We will start with what we discussed in our last post
and see how we obeyed or deviated from our analysis. As I do not trade
in inraday hence last week was a muted session for me with no
enjoyment, no BP increase or no sudden adrenaline in the vain but I am
sure many of you trade in intraday and had good entertainment last week.
I personally felt from my past experiences that if you need
entertainment you missout wealth creation and vice versa, well I may be
wrong as well. There are many smart traders who make money trading
intraday particularly when the range is high. Actually it is easy to
make money when the range is high and difficult when the range is
narrowed down as stop losses eat away most of your profits. This is true
for both intraday as well as for delivery. But this is a debatable
topic and there are many traders who are smarter than me. Let me know
what you think under comments section. okay enough blabbering, now come
to the point.
Bullish Possibility:
As we discussed last week, we are above the falling trend channels (brown and sky blue) we are now ready for a decent bull move though we will have multiple resistances in between.
Below extract from my last post:
Quote
As Nifty is out of the falling trend channel lines, can easily target 8650 in near future though may not go in a straight line. But through multiple resistances at different levels. The immediate 1st resistance in this case can be 7900 and then 7972 as can be seen from the stock chart. If we successfully concur this resistance zone then next resistance will come at 8323, 8650 and ultimately all time high 9119 respectively. The support levels lies at around 7713, 7577 and 7518.
Unquote
For this week as well the above holds good. Last week Nifty opened at 7908 and traded between 7842 and 7978, a narrow trading range of only 136 points. So not much change of my previous view.
Bearish Possibility:
We discussed last week:
Quote
We are still in a falling channel which started from Mar 2015, the blue channel. The ONLY resistance in this channel for this week is at around 7900 and will move lower as the time passes. But this is a huge resistance and if Nifty is unable to cross this resistance level will sell off immediately and also with high magnitude. If this happens then Nifty can fall all along to 7518 initially and then even upto 7000 odd levels.
Unquote
For this week, the good news is that we are trading above this resistance channel so far though marginally. If we do NOT fall into this channel again in coming days then we will follow our Bullish Possibility else will follow above prediction i.e in that case "Nifty can fall all along to 7518 initially and then even upto 7000 odd levels." but chances are less as long we are above the blue channel.
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
Bullish Possibility:
As we discussed last week, we are above the falling trend channels (brown and sky blue) we are now ready for a decent bull move though we will have multiple resistances in between.
Below extract from my last post:
Quote
As Nifty is out of the falling trend channel lines, can easily target 8650 in near future though may not go in a straight line. But through multiple resistances at different levels. The immediate 1st resistance in this case can be 7900 and then 7972 as can be seen from the stock chart. If we successfully concur this resistance zone then next resistance will come at 8323, 8650 and ultimately all time high 9119 respectively. The support levels lies at around 7713, 7577 and 7518.
Unquote
For this week as well the above holds good. Last week Nifty opened at 7908 and traded between 7842 and 7978, a narrow trading range of only 136 points. So not much change of my previous view.
Bearish Possibility:
We discussed last week:
Quote
We are still in a falling channel which started from Mar 2015, the blue channel. The ONLY resistance in this channel for this week is at around 7900 and will move lower as the time passes. But this is a huge resistance and if Nifty is unable to cross this resistance level will sell off immediately and also with high magnitude. If this happens then Nifty can fall all along to 7518 initially and then even upto 7000 odd levels.
Unquote
For this week, the good news is that we are trading above this resistance channel so far though marginally. If we do NOT fall into this channel again in coming days then we will follow our Bullish Possibility else will follow above prediction i.e in that case "Nifty can fall all along to 7518 initially and then even upto 7000 odd levels." but chances are less as long we are above the blue channel.
If you like this post do share it and leave your comment. Any question related to the topic? Feel free to ask.
Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column. You can also visit my masters (Ilango) blog for daily updates on Nifty. Happy Trading. As my mater says, Get Rich Slowly and Quietly. Cheers!!
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