 as another target between 17520 & 17576.These are all small targets, but any of these levels can act of resistances, and nifty may change trend (short term).
Better to be careful when nifty nears each of these targets.
Nota
I do feel the trend's changed downwards. Nifty may get back to opening level.Also, plot 5 min chart, and you'll see each of the targets (17467, 17496, 17520) mentioned are significant where nifty either took a pause or had to gain momentum to break.
Nota
17500 puts - open interest isn't going down ==> put sellers aren't bothered to close their shorts. Says something right?Will monitor the OI numbers now to confirm the trend reversal. otherwise, just be careful.
Nota
17500 CE Open interest is trending up.17500 PE OI is still flat, may be there is a delay in data update or the put sellers are still not bothered.
Anyways, be careful and book partial/full profits when Nifty touches 17445-17450 / as well as the opening level of 17438
Nota
If your shorts are trapped, and if you have the capital, try to hold your shorts as long as Nifty stays below 17527. You may get a chance to reduce losses or get out with a profit. And do that at your own risk!!
I feel 17527 may be today's high. But I've been wrong many times earlier.
Nota
17500 put unwinding is just not happening yet. instead I'm noticing a build up. so, too early to take a bearish view.Nota
Nifty moving sideways between 17460-17500 way too long..we may see some sharp moves as the day's ending.Nota
Finally, some 17500 put unwinding seen, but I suspect it could be the natural end of the day affair.The whole day, candle remained Green - just an observation and not hinting anything
And nifty never touch 17500 since 1:15 pm. Too early, but sensing a gap down tomorrow.
That's it for today.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.