MKSOPTIONTRADES

MKSOPTIONTRADES

Nifty Fin Service Index or Nifty Fin has been in a long term uptrend and post Covid low the bulls upped the ante, in the process the index from the low of 7984 recorded in March 2020 is currently quoting at 21213. The index since 2012(read inception) has managed to chart out classical IMPULSIVE advance and the same we have shown in Exhibit 1. At current juncure...

MKSOPTIONTRADES

The index broke the support area of 22445 thereby triggering a sell signal. The stop on the trade is above 23201. The index has formed what looks like a classical Ending Diagonal and if true then the immediate target for the decline is 17100 and with Ending Diagonals we know that the start of the pattern is retraced completely in less than 50 % of the time and...

MKSOPTIONTRADES

NSE:BANKNIFTY The index broke the support area of 22445 thereby triggering a sell signal. The stop on the trade is above 23201. The index has formed what looks like a classical Ending Diagonal and if true then the immediate target for the decline is 17100 and with Ending Diagonals we know that the start of the pattern is retraced completely in less than 50 % of...

MKSOPTIONTRADES

This is historical contraction and all these small range days will be the building blocks of one hack of expansionary wave which we are going to witness pretty soon. There is nothing much to analyse owing to small range days and since we are pretty much on the right side of the trend we just have to either trail our stop higher to 10439 from 10190 for conservative...

MKSOPTIONTRADES

The index is mimicking Nifty and after a push higher towards 22900-23050 is expected to start the larger degree downtrend. 20926 is critical, it should not get broken in next six trading sessions. If it gets broken then all bullish bets for a test of 22900-23050 are off and the index is heading lower. Keep your Gun powder dry as a big trade is round the corner. ...

MKSOPTIONTRADES

Ending Diagonal in Ultimate Stages. The corrective effort since the low of 23rd March is nearing completion. Once completed the pattern will indicate reassertion of longer term trend or opening of Wave C on the downside.

MKSOPTIONTRADES

The momentum setups are now starting to diverge clearly and this is very much in line of what we have been expected and advocating to our customers. The index is in the penultimate stages of what seems a classical Ending Diagonal under formation and more on this will be covered as and when the pattern completes. For the immediate term the index has got no business...

MKSOPTIONTRADES

The index continues to remain locked in a tight range and the momentum is also sticking to its limits. With last two days of pattern we have a Dynamite Shadow combo on the charts and this normally precedes explosive action. With two back to back non-trending days it’s quite possible that we may have some juice for intraday trades as a Trend Day is lurking in the...

MKSOPTIONTRADES

We have been categorically stating for last few days that the value area of 10550, being the site of Golden ratio will provide resistance and therefore even in yesterday’s letter we stated that book partial profits in long positions when the index nears 10525-10550. Our readers would be comfortably placed and they managed to exit from long positions right at the...

MKSOPTIONTRADES

The market action has finally negated the Extracting Triangle hypothesis but another equally sucker pattern is rearing its head in the form of an Expanding Triangle. The supply line runs around 22800-23100. Watch out and keep booking profits in longs. Our COIL has also met the minimum objective and hence trail stop very close to the market action. One can keep...

MKSOPTIONTRADES

Our longs from 10050 are now deep in the money and hence it would be prudent for our readers to trail the stop higher to breakeven from yesterday’s 9725. One can definitely look to book profits around 10492 +/-60 odd points as this happens to be an important Time and Price square area as per the proprietary Gann cycles.

MKSOPTIONTRADES

For the immediate term, both the camps are locked in a fierce battle between 10050 to 9700 and it seems that after yesterday’s action, the bulls can make a comeback provided they take out yesterday’s high and in that case one can expect a trended action towards the recent high of 10330 and in-fact the ideal target for such move higher would be a test of the 61.8%...

MKSOPTIONTRADES

Much like Nifty, this index also survived our support area mentioned in yesterday’s note around 19500-19525 and in-fact made the low for the day exactly in the middle of the mentioned support range. The value area around 20700-20750 is proving to be tough nut to crack for the index and hence the auction process is hinting that these are immediate barriers which...

MKSOPTIONTRADES

The index came might close to triggering a buy in the morning minutes as it made a high of 21245 while the trigger was placed above 21252. But as they say, ‘so near yet so far’ and that is what one witnessed in yesterday’s trading in the index. Moreover the bears not only protected 21252 but they also managed to break 20500-20550 band thereby rejecting Flat...

MKSOPTIONTRADES

The Bears have won the battle. They relentlessly defended their territory first around 10330 and then in yesterday’s session around 10149 and their aggression finally had the effect on Bulls as they were unable to protect their line in sand around 9944. The immediate target for the downside is the height of the Battle zone and that gives us a value area around...

MKSOPTIONTRADES

Both the camps are locked in a battle, winner will set the trends for next fortnight. Benefit of doubt is to the bullish camp....

MKSOPTIONTRADES

The index as per our last week’s report is expected to hit a strong barrier around 22400-22600 and prior to that we still have 21613 and 21967 as the major resistances. The momentum is now starting to slow down in individual components, at least in private banks and the lead now seems to be going in the hands of PSU Banks. Unfortunately the weight-age of PSU Banks...

MKSOPTIONTRADES

Running Triangle probability Receding as suggested by RSI which has finally moved above 50 value area after almost six months, likely target area for this move seems to be 22405-22600