Monthly Archives: May 2013

Nifty Technical Outlook for 27th May, 13

nifty technical analysis 27 may - way2profits

Nifty Daily Chart (Spot)

nifty technical analysis 27 may - way to profits

Nifty weekly Chart

 

Do you see an opportunity to go Long?

I was asking this question to myself. In the last from Monday itself prices start falling, it is only in the last session, where prices took minor halt from falling spree and closed with minor gains for an intraday, but importantly Nifty closed above 5970. After closing I received mail from one of my reader asking me about, do you see an opportunity to go Long from this level. He asked me a question, and suddenly my mind started seeing possibility to go long or not. How emotional we are; Bull by nature always sees any throwback as an opportunity to go long. It is really very difficult to control your emotion in trading, and which is the biggest quality of many successful traders. In fact, I also faced emotional trauma many a times, reasons could be any, but it clearly reflects on my analysis and writing as well.  Controlling your emotions can be learnt with experience only, books and few articles can help and guide you, but it can’t control your emotions.

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Nifty & Bank Nifty Trading Strategy as on 24 May’13

Nifty as on 23 May’13– 5967.05 (-127.45)    Bank Nifty as on 23 May’13 – 12636.50 (-371.25)

And finally prices moved substantially lower.

At Way2Profits, we are expecting such move and we have mentioned in our last articles also. When you follow Technical Analysis, you actually don’t need to search for reason, reason will follow the suit. Yesterday, it was Nikkei than global cues, anyways.

Nifty Trading Strategy

We were expecting Nifty to turn lower. In last article, I had mentioned that go short below 6070-6065 with immediate target of 5975, which easily came. Now, what next?

Nifty closed at 5967, in the similar range Nifty has support from previous swing high. Now, it is advisable to go short only below yesterday’s low of 5955, for which initial target comes near 5900. From this level, practical stop loss is far, so trader has to follow financial stop loss.

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Nifty & Bank Nifty Trading Strategy as on 23 May’13

Nifty as on 22 May’13– 6094.50 (-19.60)    Bank Nifty as on 22 May’13 – 13008.25 (-58.25)

From last three sessions, Nifty and Bank Nifty gradually moving lower. Common trait which I observed is, for sometime during an intraday, it gives a hope for reversal and just after some optimistic traders gets in long position, it reverses on downside, and give negative close.

Although last three sessions Candlestick patter is not 3 Falling Crows, but appearance is something similar to that. And if we see, onset of such a pattern warns of more moves to come in the same direction.

Momentum is also gradually moving lower, it follows the footsteps of price action.

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Nifty & Bank Nifty Trading Strategy as on 22 May’13

Nifty as on 21 May’13– 6114.10 (-30.40)    Bank Nifty as on 21 May’13 – 13066.50 (-115)

Nifty after posting a high of 6229.45, moving lower from last two days, missed by margins to retest the highs of 6338.50. As I have mentioned in my article that momentum is not in support of rise, and that is what is happening.

It is little early to comment confidently that winds have turned and now it is time to go short on the market. Keep patience which will always pays you.

After posting a high of 13414.30 on last Monday, Bank Nifty is started sliding down. It seems that Negative Divergence is honored, and based on my observation I think Top is done, but still I prefer to stay silent.

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Nifty & Bank Nifty Trading Strategy as on 21 May’13

Nifty as on 20 May’13– 6156.90 (-30.40)        Bank Nifty as on 20 May’13 – 13181.50 (-135.60)

During first half market remained with positive bias, after which started away giving gains. Nifty posted a high of 6229.45, and Bank Nifty 13414.30.

As market witness any dips, bear camp will come ahead and say “Look, its reversal sign” and bull camp will defend move as just a cool-off and retracing the prior move. Whenever prices reaches near crucial top this obvious scenario emerges, and let me tell for any trader it is very tough time, because now they are really confused about taking decision.

In our weekly analysis, we have clearly discussed all pros and cons about the market, and where we stand. By yesterday’s move, you can’t announce that market has formed top and go short (don’t try to become God).

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Nifty Technical Outlook for 20th May, 13

Nifty as on 17 May’13 – 6187.30

Nifty as on 17 May’13 – 6187.30

Nifty as on 17 May’13 – 6187.30 (+80.05)

Nifty as on 17 May’13 – 6187.30 (+80.05)

From above charts of Nifty, few things I would like to high light here.

  • As we already know that Bank Nifty has not only tested but settled above its lifetime high, whereas Nifty still laggard. From Friday’s closing, Nifty has to run from 151.20 points to retest the swing high of 6338.50 posted on 5 Nov’10.  As such it is not very big target for Nifty, but sometimes even you can lose match at last ball, you never know.  Continue reading

Bank Nifty Technical Outlook for 20th May, 13

Yes friends, it is not a just coincidence, when in last weeks article, we mentioned that “Bank Nifty Marching ahead to test all time highs…”

At Way2Profits, we always say what we feel.

Bank Nifty as on 17 May’13 – 13317.10 (+536.95)

Bank Nifty as on 17 May’13 – 13317.10 (+536.95)

From above charts of Bank Nifty, few things I would like to high light here.

  • In the last week Bank Nifty already tested all time highs of 13303.60 and finally settled higher at 13317.10, whereas Nifty is lagging far behind to test these highs

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