Nifty Key levels for day traders
- Thread starter linkon7
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Its been a long time since i posted my technical view on nifty....
Weekly chart
We have our first weekly red bar after almost 9 green bar. Hats off to this rally which took many of us by surprise. It looks like a short term trend reversal with weekly tgt of 5091 and then 4933. A weekly close above 5282 nullifies this target and opens fresh long target of 5505.
rsi and cci made a hook. CCI has a difference of -25 points from its previous bar, which means downward momentum is strong enough. MACD is at -29 and that's bearish. Stoch has made a cross over. All signals to a correction.
Fibo retracement points to 5225 and then 5118 (38%). 5032 remains 50% retracement and beyond that, this rally is officially terminated.
daily charts had a nice cci ghost pattern that has met its target. CCI has pierced the -100 mark and LSMA25 is at 5364, unless that comes down, further long positions is not possible.
RSI mid term and long term lines have just crossed and that's a sign that we will not break the weekly high of 5398 in a hurry. 5400 calls have been shorted badly and the LTP was just 19 points. That means we now have a official upper limit and now we are in the process of discovering the lower limit of the trading range.
5294 is the high of the last trading day. So That acts at the stoploss for all short positions.
hourly chart is showing a ZLR, which means we continue on our southward journey. LSMA-25 is at 5267. Unless we cross that and the CCI crosses the -48 mark, we remain in the correction mode in the very short term...
Weekly chart
We have our first weekly red bar after almost 9 green bar. Hats off to this rally which took many of us by surprise. It looks like a short term trend reversal with weekly tgt of 5091 and then 4933. A weekly close above 5282 nullifies this target and opens fresh long target of 5505.
rsi and cci made a hook. CCI has a difference of -25 points from its previous bar, which means downward momentum is strong enough. MACD is at -29 and that's bearish. Stoch has made a cross over. All signals to a correction.
Fibo retracement points to 5225 and then 5118 (38%). 5032 remains 50% retracement and beyond that, this rally is officially terminated.
daily charts had a nice cci ghost pattern that has met its target. CCI has pierced the -100 mark and LSMA25 is at 5364, unless that comes down, further long positions is not possible.
RSI mid term and long term lines have just crossed and that's a sign that we will not break the weekly high of 5398 in a hurry. 5400 calls have been shorted badly and the LTP was just 19 points. That means we now have a official upper limit and now we are in the process of discovering the lower limit of the trading range.
5294 is the high of the last trading day. So That acts at the stoploss for all short positions.
hourly chart is showing a ZLR, which means we continue on our southward journey. LSMA-25 is at 5267. Unless we cross that and the CCI crosses the -48 mark, we remain in the correction mode in the very short term...
Trend still remains down...
But when we have a gap down, specially news driven, we normally make the low in the first 2 min. Then we retrace about 38% the fall and then the fall starts.
Like today, we fell from 5263 to 5185 which is 78 points fall. 38% of that is 29. 5185 plus 29 = 5214, is where the pull back normally terminates and fresh shorting starts. Big players normally wait for the retracement before thrashing it some more....
CCI made a hook at 100, which is called a GB100 setup... which was the ideal short...
But when we have a gap down, specially news driven, we normally make the low in the first 2 min. Then we retrace about 38% the fall and then the fall starts.
Like today, we fell from 5263 to 5185 which is 78 points fall. 38% of that is 29. 5185 plus 29 = 5214, is where the pull back normally terminates and fresh shorting starts. Big players normally wait for the retracement before thrashing it some more....
CCI made a hook at 100, which is called a GB100 setup... which was the ideal short...
big question is how do we play now...
Momentum is flat... do direction picking at this point is a bit silly...
Best way out is to short 5200 call and put for a total premium of 148
this gives us a break even range of 5052 and 5348. Considering that we have rbi policy tomorrow, that news is going to be factored in...
Momentum is flat... do direction picking at this point is a bit silly...
Best way out is to short 5200 call and put for a total premium of 148
this gives us a break even range of 5052 and 5348. Considering that we have rbi policy tomorrow, that news is going to be factored in...
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