Nifty Update for 8 Aug 2013 - Buy Call

Nifty Update for 5 Aug 2013 - Towards end of Complex Correction

As per expected and mentioned in the 2nd August post, Nifty broke the impervious low 5675 and made new low 5649.

Nifty is in third and last corrective pattern, it is difficult to say 5649 is the end of the down move but as mentioned earlier price is not yet reached till 5630. So, Price should retrace from now or from 5630 on Monday which was my expectation today.
So, Short trader can take the Buy on breakout the sloping resistance line for the target of 30 - 40 points with Stop loss 10 points or low of the day.
If price break below 5630, then we should adopt wait and watch on how the price will unfold further.
For the longer term trader, Nifty should break the 5800 decisively to confirm the trend reversal.
Happy Trading - Yogi 

Nifty Update for 2nd August - Stop Loss Hits @5800 on 1st August, 220 Points Profits

Stop Loss hits on yesterday @ 5800 for our short initiated from 6020.
Complete Gain of 220 points 7 trading days. :-)

Yesterday price breaks the channel on upside and made high of 5808.5
But it couldn't sustain there and slipped down near to the previous low 5675 but didn't break the low in spot (it broke the low in future chart).
RSI is making +ve divergence which signals that Price will take breath here before next move which will decide the market trend.

I can see few possibilities here -
Till now, i can look complete down move from 6093 is a complex correction - double zigzag.
So either price reversed from here or there 1 more corrective pattern left which could break the current low of 5675.

Considering this there was 2 possibility are either zigzag or flat will unfold.
if zigzag, then price should make a low near to 5630 And if flat, Price will go high near 5800 and then should make low near 5670. This will last corrective pattern in complex correction of this down move.

These are the scenario i am considering whipsaw seen yesterday, otherwise price should take reversal and will start new trend in upward direction as there was Higher High & Higher Low seen first time in complete down move on daily chart. let's watch how the price will unfold today. Happy trading!!!

Nifty Update - 1st Sign of reversal seen yesterday while closing... Let book the profit on the Channel break today

Positive Divergence seen on the Hourly chart,
Price retraced almost 76.4 % from the top.

Let watch !!!

Nifty Update for 31 July - One of the important day to watch to confirm the trend in either direction

Today Nifty made a low of 5747.60 and close at 5760.85

Will Nifty Fill the Previous GAP between 5700 - 5749 or will it reverse the current down move?
- Few of the Important points to note and take the decision for tomorrow -
In Favor of Bears -
- Nifty still maintain the Lower High Lower Bottom formation on daily chart and no sign of reversal
- Moving Average - 10 EMA is touch or crossing 21 EMA; Tomorrow will confirm the exact clarity.
- RSI is not supporting for reversal.
- Tomorrow if price break down side and if try t fill the previous gap then there is more chances to reach to 5684.

In Favor of Bulls -
- Nifty is @ important level near 5750; made a low 2 points below then expected resistance of 5750 but close above 5760.
- Nifty retraced almost 38.2% of the previous up move from 5566 to 6093. Most of time price should reverse from the position.
- Also, Nifty price is near the Support line of the rising wedge.
In the past, Market always respects the 26 day time cycle line and Price always reverse from the 26th day ( +1 or -1 day) and tomorrow
is the day of the 26 day of trend reversal as shown above.
- A hammer at the bottom is seen in Hourly Chart after down move which is sign of potential reversal. Let watch

I always suggest to keep the strict stop Loss whenever you already in huge profit.
Lets Watch, All the best!!

Daily Chart :

Hourly Chart :

Nifty Update for 30 July - Continue to trail the stop loss 5920

Our Short initiation @ 6020, now almost 190 point profit in a just 3 days... What to do now ?
We don't know when market will take turn but we need to systematic approach to ride the trend. So please consider 5920 as stop loss. You can book the partial profit if you trade in multiple lot.

We can see in the below chart 5750 -5800 is the Resistance zone area for this down move from 6093.
Support should act as resistance now. If the nifty break below 5750 then there could chance of free fall.
But its very early to say as Nifty has to face series of resistance now.
Happy trading!!!

Yogi

As per prediction, Target Achieved for Nifty - update for 26 July 2013

As mentioned yesterday Nifty update, Prices falls below 5905. Also, it didn't respect the Lower Support line of the Channel which indicate Nifty turns into aggressively to down.
We already in the profit of 120 points on Nifty in 2 days.
Now the strategy is to keep trail the stop loss and ride on the bear market.