Nifty Fut Base in a Classic Symmetrical Triangle Pattern
Market Bytes 17-May-2016
Nifty futures: Has played out the range of 7700-7900 that we had discussed quite often to the script. The markets corrected from the highs of 7930 odd levels and found a base above 7750 zones to stage a comeback. The fact that we managed to engulf the prevoius day's candle completely and close above 7850 augers well for the bulls. If you look at the daily charts we have a classic symetrical triangle formation. This provides a good breakout opportunity; at this point looks mostly on the upside with targets of 8100-8230 zones in case we manage to close above 7930 or for contrarian traders with a stop of 7750 range in dips.
On an intraday basis 7830 will be a good base for near term traders. contrarian play for a quick short trade may also be attempted in rise with stops and reversal above 7930 range.
(swing wise we keep the longs active initiated on 9 May)
#nifty #nseindia #sensex #banknifty
Nifty futures: Has played out the range of 7700-7900 that we had discussed quite often to the script. The markets corrected from the highs of 7930 odd levels and found a base above 7750 zones to stage a comeback. The fact that we managed to engulf the prevoius day's candle completely and close above 7850 augers well for the bulls. If you look at the daily charts we have a classic symetrical triangle formation. This provides a good breakout opportunity; at this point looks mostly on the upside with targets of 8100-8230 zones in case we manage to close above 7930 or for contrarian traders with a stop of 7750 range in dips.
On an intraday basis 7830 will be a good base for near term traders. contrarian play for a quick short trade may also be attempted in rise with stops and reversal above 7930 range.
(swing wise we keep the longs active initiated on 9 May)
#nifty #nseindia #sensex #banknifty
Trade closed: target reached:
Market Bytes 18-May-2016
Nifty futures: Seems to have again tested teh top of 7930-50 odd range that we had discussed time and again and marked as a good play for contrarian trade. Add that up with the weak global cues NIFTY futures opened gap down and has immediate hurdle at 7865 range. This can be used as an intraday stop for swing or intraday reversals. On the downside a break of 7830 can lead to further slide. Thats pretty much the trade set up for intraday basis. On the downside 7760 range remains the base at this moment.
#nifty #nseindia #sensex #banknifty
Nifty futures: Seems to have again tested teh top of 7930-50 odd range that we had discussed time and again and marked as a good play for contrarian trade. Add that up with the weak global cues NIFTY futures opened gap down and has immediate hurdle at 7865 range. This can be used as an intraday stop for swing or intraday reversals. On the downside a break of 7830 can lead to further slide. Thats pretty much the trade set up for intraday basis. On the downside 7760 range remains the base at this moment.
#nifty #nseindia #sensex #banknifty
Comment:
Market Bytes 20-May-2016
Nifty futures: Yesterday we had athe first signficant close below the symmetrical triangle range that we have been discussing. For that downside move to sustain its important that NIFTY futures stay below 7830 range. On the downside this opens up a possibility to test the downside targets of 7735 and 7700 levels.
7700 is a strong support base and a break below it can open up NIFTY for our target levels of 7620 odd range. On a swing basis 7950 now holds a strong swing hurdle and at this point looks unlikely to breakpast for this series. swing traders may keep the shorts with stops above 7830-50 zones
#nifty #nseindia #sensex #stock
Nifty futures: Yesterday we had athe first signficant close below the symmetrical triangle range that we have been discussing. For that downside move to sustain its important that NIFTY futures stay below 7830 range. On the downside this opens up a possibility to test the downside targets of 7735 and 7700 levels.
7700 is a strong support base and a break below it can open up NIFTY for our target levels of 7620 odd range. On a swing basis 7950 now holds a strong swing hurdle and at this point looks unlikely to breakpast for this series. swing traders may keep the shorts with stops above 7830-50 zones
#nifty #nseindia #sensex #stock
Nifty futures: Few sessions back we had discussed a classical symmetrical triangle formation for the NIFTY futures on the charts. That continues to hold steady without giving away any significant trend on either side. A week or so back we also planned to trade the 7700-7900 zones in pullbacks and that has so far yielded good results. Idea is we can and time that range it makes sense to trade it else swing traders may prefer to wait for a break of the range on either sides. The potential targets are in the charts. On an intraday basis if we manage to hold 7830-50 range on the downside we can look for pull back trades also a short on rise with stops and reversal above 7930-50 range.
#nifty #nseindia #sensex #banknifty #symmetrical #technical