IF WE SEE DAILY CHART FOR NIFTY THEN SOMETHING ODD ALREADY WAS IN ACTION PRIOR TO BIHAR RESULT DECLARED.
LET DISCUSS BOTH STEP BY STEP.
BELOW PATTERN IS WEDGE PATTERN IN WHICH BREAKOUT TOOK PLACE ON LOWER SIDE AND DURING FRIDAY'S SESSION NIFTY TOOK RESISTANCE AT LOWER TRENDLINE.
AS PER THIS PATTERN PROBABLE TARGET FOR NIFTY IS 7480-7500.
NOW ANOTHER PATTERN THAT TOOK PLACE DURING FRIDAY'S SESSION IS INVERTED FLAG AND POLE PATTERN. BELOW CHART SHALL GIVE CLEAR IDEA.
AS PER THIS PATTERN PROBABLY TARGET COMES AT AROUND 7840-7860.
WE FEEL NOTHING MUCH REQUIRED TO TALK ABOUT OPTIONS DATA AS IF WE SEE SGX NIFTY THEN IT IS ALREADY TRADING IN NEGATIVE ZONE WITH LOSS OVER 125 POINTS.
RESISTANCE LEVELS:- 8032, 8148 & 8220
LET DISCUSS BOTH STEP BY STEP.
BELOW PATTERN IS WEDGE PATTERN IN WHICH BREAKOUT TOOK PLACE ON LOWER SIDE AND DURING FRIDAY'S SESSION NIFTY TOOK RESISTANCE AT LOWER TRENDLINE.
AS PER THIS PATTERN PROBABLE TARGET FOR NIFTY IS 7480-7500.
NOW ANOTHER PATTERN THAT TOOK PLACE DURING FRIDAY'S SESSION IS INVERTED FLAG AND POLE PATTERN. BELOW CHART SHALL GIVE CLEAR IDEA.
AS PER THIS PATTERN PROBABLY TARGET COMES AT AROUND 7840-7860.
WE FEEL NOTHING MUCH REQUIRED TO TALK ABOUT OPTIONS DATA AS IF WE SEE SGX NIFTY THEN IT IS ALREADY TRADING IN NEGATIVE ZONE WITH LOSS OVER 125 POINTS.
NOW LETS TALK ABOUT RESISTANCE & SUPPORT LEVELS FOR NIFTY:-
RESISTANCE LEVELS:- 8032, 8148 & 8220
SUPPORT LEVELS:- 7938 & 7844.
NOW LETS TALK ABOUT RESISTANCE & SUPPORT LEVELS FOR BANK NIFTY:-
RESISTANCE LEVELS:- 17163, 17494 & 17698
SUPPORT LEVELS:- 16896 & 16628
NOW LETS SEE SOME IMPORTANT NIFTY RATIO
PUT CALL RATIO ON BASIS OF OI IS 0.85 (INCHING TOWARDS OVERSOLD ZONE ~ ON TRADING PRESPECTIVE)
PE RATIO FOR NIFTY STANDS AT 21.57
FINAL CONCLUSION
NIFTY & BANK NIFTY
IF SPOT NIFTY OPENS NEAR TO 7840-7860 THEN BE IN WAIT AND WATCH MODE FOR NIFTY. AS BELOW THAT WE DO NOT EXPECT MORE DOWNSIDE FOR SESSION OR TWO. BUT IF YOU ARE AGGRESSIVE TRADER THEN YOU CAN TRADE IN SMALL QUANTITY IN 7900 CE WITH DAY'S LOW AS STOP LOSS ONCE SPOT SUSTAINS ABOVE 7840-7850 FOR SOME TIME.
IF BANK NIFTY OPENS BELOW 16628 STAY AWAY FOR BANK NIFTY TRADE.
OPEN POSITIONS
NONE
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STANDARD DISLCOSURE:-
PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND IT MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST.
PLEASE NOTE THESE MOVES ARE AS PER CHARTS AND IT MAY REVERSE ANYTIME. THIS POST IS FOR EDUCATION PURPOSE ONLY AND NOT TO BE CONSIDERED AS BUYING OR SELLING RECOMMENDATION. WE ARE NOT SEBI REGISTERED RESEARCH ANALYST. WE ARE NOT RESPONSIBLE FOR ANY PROFIT OR LOSS FOR ANY TRADES EXECUTED ON BASIS OF THIS POST.
WE REQUEST ALL READERS TO GIVE THEIR FEEDBACK ON NIFTY50STRIKER@GMAIL.COM OR BY COMMENTING ON THIS BLOG POST.
ABOUT AUTHOR ~ MANUSH VADHER
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