NIFTY CHANNEL TREND LINE TRADE SETUP

NIFTY CHANNEL TREND LINE TRADE SETUP I AM FOLLOWING FOR MIDTERM ALONG WITH OTHER ANALYSIS

註釋

I was expecting nifty to show us clear direction but as always nifty has left us in confusion. Let us see what has happened.

Please see the detail report at following site.

amgonifty.wordpress.com/2016/04/12/nifty-eod-12042016/

註釋

EOD 12/04/2016 NIFTY NEW UPDATE RELEASE

See detail report at amgonifty.wordpress.com/2016/04/13/new-update-nifty-eod-12042016/

I was expecting nifty to show us clear direction but as always nifty has left us in confusion. Day by day its becoming difficult to trade & identify nifty waves & it forced me to analyse further the kind of behavior nifty is expressing.

I have slightly changed the wave count & now it appears that nifty is in its final upmove as a wave “e” of a triangle. I also took the help of angular fibbonacci which I feel definitely will give us guide line to trade.

註釋

NIFTY EOD 13/04/2016

One thing I must admit when nifty came out of blue channel after making a top of 7777, I have never imagined that nifty will again enter this blue channel. But eventually it did & that was big learning lesson for me.

See detail report at amgonifty.wordpress.com/2016/04/15/nifty-eod-13042016/

註釋

CNX 500 NSE MID TERM FIBBO

A Nifty is having smaller domain of 50 shares so I always look for CNX 500 Nse index to give me broader picture. Following is the mid term fibbo chart for CNX 500. You can down load pdf chart by clicking this link ::::::CNX 500 MID TERM FIBBO

If you look carefully CNx 500 is trying to fill the earlier gap which I have shown by red dotted line. Also 70.7% fibbo level is also matching this gap area. So its interesting to watch now what CNX 500 does in comming few sessions.

註釋

A Nifty is having smaller domain of 50 shares so I always look for CNX 500 Nse index to give me broader picture. Following is the mid term fibbo chart for CNX 500. You can down load pdf chart by clicking this link ::::::CNX 500 MID TERM FIBBO

If you look carefully CNx 500 is trying to fill the earlier gap which I have shown by red dotted line. Also 70.7% fibbo level is also matching this gap area. So its interesting to watch now what CNX 500 does in comming few sessions
You can see chart at amgonifty.wordpress.com/2016/04/17/cnx-500-nse-mid-term-fibbo/

註釋

NIFTY:

NIFTY LONG TERM WEEKLY CHART ANGULR FIBBO GRID CHANNEL
NIFTY LONG TERM ANGULAR FIBBO GRID PLOTTED TO SEE IF WE CAN DERIVE ANY CONCLUSIONS. FOR ME LOOKING AT PAST HISTORY 70.7% LINE ACTED AS RESISTANCE ON MANY OCCASIONS & THIS TIME THIS RESITANCE ZONE IS AROUND 7950 TO 8000 LEVELS. LETS WATCH OUT THESE LEVELS

SEE PDF CHART AT: amgonifty.wordpress.com/2016/04/18/nifty-long-term-angular-fibbo-channel/

註釋

EOD 18/04/2016 NIFTY

FOR PDF DOCUMENT VISIT : amgonifty.wordpress.com/2016/04/18/nift-eod-18042016/

On the trading day of 18/04/2016 after long holiday nifty opened higher & touched 7912 & in a volatile way immediately retraced till 7843. After that nifty has shown channelized movement to rise till day high of 7920 & closing above 7900.

I am assuming we are rising in wave “e” of a triangle. I am giving 3 charts.

I still believe that nifty is progressing in a final wave “e” before any retracement to happen. Today if you see one-minute chart carefully nifty is progressing in a pink channel I marked on 1-minute chart. Till time nifty brakes this channel on lower side there will not be sign of retracement. As per my calculation upper side possible targets are 7945 ….. 7978….

But seeing that nifty is about to hit red trend line which is in the region of 7930 to 7945, we may get resistance in crossing this red trend line.

So let us watch out action on next trading day.

註釋

NIFTY MID DAY UPDATE 20/04/2016

Nifty breakout on lower side of the pink channel. Now let us observe further movement of nifty. Today nifty made intraday high of 7950 & then retraced immediately to 7907 then bounced back to 88.7% of this fall to hit 7945. Then till now nifty has fallen to level 7878. If 7943 level is taken out then this will be the first sign of bearishness.

See chart at amgonifty.wordpress.com/2016/04/20/nifty-mid-day-update-20042016/

註釋

NIFTY EOD 20/04/2016

On the trading day of 20/04/2016 Nifty opened gap up & bounced till 7950 & immediately retraced to 7907 & again bounce 88.4% of this fall to 7945 & then made an intra day low of 7877. Then bounced till 61% of the total fall from 7950 to 7877 to levels of 7921.

To me structure look bearish & 61% resistance retracement is already achieved. So R2 = 7925 , R3 = 7931 & R4 = 7940 are the immediate upside resistances. Any movement above 7950 will diminish bearishness immediately.

Conclusion: Expecting further bearishness tomorrow if 7950 is not broken on upside.

TO SEE DETAILED REPORT PLEASE VISIT

amgonifty.wordpress.com/2016/04/20/nifty-eod-20042016/

註釋

NIFTY EOD 21/04/2016

On the trading day of 21/04/2016 Nifty opened gap up & bounced till 7978 & for whole day traded with negative bias to register intraday low of 7884.

Our yesterday resistance levels were broken in gap up opening only so yesterday bearish set up was proven wrong in opening only.

Today nifty closed below yesterday’s close & for whole day traded negatively after a long time.

Key points to watch now:

1. If we consider nifty fall from 8335 to 6825 then 78.6% level is at 8012 levels. 78.6% level is an important resistance level to watch.

Conclusion Nifty is approaching key resistance level of 8012. Watch out for that.

See detail chart at:

amgonifty.wordpress.com/2016/04/21/nifty-eod-21042016/

註釋

NIFTY EOD 22/04/2016 : Example of day trading possibility in consolidating markets

On the trading day of 22/04/2016 Nifty consolidated in following range with intraday high of 7923 & intraday low of 7874. So in all trading range was 49 points with lots of volatility due to confusion in bulls & bears.

Yesterday I have uploaded an article on my site to day trade only 10 nifty points & you can convert 2.5 lacs to 22 lacs in 293 trading sessions. In continuation to that please read following.

Normally I don’t day trade as I am not a full time trader but as I was having weekly off I traded today & placed many day trades in nifty as well as other instruments such as crude, silver, gold.

Today was good opportunity in nifty to place small trades based on Fibonacci, channeling & trend lines. So over all 49 points range can be converted into many points based on how confident & accurate you are to use Fibonacci retracement, extensions, trend lines & channel. I am giving an example of this on nifty 1- minute chart. Even if we can take 50% of the total available trades with the will to achieve only 10 points every trade then also we can be in huge profit.

It was difficult to mark all the fibbo channel support on this 15 minute chart. as it requires 1- minute chart & same can be download from following site

Down load detail chart on ::: amgonifty.wordpress.com/2016/04/22/nifty-eod-22042016-example-of-day-trading-possibility-in-consolidating-markets/

註釋

NIFTY EOD 22/04/2016 : To see detail analysis visit :::::: amgonifty.wordpress.com/2016/04/23/nifty-eod-22042016/

On the trading day of 22/04/2016 Nifty consolidated in following range with intraday high of 7923 & intraday low of 7874. So in all trading range was 49 points with lots of volatility due to confusion in bulls & bears.

I am posting 4 charts today to analyse nifty. There are two cases here:

Case 1:
IF WE ASSUME WAVE E IS COMPLETE AT 7978 THEN NIFTY SHOULD NOT CROSS 7978. THEN STUCTURALLY WE WILL IF WE CONSIDER FALL FROM 7979 TO 7873 WILL HAVE A BOUNCE OF 61 TO 88.4 % & FROM WHERE WE SHOULD SEE FURTHER DOWN SIDE TILL THE GAP AREA SHOWN.
Case 2:
IF INDEX MANAGES TO CROSS 7979 BY ANY MEANS THEN IMMEDIATE RESISTANCE IS AROUND 8050 LEVELS.
Key point to understand but.
1. Low 7881 is broken & new low is formed 7873 in today’s session.
2. Orange rising channel is broken 2 days earlier
3. Index has had 2 days of bearishness

So lets us see what index does in next week

註釋

NIFTY EOD 25/04/2016:

FOR REPORT WITH CHARTS VISIT

amgonifty.wordpress.com/2016/04/25/nifty-eod-25042016/

On the trading day of 25/04/2016 nifty opened 7894 & registered a day low of 7827. We have prepared ourselves with the end of the day trading setup & have said that if nifty brakes 7873 on then we will have to prepare fresh set up without considering long call.

Now please observe at the day opening nifty took the resistance of 7908 as 61% retracement of fibo drawn from 7923 to 7884 & then declined till 7891 & rose till 7905 which is 78.6% resistance level of this fall from 7908 to 7891. So we have got 2 bearish confirmations. Again nifty started declining & broke 7873 which was 3rd bearish confirmation. Practically speaking if we have good hold of this picture then we would have initiated our shorts from 2nd confirmation i.e. 7905 keeping stop loss of 7908 so it has got low risk trade potential. Breaking of 7873 has given us the confirmation that nifty has got further downside. Then nifty took first support around 7842 & which is important support level as far as our larger extension grid is concerned & which you can see in larger time frame in this same report. Then nifty nifty made low of 7827 & finally closed with the maximum retracement for the day. As the closing retracement is maximum there are again 2 cases.

1.> As the retracement from 7827 to 7855 is 88.7% of the fall from 7859 to 7827. We may call this retracement is over & expect further downside tomorrow till next 1st target of 7780 as per our extension grid.

2.> If tomorrow by any means nifty manages to cross 7859 then we can expect further upside till 61.8% to 88.4% levels of total fall from 7978 to 7827.

註釋

NIFTY EOD 26/04/2016:

See report at : amgonifty.wordpress.com/2016/04/26/nifty-eod-26042016/

On the trading day of 26/04/2016 Nifty opened gap down & immediately made a new low of 7822. Which was just 4 points lower than yesterday low.

Then nifty started rising till 7868 without much of a retracement. That is where yesterday retracement high was broken & soon nifty rose in a rapidly to 7974 to register a day’s high.

We were expecting one up move for the nifty but not till the 7974 but till 61% to 78.6% of total fall from 7978 to 7822. But the velocity of rise just astonished me.

On larger time frame I was assuming wave “e” completed at 7978. But because of today’s rise I am adding to my wave count on larger time frame a 7 legged pattern observed in neo-wave diametric diamond shape “a,b,c,d,e,f,g”. You can google for this pattern.

So I hope this leg which was up rapidly is a “g” leg & should be the last leg of this entire rally.

On a minute chart I am observing a triangle formation & will be confirmed tomorrow as it needs to break on lower side. If by any means if it breaks on upper side, then I will be proven wrong in identifying the bearish triangle. Any ways if broken upper side then also I feel 8050 area will be a strong resistance.

註釋

NIFTY EOD : 27/04/2016
DAILY REPORT PUBLISHED AT

amgonifty.wordpress.com/2016/04/27/nifty-eod-27042016/

註釋

NIFTY EOD 28/04/2016:

DETAIL REPORT AT:

amgonifty.wordpress.com/2016/04/28/nifty-eod-28042016/

On the trading day of 28/04/2016 Nifty opened gap down & immediately made a new low of 7860. Then then again went up till 7991 & then after started declining to make intra-day low of 7835. Over all it was bearish session as per expectation.

Earlier day charts I have marked congestion zone around blue trend line shown in red ellipse on chart & nifty found hard to cross this barrier. Also on one-minute chart I have drawn other trend line which is also in blue colour & once it was broken yesterday nifty did not breach that also.

Key Points:

Apart from correct wave analysis which is very difficult task in present market conditions we need to use proper trend lines & channels to pot the movement of nifty in relation to our trade setup. So even if we are wrong in libelling, we will at list have correct stop loss. Precise stop loss is the key.

Today nifty achieved first target which was at 7892 & 2nd target was 7842 are achieved as shown in 20 minute charts by fibbo levels.

Also if you look closely on enlarged graph then green trend line support & 7842 levels are coinciding with each other.

So for tomorrow if you see one- minute chart then if nifty crosses 23% level of total fall from 7991 to 7835 then nifty may retrace to 61% to 88.4% fibbo level. Levels shown on chart.

Also if further negativity is there in the market on opening then our lower side targets will be 7780 & 7670.

Trade according to trade setup.

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