Charts for the Day

[anil_s_trivedi]

Anil'ji,If RSI making HH-HL but price consolidating,how to read this...?

RSI calculation takes avg gain/avg loss over a period specified...So if its making HH-HL it means avg gains over the period is increasing or avg losses are lesser over the period...

So even though price is moving sideways, RSI may rise on account of more avg gains over the period or lesser avg losses over the period...so in those conditions its wise to wait for price to show direction by breaking out in direction of RSI...

IF RSI making this HH-HL pattern closer to 50 levels, its very difficult to play...as RSI of 50 means both forces are acting and can get in either direction...so if RSI is forming HH-HL below 50 and then breaking it up above 50 is great to go long...

 

[ravi2126]

Anil"ji Nifty view pls...

 

[anil_s_trivedi]

Anil"ji Nifty view pls...

Nifty is trading above comfort zone for bulls...Trading safely above 20/50 SMA...so intermediate is still running up...Yesterday is witnessed down bar with above avg volumes...For short term weakness to set in need to sustain below yesterdays low...First sign of weakness will be below todays open at 10490 zone...

Current weeks range is too small considering prior months weekly closings...indicating volatility expansion move coming soon...For intermediate to turn week i will watch market 10300 only...

With month end and year end bar completion today, mutual funds will try hard to not to loose too much...they will try to hold this 10500 levels badly...to prop up NAVs...

 

[anil_s_trivedi]

Nifty:

Nifty in uptrend on daily/weekly/monthly TF...
Intermediate trend weak below 10300-10320 only...There is a confluence of 20/50 SMA also coming in same zone...
Short term weakness below 10500-510 only...Levels to watch for below this is 10470 / 10370-10400...

For major weakness the support of 9670-9720 needs to taken off...Till then long term uptrend intact...Whole setup now needs a hold of crucial holding of 10370-400 levels...

 

[ravi2126]

Anil ji, 10370-400 levels imp bcoz it's last pivot high ....?

 

[anil_s_trivedi]

Anil ji, 10370-400 levels imp bcoz it's last pivot high ....?

Raviji,

Chart is made to indicate the levels...the levels also coincides with 20/50 smas...offcourse MA's will rise in time to come, but the S/R zones levels will be there...Its a levels where earlier lot of effort gone to clear the zone, bulls need to hold it...

 

[Raj232]

Chart is made to indicate the levels...the levels also coincides with 20/50 smas...offcourse MA's will rise in time to come, but the S/R zones levels will be there...Its a levels where earlier lot of effort gone to clear the zone, bulls need to hold it...

Anilji.. just stumbled on your post and I must say "fantastic.." .. Keep up the good posts !!!

 

[anil_s_trivedi]

Posting charts of some heavyweights Reliance,Infy,Tatasteel, ongc, ITC with levels..The intermediate level is current view...while the levels for bulls/bear to takeover are valid for long term basis...it may be for coming 6-9months...

 

[manoj2012]

Anilji,

Please post your view on Hind Copper & Hind Zinc Please.

 

[insursi]

Dear Anil ji
Wishing you a very happy, healthy and prosperous new year 2018!!!!

Since I am gone back to professional life after a great break, missing this thread. Nevertheless, I try to read your writings whenever I am on traderji. Spot on your post no 3863 !!!! smart analysis to keep investor/trader cautious...Keep up on your good work.
I do belive that your portfolio is doing great and mine is average of 30-35% return for preceding year though many fund managers, investors and traders claim between 60 to 80%. I really wonder how they are doing??? However I am happy with whatever I got