Tag Archives: Bank Nifty

NIFTY VIEW 09 OCT’2014

Hello Mates!

After a long time, yaaah,.

Whether we like it or not Nifty is heading towards 7740 levels?  Followers of classical technical analyst will say Yes, Nifty has broken the support of 7840 levels and now some further pain is offing, and even i agree with that. But considering, Bull market scenario, i would give benefit of doubt unless and untill Nifty give close below 7840 levels.  May be Bank Nifty may turn out to be a savior for the Nifty, never know. KEEP FINGERS CROSSED..

Bank Nifty & Nifty Trading Strategy for 18 July’13

Nifty as on 17 July’13– 5973.30 (+18.05)    Bank Nifty as on 17 July’13– 10971.60 (-254.55)

One more choppy session.

Nifty opened with minor gap, moved higher, and then again one more dip towards 5926 almost 65 points dip, and again recovery from that level. What does it signify? That support from lower level exist, or profit booking from higher level. Looking at intensity in fall of Bank Nifty, it is clear that Bank Nifty is was the prime reason for this sharp fall.

Technically speaking, Nifty gave Doji Star candlestick, and which also warns us that, if market gives next weak closing then it is the confirmation of weakness in the Nifty. Market behavior is extremely choppy, it is better to stay out of Nifty and Bank Nifty, as you never know, what other surprise you might get.

Nifty Trading Strategy

We think it is better to exit from Nifty, if holding any position, on any rise, and wait for better signal to reenter the market.

Bank Nifty Trading Strategy

Keep Watch On Bank Nifty, Days to decide for future course of action.

Yesterday, we mentioned that, there is no chance that Bank Nifty can move higher. Bank Nifty settled at support of 10970. Please note, if Bank Nifty has to witness treacherous fall in coming days, then it is right time. Below this level, we see extreme bearishness in Bank Nifty, which can drag Bank Nifty at least 9800 or further lower. And, if takes support here then Nifty also has a chance. We advise don’t jump into trade, give some time and look at the action, what comes next.

Keep your fingers cross.

Bank Nifty & Nifty Trading Strategy for 17 July’13

Nifty as on 16 July’13– 5955.25 (-75.55)    Bank Nifty as on 16 July’13– 11226.15 (-564.10)

Confession to make

Let us confess that we grossly went wrong, or market proved us wrong. Technically speaking, we had not anticipated this traumatic fall in the market, yes, we were little skeptical about further upside movement, but not even think of in dream that market will turn this way. With all courage, we sincerely apologize for our ignorance.

On Monday, Nifty gave a close of 6030, and we thought Nifty negated Hanging Man, and potential to move further, but overall scenario was not so favorable so we said, “All in all we have some good, some Ok kind of situation, so don’t be aggressive”

Bank Nifty gave us big shock by opening straight 330 points down. Few of our reader and client was long with 11900 CE option, we asked to keep stop loss of 11700 but unfortunately this sharp gap down has not shown this level. Now, we have 11175 to look for below which bank nifty can move towards 10800 levels, which we were anticipating earlier.

Nifty Trading Strategy

If, Nifty moves above 5975 then we have a reason to hold position in Nifty, once Nifty breaks today’s low then first support comes at 5895 and then 5870.  Between 5900 and 5800 Nifty can re-enter consolidation phase.

  • If, Nifty sustains above 5975 then Nifty has equal probability of moving higher (please note, we are saying equal probability not high probability).
  • Between 5900-5800 no traders zone, and below 5800 opportunity to go short.
  • If you are already holding a long position then look for open, and first 15 minutes movement, if Nifty hold above 5950 or near 5950 then hold position with stop loss of 5900. But if, Nifty opens gap down, and trade lower below 5890then it is better to accept loss and get out of the market (but that too, after 9.30-9.45). It may happen, that once you book loss and Nifty start climbing higher, but we can’t trade on hopes.

Bank Nifty Trading Strategy

We asked for 11700 stop loss, but which didn’t came and if you are holding 11900 CE, then we think, on any rise you should get out of this Call option, as there is no chance now that it can give you some upward surprises. Now, we are expecting downside momentum to continue in coming sessions. If you are aggressive trader than buy 10900 PE option of Bank Nifty on rise towards 11400.

We advise don’t try to take revenge, from market accept your defeat, today it has taken from you, tomorrow you’ll also get chance. Wait.

Bank Nifty & Nifty Trading Strategy for 16 July’13

Nifty as on 15 July’13– 6030.80 (+21.80)    Bank Nifty as on 15 July’13– 11790.25 (+67.45)

Nifty negated last Fridays potential Hanging Man, it is little relaxing, but still we think that, trader should stay cautious, as it not totally out of woods. CNX IT index after terrific Breakout, creating Island reversal kind of pattern, which is the risk to overall market sentiment. Bank Nifty is looking firmer, and finally manages to move above previous swing high of 11750, although closed marginally higher, but it is the good sign. All in all we have some good, some Ok kind of situation, so don’t be aggressive.

Nifty Trading Strategy

If trader is holding long position then hold with a stop loss of 5980. Fresh position can be taken once Nifty moves above 5930 with same stop.

Bank Nifty Trading Strategy

Based on our weekly recommendation, if trader has initiated long position in Bank Nifty, or bought 11900 CE option, than hold the position, with a stop of 11700.

Weekly Technical View for 15 July onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

Nifty Daily Chart

Nifty Daily Chart

Nifty sustaining above January 2013 & June 2013 Monthly double top 6011 Nifty can target 1st 6085, 2nd 6169, Resistance 6053 Feb 2013 Monthly top & daily bottoms supports now becomes resistance.

Buy in dips for momentum above 5926 and market to remain in trading range below up to 5869. Possibilities of new lows exists only below 5869.

Bank nifty fails to cross over weekly swing high 11753 as of last week’s views. But, Bank Nifty made weekly reversal bullish bar formations too, which may help for further bullishness. Let the market to prove the levels. Trade what you see on screen without any bias in mind.

 

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Bank Nifty & Nifty Trading Strategy for 11 July’13

Nifty as on 10 July’13– 5816.70 (-42.30)    Bank Nifty as on 10 July’13– 11364.45 (-78.00)

Close Friendship of two price levels.

Bulls were about to take charge, and unfortunately Bears broke the myths. According to our understanding it was just 30 points game, even we mentioned yesterday also, but see Nifty made a high of 5879.35 not even 5890, and finally took sharp U turn and settled on support of 5816. Market is playing game of catching the ball, what we used to play in our childhood. You and your friend stands opposite to each other, one throws the ball and other catches. Nifty is doing the same thing between 5900 and 5800 like two close friends. Don’t know when they will break the friendship. We had expected market has a fare chance to move on upside, (we gave 70% probability, but above 5890 levels).

Nifty Trading Strategy

As long as Nifty is trading above 5780-5750 level, we should not turn bearish on the market, but once 5750 is taken away on closing basis then we have to give serious thought. For intraday perspective, aggressive traders can go short below 5790 with stop of 5820.

Bank Nifty Trading Strategy

As we mentioned yesterday, we need to see close above 11500 till that time keep watch on it. In the last session Bank Nifty made a high of 11540 (honestly, we also thought that yes, it has done it), and it screwed up whole idea. Anyways, move below 11350 can take prices further lower towards 11000. Opening will be important.

Bank Nifty & Nifty Trading Strategy for 09 July’13

Nifty as on 08 July’13– 5811.55 (-56.35)    Bank Nifty as on 04 July’13– 11283.30 (-151.00)

Gaps & Confusions.

One more Gap in last session. In past 6 trading sessions, Nifty remained rang bound, although with high volatility, but on closing basis, from last six sessions, it is moving clueless. Range is of 100 points upside is capped at 5900 and downside 5800. Trading such markets becomes a challenging job for traders, intraday players where anyways out of the market on day ends.

Whether we like or not, momentum is in favor of bear camp, but on closing basis, Nifty gave Hammer kind of candlestick, which means support from lower levels and that too near 5815.

Nifty Trading Strategy

Trading strategy should be clear here, below 5800 enter a short position with stop loss above 5820, with initial target of 5770. If market moves above 5835 than it can move up 5860 to cover the gap.

Net longs can only be open above 5890 levels. To confirm bearish undertone we need close 5760 levels.

Bank Nifty Trading Strategy

Bank Nifty gives small real candles with big spikes indicating high volatility. But, we see Bank Nifty moving further lower, to confirm our view Bank Nifty should stay below 11350. Fresh shorts can be open below 11275 with stop above 11350. We expect Bank Nifty testing 11000 levels.

Weekly Technical View for 08 July onwards – Harish Thakkar

Technical Views from our Guest Author Mr. Harish Thakkar

Nifty Daily Chart by Harish Thakkar

Nifty Daily Chart by Harish Thakkar

Nifty Daily Line Chart by Harish Thakkar

Nifty Daily Line Chart by Harish Thakkar

5931 is weekly swing high key reversal for Nifty. Momentum above 5760 to cross psychological 5900 will remain above Fibo. 5824 & week pivot 5844 as per chart. If cluster of resistance passed & if 5931 is conquered 1st target will be 5996, than 6113 as per charts. Possibilities of new low exists below 61.8%= 5695 & above this consolidations.

Bank Nifty underperforming key reversal = 11753

RIL with monthly double bottom 764 has cluster of daily tops, resistance (Weekly top also) 900.Buy RIL put options 860 when spot price is near 900 will low risk & high return trade.

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Bank Nifty & Nifty Trading Strategy for 05 July’13

Nifty as on 04 July’13– 5863.95 (+66.05)    Bank Nifty as on 04 July’13– 11381.20 (+23.40)

It seems that Bulls grab the last opportunity.

On intraday basis Nifty and Bank Nifty witnessed high volatility, move was like a roller-coaster ride, and finally Nifty closed with gains, and Bank Nifty stayed neutral. Again both are not in sync, while CNX IT is turning up positive.

Now, Nifty has stiff resistance near 5890, any closing above this level will be confirmation that yes, Bulls have a fare chance to take over, below this level move will be skeptical.

Nifty Trading Strategy

Stay long in Nifty with stop loss of 5820 on closing basis. Mind it, still it is just an intraday opportunity, all factors are not in favor of bulls, especially on weekly basis, outlook is still little dicey, may be one or two more positive closes will give boost to weekly time frame.  So don’t get carried away.

Bank Nifty Trading Strategy

As we mentioned above Bank Nifty is closed with doji like candle, with no real body, which is a sign of indecision. If, Nifty has underlying strength then today, Bank Nifty should ideally perform and break the myths. Turn long in Bank Nifty above 11500. Short opportunity opens below 11300 level.

Bank Nifty & Nifty Trading Strategy for 04 July’13

Nifty as on 03 July’13– 5770.90 (-86.65)    Bank Nifty as on 03 July’13– 11357.80 (-256.45)

One more chance Buddy…

Do we heard right, people are started talking about 5700!!!

In our last article we had mentioned that Bulls caught in trap, and sadly, they were badly trapped. Now to regain their lost charm they have to struggle a bit. We are more concerned about our trades, no matter who wins, who loose, and for that unbiased view, you all are visiting Way2Profits. We see to it that we are don’t get carried away by our emotions, even though we stand in wrong direction.

On hourly time frame we see some support coming to Nifty, but on daily and weekly basis , weakness already set in. Now, support to Nifty coming around 5735-40 levels, which has importance on a closing basis. Below 5730 nifty can move lower upto 5680 level.

We hate boasting about our self, you can check what we said yesterday, and what happened, click here.

Nifty Trading Strategy

On intraday basis, any move above 5790 can attract some buying, and it will be a last chance for bull camp. But any move below 5760 can drag prices towards 5730 and 5680 levels.

Bank Nifty Trading Strategy

Bank Nifty opened gap down and continued to fall further, which has opened the door till 11000. Yes, on intra-day basis, there could be minor possibility of pullback, but we sense that rise should be utilized for creating fresh shorts. But that call can be taken only in live market, as how it unfolds.