Last week Nifty was in consolidation mood which went on till yesterday's expiry.
The stop loss for NIfty was 11750 (spot prices), so adding to previous long positions was done.
Now looks like NIfty has taken U turn from 11800 itself and no more adding to longs will be done.
Right now it is Buy on Dips for Nifty
Nifty has resisted to fall on last two chart patterns, and then closed comfortably above 12000 on thursday expiry.
Now current chart pattern is showing consolidation.
RSI is also providing strength.
As per chart, Nifty is showing all the signs of a stron up move.
Good time to go long
NIFTY is looking headed for a pullback today.
RSI has divergence and is too overbought across all timeframes
MACD histogram is declining
This is only my short term view
Today is Friday, 8th November 2019
I'm not responsible for your trades. Your trades are your own sound decision
NIFTY just touched the recent low, but RSI is making higher low.
This pattern has strong success rate. On top of that, the last bar in 30 min chart is pin bar, which is also a strong reversal indicator.
Looks like good time to initiate long again, with stop loss below recent lows.
Nifty has moved up quite a distance from last update.
Now as it is visible in chart, it is near other resistance level as well as RSI is also near 80.
There are high chances that NIFTY will take a pause here before resuming its upward movement.
Time to book some profits and update Stop losses at least intraday.
NIfty is taking support at 11200 (spot prices).
Whereas more calls are being written at 11250 strike price (as per NSE website).
So, though the market is not moving much on up side.
It looks like unless 11200 is broken decisively, it is consolidating at current levels and we will see more within next couple of trading sessions.
Long & Short As Per My Analysis Chart or You Can Also set Own Risk reward. Let see what Will be Next Move on .Risk Warning- I m Not a Financial Advisor This idea Only For Educational Purpose Only. Thank You !! Dragon Club (iNDIA).
In 30 min chart (also in hourly), NIfty has made a clear positive divergence.
The index is taking support 11100, which is second time since monday October 7, 2019.
The option data also suggests a good support at current level.
Looks like we may see a 80-120 points up move from here in NIfty.
As Mentioned in last week's Idea posted on August 9th to Short Nifty from 11160 , this is a follow up Post.
Nifty Broken the Very strong Trend Line which is supporting Nifty from Dec'16. (33 Months Trend - broken) and all set for new Low's.
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Looks like we have formed near term bottom here. My sentimental RSI has turned green. So don't short nifty now , be long.
50 day moving average around 11500 can be big resistance. I wound but Aug 11000 call option and sell 11500 call option.
Going long has high probability on making money.
Happy Trading !!
This shows the internals of the expanded flat, as detailed in one of the previous updates (link attached), that Nifty might be forming. This is a rather far-fetched view and the view is correct conditional on Nifty following each of the above arrow. At this stage, this seems to be the most likely future pattern.
Nifty is in correction phase.
Next Target: 11760
Nifty is falling towards its central line of the channel. 11760 may work as support, if it breaks, then can see major fall.
This is just my view, Trade at your own risk.
Nifty On weekly Chart is Very bullish as price formed Bullish pinbar and Price is getting ready for 3rd wave so entering near 11720-40 with 11660 Stoploss for target of 11900-12000. Risk Reward is 1:1.5