1. DIYTechnicalAnalysis is a private community of traders and investors interested in building wealth from Indian equity market. You can become a member with a one time registration fee of ₹199. Click here to become a member

What Do you Think About Nifty Now? I think ...

Discussion in 'Technical Analysis' started by shabbir, May 30, 2012.

  1. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    What do you think of NIFTY now.

    [​IMG]

    I think 4800 support has held twice and 4950 peak is taken out and so I think it can give an upswing provided 4950 does not break.

    What do you think. Sound off in replies below. :D
     

    Attached Files:

    shabbir, May 30, 2012
    Share #1
  2. Suresh_Sinha

    Suresh_Sinha Active Member

    Joined:
    May 1, 2012
    Messages:
    209
    Likes Received:
    30
    I complete agree with you on that and Bollinger band is also suggesting stop loss scenario for short sellers and so that can also drive Nifty upwards.
     
    Suresh_Sinha, May 30, 2012
    Share #2
  3. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    Agree with you on that as well.
     
    shabbir, May 30, 2012
    Share #3
  4. chjr12345

    chjr12345 New Member

    Joined:
    May 24, 2012
    Messages:
    7
    Likes Received:
    0
    My observation is that Nifty will go further down to 4850 level. Once it closes below it will go down further. On daily chart both RSI and MACD suggest that Nifty is falling.
     
    chjr12345, May 30, 2012
    Share #4
  5. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    Cracking 4850 would be mean 4600 is definitely ON but before cracking that level I think it will touch around 5150 first.
     
    shabbir, May 31, 2012
    Share #5
  6. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    4950 cracked and so time to watch the levels of 4800.

    CH Janardan Rao, you just nailed it. :D
     
    shabbir, May 31, 2012
    Share #6
  7. chjr12345

    chjr12345 New Member

    Joined:
    May 24, 2012
    Messages:
    7
    Likes Received:
    0
    Thanks
    4950 is Good resistance. Since Nifty is in Down trend since Feb2012, 500 points down ,it is less likely to go up in next week also. Level 4850 is more prominet to me.
     
    chjr12345, May 31, 2012
    Share #7
  8. rajendra

    rajendra New Member

    Joined:
    May 18, 2012
    Messages:
    7
    Likes Received:
    0
    Wave count changes to complex corrective. Wave z up can now target 5080. While thats
    all I expect be open to upward surprises because the previous fall completed 3 down months
    today and because it counts as an A-B-C and a larger retracement is an open case. However
    as we enter wave z it should be the final leg of this move and where ever it ends a top will be in
    place. In case of an overshoot 5135 remains a critical resistance where the hanging man
    occurred on weekly charts. Tomorrow is a weekly close and the 40wema is at 5157.

    Above from Rohit Srivastava.
     
    rajendra, May 31, 2012
    Share #8
  9. abhi007ds

    abhi007ds New Member

    Joined:
    May 3, 2012
    Messages:
    6
    Likes Received:
    0
    One question that arises to me is how to interpret open interest data for Nifty futures & options? How does it affect your Nifty trading & where to find reliable data for the day's FII trading activities?
     
    abhi007ds, Jun 11, 2012
    Share #9
  10. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    I don't use that data and so will not be able to comment on where you can find those data. I try to avoid futures and options trading and love the cash market.
     
    shabbir, Jun 11, 2012
    Share #10
  11. csnatu

    csnatu New Member

    Joined:
    May 2, 2012
    Messages:
    26
    Likes Received:
    1
    I want to ask one basic question why you are not interested F&O
     
    csnatu, Jun 11, 2012
    Share #11
  12. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    The short answer is - I don't need to.

    I don't take up margin position and you can read why here and so when you are not trying margin trading, there is only one thing that can drive me to futures and options and that is shorting. I am more of a long trader mindset like any other retail investor and so I don't prefer futures. Apart from that I am not such a big trader that my orders can create spikes in cash market as well.
     
    shabbir, Jun 12, 2012
    Share #12
  13. pawan_gaur1

    pawan_gaur1 New Member

    Joined:
    May 3, 2012
    Messages:
    7
    Likes Received:
    0
    Hi Shabbir

    I agree with you but i will take stop loss on long position of 4930 ( 20 day MA ) what you suggest ?
     
    pawan_gaur1, Jun 12, 2012
    Share #13
  14. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,699
    Likes Received:
    1,940
    My stop loss is around 4800
     
    shabbir, Jun 12, 2012
    Share #14
  15. sujan4bw

    sujan4bw Member

    Joined:
    Jun 12, 2012
    Messages:
    557
    Likes Received:
    18
    Tomorrow Nifty touch 5200 levels if not atleast very close to it.

    Price and Volume patterns are above 15 and 25 days average.

    Initally it may come down in morning....may be Gap down during pre opening session

    Thanks
    Sujan
     
    sujan4bw, Jun 12, 2012
    Share #15