A Chop Suey Day! Nifty opened with yet another gap up inline with the Asian markets. This of course was due to falling crude and a strong close in Dow on Friday. Today’s 5 minute chart (Left) was a trader’s nightmare; testing your patience! If you are the one who has successfully traded the Nifty today, then you are a pro and if not and wondering what happened then you are welcome to the world of lesser mortals (myself included). The hourly on the right suggests overhead immediate resistance at 4630/4652/4680 while the immediate support lays at 4595/70. In fact this support should now be used for trailing your longs. The daily chart below, has nothing much to offer. Our man ADX is sulking and not making things easy for Nifty. Without strength in trend there are only two possibilities either we are topping out or maybe it’s just the right time to catch a breather and consolidate. Because any up move from here sans consolidation would result in very tired Bulls, who could fall easy prey to the lurking Bears!!!
5 comments:
Hi Manoj
I am Sandeep (sanmen of icharts)..i am a regular visitor of ur blog. I really appreciate the way you write sir..make trading look easier than what it is..sweet and simple..honestly i have learnt a lot from your blog..I am a learner and ur blog has been more than helpful to me..
Yes yesterday was a brokers day as people call it..range bound with no clear signal to trade..i didnt take even a single trade the whole day except for booking RIL futures which i had entered on friday..but todays close is -ve as per my little understanding..the EW also kind of tells the same thing..i am gunning for 4380 odd levels on spot from here..lets see how it shapes up..
BTW I am also from Delhi...cheers and best of luck to you...Sandeep
Sandeep ..HI...Thanks for the appreciation...my friend we all are learners here and the process is a never ending one. Its like this"Chaar kadam ki manzil hai aur saari ummar ka chalna hai!!!"
I share because of selfish reasons! Yes I share because this makes me see my own flaws in trading and helps me to improve upon them. I share becoz..by sharing I have met some very good friends,traders and thinkers who have influenced me.
Wishing u all the luck!!!
Cheers!
PS:Good to hear u from Delhi..I reside in Saket!
Hey guys! I am from Delhi too...Vikas Puri
But, Currently on move.
Hi to Sandeep!
hi guys anirvan here
i see a downchannel on the nifty weekly charts and the spot charts seem to be in a congestion right at the trendline - so am bearish for that reason, but again the last two three days has been in a "narrow" 100 point range - and narrow consolidations usually continue in the immaediate trend so that almost makes me go long on the nifty!!!!
so now that am totally confused in my thinking - i just booked my longs in stocks bot at 3800 odd levels and wait for something to give on the index - so bot a few puts cos i think the index has gone up too much - but lets see how it pans out!!!
i also stay near saket - neb sarai!!!
Hi Manoj
Thanx for replying..didnt see the updates here..Hope alls well..
Nifty did play towards the downside..i am watching for 4464 on the downside..if that is taken out then 4380 is my next stop...lets see how things pan out..i guess today it got saved a bit by the anticipation on the PNotes announcement..dow is trading deep in red as of now so tomorrow is another red day..lets see..i got out of my positions today due to uncertainity..shall trade with a fresh look now..ur posts are much awaited sir...:) cheers!
Hello to you as well Man4urheart...and to Anirvan..
Guys i am placed out of Mukherjee Nagar..near Delhi Univ north campus..gud to see u all :)
cheers!!!
Sandeep
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