Nifty analysis

[Self-employedTrader]

According to my EOD pattern analysis, since nifty formed a green spinning top candle and closed above yesterday's red close, tomorrow it could be bullish if opens green. Below 11800 level, there're lot of resistances, so if opens gap up, like 50 points, it could later become a bearish candle, or even bearish engulfing which could then lead to further fall to fill the 200 points gap. If mildly gap up, it could form another spinning top/doji, possibly green. If opens gap down, buckle up for the bearish trend tomorrow.

 

[Self-employedTrader]

Like the analysis yesterday, nifty opened 50 points gap and later formed bearish engulfing although closed above yesterday close EOD.

But since it's rejected from the trend line, and the candle is like a bearish spinning top, the trend is bearish. Tomorrow if opens gap-up, would be open approx equal to high and form a bearish candle. 11550 could act as a strong resistance.

 

[Self-employedTrader]

Nifty today formed bearish belt hold daily candle after yesterday's pullback, implying continuation of bearish trend. If you have any different view, please share your analysis...

 

[timepass]

Nifty today formed bearish belt hold daily candle after yesterday's pullback, implying continuation of bearish trend. If you have any different view, please share your analysis...

As per the definition from investopedia, a bearish belt hold needs a clear previously defined uptrend. Here nifty has been sideways for the last few days, so bearish belt hold does not seem to be the right definition for this candle. I understand from the definition that it should occur near the top of uptrend.

Image from investopedia :

Nifty daily :

 

[Self-employedTrader]

I saw in one site showing it on pullback also... It's just my opinion. I see an imminent down trend. Maybe will be bullish for intraday on Monday.

 

[khurshedmanjra]

NIFTY.......

Bullish engulfing candle of 20.6.2019 followed by Dark cloud cover candle of 21.6.2019. Support zone seen around 11600-11700. NIFTY seeing resistance around 11900-12000.

 

[Self-employedTrader]

Restarting this thread. In my view Nifty is due for oversold pullback, but may not go up like Bajfin did on Friday, because of its dragging constituents. I think Monday would open gap up and form a spinning top on daily. But would be excellent opportunity for options scalpers.

Edit:. If opens gap down also, way down would be tricky because of strong resistance point and 200 DMA just below.

 

[Riskyman]

As per the definition from investopedia, a bearish belt hold needs a clear previously defined uptrend. Here nifty has been sideways for the last few days, so bearish belt hold does not seem to be the right definition for this candle. I understand from the definition that it should occur near the top of uptrend.
Image from investopedia :
Nifty daily :

A bearish belt hold can be formed in sideways also. It can form in a downtrend when there is a retracement also. A belt hold is nothing but a candle that has a open=high, a long body and price closing almost at the low of the day i.e a very small wick at the bottom. Basically a belt hold is like a Marubozu but with a small wick.
Ideal belt hold are those that form at the top of an uptrend.
Hope this helps.

 

[Self-employedTrader]

A bearish belt hold can be formed in sideways also. It can form in a downtrend when there is a retracement also. A belt hold is nothing but a candle that has a open=high, a long body and price closing almost at the low of the day i.e a very small wick at the bottom. Basically a belt hold is like a Marubozu but with a small wick.
Ideal belt hold are those that form at the top of an uptrend.
Hope this helps.

It reflects i think the sentiment that people are thinking that stock is so much overbought or the index is going to change trend for short-term... Selling throughout the day from opening to EOD. So sentiment is going to continue. But in lower highs may not be effective as proven by Nifty here...

 

[Self-employedTrader]

Bhai ICICI Bank 50,887% profit yoy!! Shown in stock edge app.