Price Action Analysis

[Rishi_Trader]

Market is bullish, expectation was of upward channel to continue, there was break of lower channel and also 15740, break down fail of 15740 gave good long. Most attempt to change a trend fail.

Expectation is of down move from 15800, below 15770 15740 zone will be expected. As market is in bullish mode i will avoid shorting as it may find buying at any level.

General expectation is of 15700 from here, so sustaining at higher levels ( 15770 above ) would be an indication of upcoming break out of 15800. Shorts will start feeling the pressure if it sustains around these levels.

 

[Rishi_Trader]

We did have breakout above 15800 but did not sustain, low breaks are failing highs not sustaining, if there was room i would be entering low failures to enter long.

 

[Rishi_Trader]

Could not continue due to health issues, will be posting again from today.

 

[Rishi_Trader]

SGX indicating 100 points gap down but pre-market Nifty is around yesterdays close only, would be expecting some fall before market moves up. My bias is long till 17850 is taken out, will look for long above 18000, 18050 and around 17850. Below 17850 will look for short.

 

[Rishi_Trader]

This bounce from 17890 is weaker than opening one, no point in holding long as of now, lets see if it goes above 17927 and shows strength.

 

[Rishi_Trader]

SGX indicating slight gap up open, will buy if it crosses above 18050 at open, will look to buy only till it is above 17965. Short below 17850 only.

 

[Rishi_Trader]

SGX indicating gap up opening again today, will look for buying opportunity on any weak down move after open. Going short is out of question for me as of now.

 

[Rishi_Trader]

Big fall from 18600 level yesterday, this is a strong supply zone for now, however larger trend is still up so expectation is of up move to test 18600 from 18400, then down move again to 18400 zone, i.e sideways within 18400 - 18600. What yesterdays fall did is open shorting opportunity, will look to short around 18600 and below 18400. Down move continuation will be a seen as a pull back only within larger uptrend.

So.. look for long around 18400 and short around 18600 till it sustains beyond this range, then go with the break direction.

 

[Rishi_Trader]

Waiting for following scenarios as of now...

 

[Rishi_Trader]

Nifty 50 futures analysis for today opening.