Remarkable Day ... and a Trend day too ....
Could not enjoy much as the bias was bearish and just waited to trigger the Positional SL for NF. Many things have changed since today. Is it Euphoria or Nostalgia Would be confirmed next week only.As such we have broken 5620 on the upside and today only have seen a 70 points move above it.
Remember the Gaps have to be filledbut when only the market Knows ????
Could not enjoy much as the bias was bearish and just waited to trigger the Positional SL for NF. Many things have changed since today. Is it Euphoria or Nostalgia Would be confirmed next week only.As such we have broken 5620 on the upside and today only have seen a 70 points move above it.
For Monday the Resistance Lies at 5695 above which again we would be seeing 5720 and 5780 as such.Looking to the extremely overbought situation we may retrace and the kind of retracement would tell us that the upside break out was a fake out or shake out. On the contrary support comes at 5650 as such an below it 5510 NF and 5460 NF.I expect NF to retrace to 5460 till expiry.
Remember the Gaps have to be filledbut when only the market Knows ????
Dear PT,
ReplyDeleteFirst of all let me clear it first that this comment is already posted somewhere else by me nevertheless please allow me to repeat it here too.
What a day! Missed the entire action due to some other work.
Now from here.... where it wants to go? further up? down? or a pause?
My understanding is very simple.For me Nifty has completed it's run, which, it started from it's recent low 5350,which was registered 4 days ago. So on Monday if I shall be there then, I would fearlessly go only short. with 5685 NS S/L.On the contrary 5700 shall be the best S/L option. Nifty spot trading below 5740 would be the first indication for me that Nifty is getting tired here.
Another valid point is therein NF 200 DMA is 5697 today,& the top was 5693,means it has achieved it's target…
.And above all when Nifty is closed well below 5700 i.e. at 5654 there is huge 28 lac intra addition in 5700 PE which is very much abnormal, The roll over today for next NF series which is just 28-29 lacs is not supportive for today's rally.
If Nifty shall start to trade very firmly above 5700 with volumes then only I shall think over about any long from here. This is my initial impression after today’s closing bell. Let us see. Still there are 2 more days to go, so enjoy week end.Bye.
In bhav copy the final O.I. addition in NF next series is just 10,12,000 & in 5700 March PE is 26,63,800 which is & shall become supportive for Bears from Monday onwards,if Nifty shall get resisted at 5700.Only huge fresh buying from here onwards will negate the same.
ReplyDelete@Mynac,
ReplyDeleteThanks a Lot .... I am sending a chart on your mail id .... Me too would be accumulating 5300 April puts and 5700 march puts....