Price Action Analysis

[Rishi_Trader]

Hi Everyone,
Will be posting my analysis based on my reading of charts. Aim is to be regular and get share ideas from esteemed members of Traderji community.

Thanks.

 

[Rishi_Trader]

Nifty Future is in uptrend and i would be looking for buying opportunity only till price sustains below 15500. Levels to watch for buying - 15650, 15550, 15500. Will be watching how price behaves around these levels to create long position. Short only below 15500.

Sgx is indicating gap up, however NF is not exactly following Sgx wrt gaps these days. But if it does open above 15650, 15650 may act as support and should be watched for long position. I will not chase the gap and wait for consolidation or pullback to 15650 for long position.

 

[Rishi_Trader]

NF in narrow range sideways.. bias is still up, waiting for range low 15674 break fail to enter. If breaks above 15700 then will wait for breakout Pullback to enter.

 

[Rishi_Trader]

NF is in sideways with up bias, range is 15650 - 15731. What that means is that i will look for buying opportunities only as short will be counter trend to major bullish trend and range here is not that wide.

Levels above which i will look to buy -
a. 15650 - 2 push fail or breakdown fail
b. 15730 - sustaining above this level and higher low. Not expecting 15750 to be a major resistance as sustaining above 15730 itself would be a change in structure so 15750 should be broken and then test of 15800 is expected.

Only sustaining below 15650 i will be looking to short, however targets should be small only with tight stop.

Major buying can come from 15550, 15500 levels and will be looking for break down failure or double bottom to enter long.

 

[Rishi_Trader]

NF continues to be bullish with another higher high higher low.

SGX nifty is indicating gap up above 15800. Yesterday it made 2 failed attempts of 15800 and closed lower at 15783, sellers will try to push it lower once again if price does not sustain above 15800 or opens between 15783 - 15800. This is a no trade zone for me as of now, will watch how price behaves around 15783, 15800 for further action.

If selling in morning session then 15732 will be a major support and will be looking for breakdown failure or double bottom for entry around this level. Same with 15750 but here stop will be tighter. Will be expecting morning low to be days low if selling in morning.

Above 15800 sustaining will be buying signal, will be expecting 15850 at least then long flush with low breaking and continuing up in afternoon.

Any major selling will be below 15650, so will look for shorts below it only.

 

[Rishi_Trader]

Open likely around 15800, normal course will be selling after open, will wait and watch. If buying that will be change in structure which is buyers showing sustained buying above 15800, long for this scenario.

 

[Rishi_Trader]

big lower tail from 15755 at open, buyers will try to push up again, would be good long if morning longs get flushed.

 

[Rishi_Trader]

Nice trapping of longs, lets see if we can get a long here now.

 

[Rishi_Trader]

15732 likely to break.

 

[Rishi_Trader]

NF continues to be bullish for long term, for intraday 15800 is a major resistance, it is approaching it in an upward channel and is expected to test 15800 again this morning.

Sustaining above 15800 will be a change in structure and long positions should be created.

Below 15740, 15700 will be expected, watch this for break down failure or double bottom for creating long positions. As usual morning fall is expected to make the low of the day.

NF has not broken 2 days low since last 14 trading sessions so break of 15700 will be thing to watch for. If it falls in morning without testing 15800 then it will be a sign of weakness in up, far better chance of sustaining 15700 in such case, below it should lead to at least 100 point fall. However we should be aware that we are in a bull market where low breaks have failed previously so let it first sustain below 15700 before creating short positions.