Nifty Key levels for day traders

[kkeskar92]

Punj Lloyd may reach 155 and then 140 ...fib extensionl levels.

Now a bearish Gartley pattern on Nifty after it reached the target of 5330..it is quite surprising these patterns could behave so well. I did trade just the upmove from 5245 to 5290.

Here is a pic.

5245 is the 78% retracement level from recent upmove.
If Nifty bounces back from this level, again 5400 would be the next target.

 

[linkon7]

I'm still wondering what led to the sell off... after such a strong breakout....! There was a lot of momentum on the sell off and it was scary. The kind of sell off that goes to -200 plus in nifty in few hours...

Dow retraced from its days lows and closed on the green. Aisian market is negative to neutral. SGX is pointing to a flat opening. The only thing for certain is that volatility is back...and thats a welcome change. we did more than 200 points move yesterday and those who failed to capitalise on the move should seriously rework their system.

The trend decider for the day is at 5270...

 

[trader.trends]

After a trading range of 124 points yesterday and the huge two way move, I guess a lot of uncertainty has crept into the mkt. Maybe we will go into stupor today in a narrow range.

Another observation I wanted to add. Almost every series has a 200 point movement from its opening price in both directions. (We did not do that on 3 out of 24 times in 2009). This series the opening is at 5276 and so far we have done only122 pts on positive side(5398), and 114 pts on negative side (5162). And right now with just 5 days to expiry we are at the opening price. It is either going to be an exceptional series without a 200pt move on either side or the 200pt move will happen in the next 5 days.

 

[linkon7]

similar selling pressure seen today also...
the wide bars are on the down side today....

 

[varun2504]

Linkon ji how do u trade now ???

 

[linkon7]

Linkon ji how do u trade now ???

i think its better to sit and watch.... since direction na maa hai... na baap hai....

 

[AW10]

I love your observations TT.. Wonderful work.. Thanks for sharing. Looking forward for more of it.

I am going to steal this post and link it in DEN thread as well.

Happy trading

 

[linkon7]

a close above 5323 on the daily TF confirms the end to the correction since the trend line will be broken and we are heading for retesting the previous high of 5398.
The previous week's high of 5331 will most likely be taken out in today's trade.

weekly charts are showing us a tgt of 5515 but that needed momentum from much lower levels. Atleast 5108 should have been tested for the upmove to penetrate the resistance at 5390-5400 levels...

Most likely, we are heading for a sideways lack luster direction with slightly upward bias from this week onwards. Global cues remains the main trigger and that isnt much.

For today,
The cam levels for today are :
H4 : 5,332.36
H3 : 5,318.68
L3 : 5,291.32
L4 : 5,277.64

Trade plan :
WE will gap up to 5350 levels today. In the first 2 min the high made minus previous close will give us the range. 38% retracement of that range is our entry level for long. Reversal at 5318...

 

[trader.trends]

After a range contraction on Friday (49 points) do we expect an expansion today/tom? The 7 Day ATR stands at 74 points. To keep the 7ATR at the same level today we need 109 points of range for the day. Max Low 5195 Max high 5414. One range expansion is due before expiry.

 

[linkon7]

After a range contraction on Friday (49 points) do we expect an expansion today/tom? The 7 Day ATR stands at 74 points. To keep the 7ATR at the same level today we need 109 points of range for the day. Max Low 5195 Max high 5414. One range expansion is due before expiry.

expansion on the upside looks skeptical and down side is not materializing.

open = high is not a good sign. We gap up and then continue to make lower lows. We are not falling... and rise is being sold into... THis just means this dead duck is going to remaining like this for some time.

My gut feeling is we might see 5108 before 5398... but market's not falling...