Medium Term Trend: ↓ Down (Up above 12010)
Bounced Back Strongly: Nifty opened in the familiar territory , just below 11600 and after spending some time there it bounced to 11630-640 levels and after threatening to fall from 11640 levels( Like it had done on Friday) it took another leap to 11670 levels and closed at 11660 ( up around 75 points).
In previous post we had mentioned "if one is short in the market then he needs to be careful as a counter move by bulls can not be ruled out. Short positions are recommended once 11460 levels is taken out ". Now we couldn't have been more explicit than that. Nifty was spending too much time just below its crucial support which had raised the doubt if 11610-640 would be able to contain markets. There were many traders who have been going short around 11550-11600 levels assuming upside is capped at 11640 levels.
Even though Nifty now has crossed above 11640 levels, We are not recommending that one should go long now. Make no mistake about it, markets remains in a downtrend (for medium term) and it needs to do a lot more before we can assume that uptrend has resumed.
Market breadth today was on positive side with 38 advancing against 12 declining. Next few days trading is extremely crucial as it may decide the next trending move of the market (we have been saying that markets are ready for a big trending move on the either side and there is no change in our view even now).
Below is the snapshopt of messages/trade we did in last few days, if you wish to join us for live market updates during trading hours then you may do that using below link.
https://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
08/07/2019, 09:23 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11700 sell 4 parts
08/07/2019, 10:57 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11650, hold all shorts for now. Reversal has been very sharp so in all probability we r going below 11600 levels now.
08/07/2019, 13:07 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11588 exit 2 parts short book profit
08/07/2019, 13:08 - NIFTYWAVEINDIA.BLOGSPOT: Hold balance 2 shorts
08/07/2019, 14:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11544 hold 2 parts shorts. Margin call trigger likely in last hour
08/07/2019, 15:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11565,carry both parts shorts for tomorrow
09/07/2019, 09:16 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty 11482
09/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Hold both parts short for now. Less risky traders can book some more profits
09/07/2019, 09:19 - NIFTYWAVEINDIA.BLOGSPOT: Mkts r oversold so a pullback cannot be ruled out
09/07/2019, 10:52 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11484 cover one more part book profit
09/07/2019, 10:52 - NIFTYWAVEINDIA.BLOGSPOT: Hold just one part short (min qty)
09/07/2019, 15:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty closing flat. Carry one remaining short for tomorrow
10/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty CMP 11553 sell 1 part
10/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Hold 2 parts short
10/07/2019, 09:38 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11570 :sell 2 more parts
10/07/2019, 09:38 - NIFTYWAVEINDIA.BLOGSPOT: Hold all 4 parts shorts
10/07/2019, 12:57 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11482 exit 2 parts book profit
10/07/2019, 12:57 - NIFTYWAVEINDIA.BLOGSPOT: Hold balance 2 shorts
10/07/2019, 15:24 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11490. Carry balance 2 parts shorts for tomorrow
11/07/2019, 09:26 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty trading around 11530. Hold both shorts for now
11/07/2019, 15:10 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11585 exit 2 parts bal short
11/07/2019, 15:10 - NIFTYWAVEINDIA.BLOGSPOT: Position Nil
11/07/2019, 16:04 - NIFTYWAVEINDIA.BLOGSPOT: <Media omitted>
11/07/2019, 16:06 - NIFTYWAVEINDIA.BLOGSPOT: Mkt has defended an imp trend line for 3rd day in a row plus crucial 11525 has been defended again (day low was 11520) will enter shorts again only once the weakness resurfaces
Happy Trading!!
Bounced Back Strongly: Nifty opened in the familiar territory , just below 11600 and after spending some time there it bounced to 11630-640 levels and after threatening to fall from 11640 levels( Like it had done on Friday) it took another leap to 11670 levels and closed at 11660 ( up around 75 points).
In previous post we had mentioned "if one is short in the market then he needs to be careful as a counter move by bulls can not be ruled out. Short positions are recommended once 11460 levels is taken out ". Now we couldn't have been more explicit than that. Nifty was spending too much time just below its crucial support which had raised the doubt if 11610-640 would be able to contain markets. There were many traders who have been going short around 11550-11600 levels assuming upside is capped at 11640 levels.
Even though Nifty now has crossed above 11640 levels, We are not recommending that one should go long now. Make no mistake about it, markets remains in a downtrend (for medium term) and it needs to do a lot more before we can assume that uptrend has resumed.
Market breadth today was on positive side with 38 advancing against 12 declining. Next few days trading is extremely crucial as it may decide the next trending move of the market (we have been saying that markets are ready for a big trending move on the either side and there is no change in our view even now).
Below is the snapshopt of messages/trade we did in last few days, if you wish to join us for live market updates during trading hours then you may do that using below link.
https://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
08/07/2019, 09:23 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11700 sell 4 parts
08/07/2019, 10:57 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11650, hold all shorts for now. Reversal has been very sharp so in all probability we r going below 11600 levels now.
08/07/2019, 13:07 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11588 exit 2 parts short book profit
08/07/2019, 13:08 - NIFTYWAVEINDIA.BLOGSPOT: Hold balance 2 shorts
08/07/2019, 14:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11544 hold 2 parts shorts. Margin call trigger likely in last hour
08/07/2019, 15:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11565,carry both parts shorts for tomorrow
09/07/2019, 09:16 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty 11482
09/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Hold both parts short for now. Less risky traders can book some more profits
09/07/2019, 09:19 - NIFTYWAVEINDIA.BLOGSPOT: Mkts r oversold so a pullback cannot be ruled out
09/07/2019, 10:52 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11484 cover one more part book profit
09/07/2019, 10:52 - NIFTYWAVEINDIA.BLOGSPOT: Hold just one part short (min qty)
09/07/2019, 15:20 - NIFTYWAVEINDIA.BLOGSPOT: Nifty closing flat. Carry one remaining short for tomorrow
10/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty CMP 11553 sell 1 part
10/07/2019, 09:17 - NIFTYWAVEINDIA.BLOGSPOT: Hold 2 parts short
10/07/2019, 09:38 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11570 :sell 2 more parts
10/07/2019, 09:38 - NIFTYWAVEINDIA.BLOGSPOT: Hold all 4 parts shorts
10/07/2019, 12:57 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11482 exit 2 parts book profit
10/07/2019, 12:57 - NIFTYWAVEINDIA.BLOGSPOT: Hold balance 2 shorts
10/07/2019, 15:24 - NIFTYWAVEINDIA.BLOGSPOT: Nifty 11490. Carry balance 2 parts shorts for tomorrow
11/07/2019, 09:26 - NIFTYWAVEINDIA.BLOGSPOT: Good morning, nifty trading around 11530. Hold both shorts for now
11/07/2019, 15:10 - NIFTYWAVEINDIA.BLOGSPOT: nifty 11585 exit 2 parts bal short
11/07/2019, 15:10 - NIFTYWAVEINDIA.BLOGSPOT: Position Nil
11/07/2019, 16:04 - NIFTYWAVEINDIA.BLOGSPOT: <Media omitted>
11/07/2019, 16:06 - NIFTYWAVEINDIA.BLOGSPOT: Mkt has defended an imp trend line for 3rd day in a row plus crucial 11525 has been defended again (day low was 11520) will enter shorts again only once the weakness resurfaces
Happy Trading!!
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