Charts for the Day

Just wish to add 15 DEC 12:30 AM Fed interest rate decision.For swing traders there could be some volatility and chart spoilers.

Smaller timframe chart Nifty 30 min chart last 2 days .

Anilji,

Excellent charts. 8070- 8120 would be very good daily levels to watch if it comes. Today nights event can change all course, event once goes out would be very interesting.

Anil'ji ,200SMA LEVEL IS GOING HIGHER DAY BY DAY,IS IT GOOD SIGN ?

Raviji,

200 SMA is avg of past 200 days. So its there but it has some lag too..So ideally immediate crucial moving average to follow in such a scenario is 50 SMA...As it assimilates the past 50 days...Thats almost a quarter...so as of now, 50 SMA is falling so intermediate is down...Price till now didnt tested 50 SMA too...so ideal bounce if any will go towards 50 SMA in intermediate timeframe...

But yes, the more prices stay below 200 SMA it will be under pressure to test lower levels...thats for sure...

The more bearish picture comes when 200 too will start to fall down...

anil trivedi,

Can u pl have a look at Pateleng & give yr present views.
Also, can u look at the chart in the last one year & tell whether u would have entered for Long or Not & if entered at what level with S/L & Tgt.
If Not why?

Thanks for yr time.

Rangarajanji,

Long time...Welcome back...Presently patel engg is in good structure for going long 68-70 zone...

Looking at past 1-year, its in sell mode, its below 200 SMA for me...Also it tried to attempt above 50 SMA(intermediate moving avg) but failed many a times...so its a stay away category for me...

Generally if stock is well below 200 SMA, and if there is some momentum oversold in macd like indicators...oversold should be deep one...then the pullback rally goes till 200 SMA..these setups can be played but with caution..as stock in downtrend begets lower levels...

For long. only the retracement in this november towards 200 SMA is good zone to go long...first selling has been below avg, so sign of holding that zone has greater probability...

Thank u Trivedi.
It always my pleasure to be with you.
Many a times i go on Pilgrimage or to be with my daughters, hence my long silence though Habits die hard & i visit traderji many a times.

Kindly explain what is over sold in MACD since many talk of O/S in Stochastic & RSI.
And what is the thump rule for Deep o/s, time or No of bars or levels?

These set up can be played for Buy?