NIFTY Symmetrical Pattern Breakdown Close to Target Zones
Diupdate
Market Bytes 24-May-2016
Nifty futures: Two sessions back it broke the symmetrical candle pattern that we have discussed over the past few weeks. Since then it has failed to make any upside strides. Giving good short on rise pullback trades to the ones who traded that patterns. Now NIFTY Future has immediate hurdle around 7810 range and downside immediate support at 7720 range. Given that there is signficant PE accumulation at 7700 levels will expect these levels to hold back from an expiry point of view. Downside swing Targets remain at 7620 and 7530 levels based on the extensions of the symmetrical patterns.
#nifty #nseindia #sensex #stock
Nifty futures: Two sessions back it broke the symmetrical candle pattern that we have discussed over the past few weeks. Since then it has failed to make any upside strides. Giving good short on rise pullback trades to the ones who traded that patterns. Now NIFTY Future has immediate hurdle around 7810 range and downside immediate support at 7720 range. Given that there is signficant PE accumulation at 7700 levels will expect these levels to hold back from an expiry point of view. Downside swing Targets remain at 7620 and 7530 levels based on the extensions of the symmetrical patterns.
#nifty #nseindia #sensex #stock
Catatan
Market Bytes 25-May-2016Nifty futures:Yesterday provided a classic low risk pullback trade. we had discussed that 7720 is a immediate support which held up. In fact we are also in for a good gapup as well; which more or less confirms the base and gives good gains for the pullback trades. On the upside expect further long if markets trade above 7810 to test the 7880-7900 levels. I would expected hurdle to be at 7920-30 range.
#nifty #nseindia #sensex #stock
Catatan
Market Bytes 26-May-2016Nifty futures: Boy did we have a big move. Two sessions back we had discussed here that 7720 is a base and expect a pullback. The pace of the pullback did leave us all surprised. Yesterday we had mentioned that to keep the longs opne above 7810. This proved to be a good trade too as markets raliied all the way upto 7960 levels.
NIFTY Futures now has a good base at 7880 levels. This is the immediate support for pullback trades for long trades. On the upside 7960-8000 zones is a hurdle range. Above that markets can move to the 8030 and 8075 zones. another possible trade set up is contrarian shorts in rise with stops above 8040 for downside targets of 7930-50 zones.
#nifty #nseindia #sensex #stock
Catatan
30-May: NIFTY Futures has now almost reached the intermediate target zones of 8240 range. This level if respectedcan be used as a hurdle for contrarian trades. to levels of 8185 and 8135. On the downside these levels can again be used for long side trades.
#nifty #nse #sensex
Catatan
Market Bytes 31-May-2016Nifty futures: Yesterday 8240 got respected and provided a decent short trade. Yesterday was a small range candle. hence it will be prudent to trade on the break of the candle low and high only. Short trade below 8175 for 8130-40 targets or a long side trade above 8230 levels for 8280-90 targets.
#nifty #nseindia #sensex #stock
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