UNITED STATES OF BANKNIFTY
- Thread starter Top_Massage
- Start date
@Top_Massage sir...can u share your EOD Analysis... like OI,PCR and what other parameters you take for trading the next day..
Hi friend, really sorry for late response. Since it was a three day off, I was not at home. But anyway, let's begin a fresh start from tomorrow.
Let's just recall and highlight what we know so far and what matters the most at the moment (in quick points):
-- Traders took BIG ADVANTAGE after realising the importance of significant make or break level of 10850 approx last week. We too highlighted the exact same level in this very forum. Overall, traders were able to take advantage not just once but twice (and made huge money) by identifying 10850 as a stubborn and rigid SUPPORT wall for nifty. Nifty bulls were somehow able to defend 10850 level each and every time our markets looked in deep DISTRESS. Even after nifty touched 10782 last week, it was the ultra strong magnetic power of 10850 (+ / - 25 points) which pulled the markets up.
-- That's the importance of SUPPORT and RESISTANCE. A trader should have the ability to identify crucial support or resistance levels. Similarly, a trader should have an ability to identify whether the support or resistance is FAKE or REAL. Of course, this is something we (traders) learn through day to day trading experience. This is definitely something which cannot be taught through textbook syllabus or knowledge.
-- Moreover, I would personally suggest each of my fellow trader not to focus on OI indicator or PCR ratio indicator. They can change their readings within no time. They don't always depict the true picture. These indicators can be easily manipulated by the money power of FII and DII.
-- Moving forward, let's just take some clue from nifty for upcoming sessions. For that, we need to follow one very old and highly important rule of stock trading i.e. waiting for reaction of previous session's high. The high of Friday was around 11182 approx. Let's just try to round it off a bit.
-- Therefore, the outcome looks something like this ..... on surpassing and staying above tiny range of 11182 to 11200 for long enough, we go up. Failing to do so for long enough, nifty may start showing weakness again. Means even if we stay below this tiny range while consolidating also, then also, it needs to jump above it, otherwise, it could be point of concern.
-- It's going to be interesting to see whether big positive announcements made during RELIANCE AGM today can push nifty above higher level of crucial tiny range i.e. 11200 or not.
-- There are many other questions too: Will nifty ignore weakness in global indices?? INR looking extremely weak against dollar. It's now around 71. Will it improve or not? Also, there were rumours of crucial meeting by Finance Minister regarding tax related decision on FPI. Will that trigger something big? We shall know by tomorrow.
That's all for now friend. Hope you got an idea how I formulate my trading strategies on daily basis. Thanks. All the best.
Disclaimer: This forum is meant for educational purposes only.
Let's just recall and highlight what we know so far and what matters the most at the moment (in quick points):
-- Traders took BIG ADVANTAGE after realising the importance of significant make or break level of 10850 approx last week. We too highlighted the exact same level in this very forum. Overall, traders were able to take advantage not just once but twice (and made huge money) by identifying 10850 as a stubborn and rigid SUPPORT wall for nifty. Nifty bulls were somehow able to defend 10850 level each and every time our markets looked in deep DISTRESS. Even after nifty touched 10782 last week, it was the ultra strong magnetic power of 10850 (+ / - 25 points) which pulled the markets up.
-- That's the importance of SUPPORT and RESISTANCE. A trader should have the ability to identify crucial support or resistance levels. Similarly, a trader should have an ability to identify whether the support or resistance is FAKE or REAL. Of course, this is something we (traders) learn through day to day trading experience. This is definitely something which cannot be taught through textbook syllabus or knowledge.
-- Moreover, I would personally suggest each of my fellow trader not to focus on OI indicator or PCR ratio indicator. They can change their readings within no time. They don't always depict the true picture. These indicators can be easily manipulated by the money power of FII and DII.
-- Moving forward, let's just take some clue from nifty for upcoming sessions. For that, we need to follow one very old and highly important rule of stock trading i.e. waiting for reaction of previous session's high. The high of Friday was around 11182 approx. Let's just try to round it off a bit.
-- Therefore, the outcome looks something like this ..... on surpassing and staying above tiny range of 11182 to 11200 for long enough, we go up. Failing to do so for long enough, nifty may start showing weakness again. Means even if we stay below this tiny range while consolidating also, then also, it needs to jump above it, otherwise, it could be point of concern.
-- It's going to be interesting to see whether big positive announcements made during RELIANCE AGM today can push nifty above higher level of crucial tiny range i.e. 11200 or not.
-- There are many other questions too: Will nifty ignore weakness in global indices?? INR looking extremely weak against dollar. It's now around 71. Will it improve or not? Also, there were rumours of crucial meeting by Finance Minister regarding tax related decision on FPI. Will that trigger something big? We shall know by tomorrow.
That's all for now friend. Hope you got an idea how I formulate my trading strategies on daily basis. Thanks. All the best.
Disclaimer: This forum is meant for educational purposes only.
@Top_Massage
do you whats the best thing about you?? Your patience. Everyone should learn this from you
do you whats the best thing about you?? Your patience. Everyone should learn this from you
Thanks a lot. I have become used to it since this is my only occupation. In between, I have learnt how to relax a bit during market hours and take some time out for family members and other activities. I have pretty much realised that it hardly takes few minutes out of six hours of every day session to make ample money which is enough for one single day. I have started enjoying this trading career now. Thanks again
Disclaimer: This forum is meant for educational purposes only.
Disclaimer: This forum is meant for educational purposes only.
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