I am starting this thread to share my views on NIFTY.All are invited to share views and strategies to play in NIFTY.Market is place where no body is perfect.Traders get new experience daily.The logic is to learn from mistakes and never repeat again.Market is very intersting game for the players who are in decipline otherwise it can be curse.
Disclaimer:Don't follow blindly anyone in market.I will not responsible for any loss.
H &S pattern is developing nifty and nifty took support at 5700 might hit necline towards 6130.It may be invalid if nifty closed below 5700.
As expected 6130 may come.Level to be watched 5935 spot on closing basis.Use trailing SL for booking profits.
Resistance2:6012(cautious level-Nifty might reverse from here)
As stated on oct 3.Nifty crossed first resistance 5945 and hit second resistance 6012 and closed below that.now if trade above 6020 for 2-3 seesion or above yellow trendline,target is 6130.
As per chart of 9october 6130 can today or in coming sessions.Today after inft result.Profit booking seen in IT and reality and banking giving rally.It means buying is emerging in reality and banking.Now new high can come very easily.
Nifty high is 6123.target is almost hit given on october1.
As i have given chart of nifty with H&S developing on october 2 worked well and hitt target of 6130 given on october 2.H&S also given break out.
Now target 1:6370
If trade and cross 6370 on closing basis(or above balck trendline) target is 6800-6900 levels in medium term as per H&S break out.
I am expecting correction from 6350-70 levels to level of necline up to 6140-50 levels(blue line levels change as per date)
If nifty give 3 continuous close below blue line, H&S failed and rally will fizzle out.
Nifty made high of 6342...Close all longs if closed below 6235 spot for target of 6130-6020.
Sell activated in nifty at 6235 spot .if around 3.20 if nifty is below 6235 don't cover shorts.
Now nifty is around 6110-20 levels.safe players can book profit.risky can hold with SL of 6150 spot(if trade for half hour above this level.)I m expecting 6020 levels in coming sessions as nifty trading below the necline of Inverse H&S on daily chart.
As 6079 broke.If closed below 6079 today.We can see 5920 (161% reatrace ment of 6079 to 6342 on downside)
6020 hitted today.Data in focus technically 61.8% retracement of 5120 to 6342 that is 5874 and 161.8 retracement of 6079 to 6342 is 5917.So we can expect expect reversal soon.Bteer book profit in shorts and try to go long from 5870-5970 with SL of 5850.
As stated on nov 12 for booking profit in short and try to go long from 5880-5970.Nifty reversed from 5974 levels.prviously we seen 5970 is sycological level for reversing the trand.
Target 5995 SL 6250(closing basis)..sell on rise is better idea for rest of trading days of this expiry.
Stoploss of 6250 hit.call closed.Now if nifty trade covincingly above 6300 in coming sessions target is new high.
Shorterm and long term predication of nifty;
As per my analysis Nifty will be in uptrend up to 8500-8600 levels and these levels may be teted in medium term(up to october-dec).In shorterm(up to mid august) nifty might take resistence at 7900( short channel seen in image).I m expecting major correction after 8500-8600 levels for target of 6600-6800 range.
So my my target stated below:
Medium term target-8500-8600
After that i m expecting correction up to 6600-6800.
You can see the chart below.
Nifty shorterm view
Buy nifty 7550-7600 target 7950...SL 7540(trade continuously for 1 hr)
However medium term target are intact up to 8500-8600
It seems tomorrow 25 bps rate cut by Mr. Raghuram Rajan.He always surprise street.This time no body is expecting rate cut.This is my personal view only as Raghu bhai only give surprises.Nifty may be 150++ tomorrow....
Finally policy comes..no surprises.But speech of governer is very positive for india story.He is working on right path....
Nifty made high of 7920..shortrm target target almost done...made low of 7540.1.....book profit in tomorrow morning ..only for shorterm traders...medium term targt is intat to 8500-8600...
Nifty may correct from here...medium term players no nedd to worry.My view for shorterm trade..
Short nifty 7860-7940 SL 7960(trade for 30 minute)
However medium term target is 8500-8600 intact...
SL(7960) hit for shorterm short call with loss of 100 points ..it is better to go long for medium term target of 8500-8600.....Diwali is also coming.There is very minimal chance for fall...
Market is buoyant.don't short upto diwali.....
bounce back might come from below 8000...i.e. 61.8% retracement of 5960 to 9100.dont buy only sell on rise however one can start accumulate from here on 7900-8300 levels for good returns in medium term...
bounce back might come from below 8000...i.e. 61.8% retracement (that is 7900) of 5960 to 9100.dont buy only sell on rise however one can start accumulate from here on 7900-8300 levels for good returns in medium term...