Charts for the Day

Nifty view:

Avoid fresh longs here, many of stocks at weekly resistances...keep your stoploss on longs...
A early rally in start of week need to hold for full week to have bull case..so a lot of effort would need here to maintain this...thats why avoid fresh longs here and hold previous longs if any with tight stoploss...

A close below todays open of 11231 would raise q's about the rally so far...
 

iwillwin

Well-Known Member
Nifty view:

Avoid fresh longs here, many of stocks at weekly resistances...keep your stoploss on longs...
A early rally in start of week need to hold for full week to have bull case..so a lot of effort would need here to maintain this...thats why avoid fresh longs here and hold previous longs if any with tight stoploss...

A close below todays open of 11231 would raise q's about the rally so far...
Nifty and BN surprised once again on the upside.... rally driven by quality largecaps
 
Nifty and BN surprised once again on the upside.... rally driven by quality largecaps
Nifty rally is driven by large caps and in initial legs midcaps & smallcaps also provided the needed steam...Still one needs to guard positions on long side...Its not a market to short but also if longs be selective since rally is not broad one...

Only concern is if there are more shorters it may witness a parabolic rise...Very difficult to trade stocks in this market...rotation is so fast among sectors that difficult to catch the fish out there...
 

prabhsingh

Well-Known Member
Nifty rally is driven by large caps and in initial legs midcaps & smallcaps also provided the needed steam...Still one needs to guard positions on long side...Its not a market to short but also if longs be selective since rally is not broad one...

Only concern is if there are more shorters it may witness a parabolic rise...Very difficult to trade stocks in this market...rotation is so fast among sectors that difficult to catch the fish out there...
Better to trade Index as its less difficult because any pullback is being used to go Long.For e.g,today on Hourly timeframe Nifty turned sharply from EMA20 and created nice big bull candle where one could have gone long and minted money.