Medium Term Trend: ↑UP (down below 11550)
Wild Chops Continues: Historic day today, NDA secured a majority which was slightly better than what markets had anticipated. Nifty opened strongly at 11900 levels up 150+ and went on to touch 12050 levels but succumbed to profit booking and gave up all its gain and closed at 11657 ( down 70 points).
There were many who were anticipating a repeat of 'Exit poll' when Nifty had opened up 200+ points and later added 400+ points as the trading progressed but all those were left disappointed by markets.
All our regular readers are aware & we have been mentioning in our previous post about 11700 being a very good support and as long as it holds there is a chance of market going up at the same time we also mentioned that 12K is very strong resistance ( because of call writing) and market would find it tough to cross 12K levels in current series. And this is exactly how the markets played out. Nifty threatened to break below 11700 levels during last 2 days but held on it and today it touched 12K levels and reversed sharply from there and even broke it.
What happened today was a classic case of 'buy on rumor and sell on news', all long positions which have been entered recently had to be unwound once the rumor became news. Also profit booking was expected since Nifty has run up almost 900-950 points from lows of (11100) in a matter of 5-6 days.
So what to expect next? markets are still holding onto 11640 support so Its still possible that some more steam is left in this rally and markets may attempt another shot at 12K but we need to see how market shapes up during next couple of trading session before deciding our next trading strategy. Mostly bottoms are made on panic days and tops are made during euphoria. Today was one euphoric day so it could be possible that some important top is hit today( that options can not be ruled out today).
For now no positions is advised ( all our longs were exited above 11900 levels today itself). Below is the excerpt of messages/trades (for your reference) shared with our subscribers in last 2-3 days.
Messages/trades we initiated during 20th-23th may (run up to election results)
20/05/2019, 13:30 - Nifty 11750 -buy 2 parts
20/05/2019, 13:48 - 11781,hold both parts for now.
20/05/2019, 13:48 - Will add 2 more parts a little later
20/05/2019, 14:56 - Nifty had taken 8 sessions to fall from 11790 to 11108, now entire fall is retraced in 4 days (just 50% of time). Classic case of trend reversal
20/05/2019, 15:08 - Nifty 11832. Carry both parts for tomorrow
21/05/2019, 09:16 - Good morning, hold 2 parts long for now. Will add more longs later
21/05/2019, 09:46 - Nifty 11836 buy 2 more parts
21/05/2019, 09:47 - All 4 parts entered now, part 1 @ 11750 and part 2 @11836
21/05/2019, 10:06 - Nifty 11870,keep carrying all 4 parts. Will advise if anything needs to be done
21/05/2019, 13:50 -Nifty 11770. Keep holding all parts long
21/05/2019, 14:49 -:Nifty 11700. Keep holding for now
21/05/2019, 15:18 - 11721 hold all parts nifty long for tomorrow
22/05/2019, 09:21 - Good morning, hold all long positions
22/05/2019, 13:23 - Keep holding all longs for now. Nothing to be done
22/05/2019, 15:18 - Carry all longs for tomorrow, Keep calm, don't panic and hold all longs (don't leverage or over trade). We exit when SL triggers and not before that ( because of rumors and panic
22/05/2019, 15:26 - Nifty has held on to its crucial support for whole day.
23/05/2019, 09:59 - Nifty 11938 book profit balance 2 parts
23/05/2019, 10:00 - Position nil. Wait for next trade
As you can see we keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done during trading hours. If you wish to subscribe to our live whatsapp Nifty calls/trading recommendation then you may subscribe using below link:
http://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
You may follow us on Twitter: Nifty Trend @Niftytarget
Happy Trading!
Wild Chops Continues: Historic day today, NDA secured a majority which was slightly better than what markets had anticipated. Nifty opened strongly at 11900 levels up 150+ and went on to touch 12050 levels but succumbed to profit booking and gave up all its gain and closed at 11657 ( down 70 points).
There were many who were anticipating a repeat of 'Exit poll' when Nifty had opened up 200+ points and later added 400+ points as the trading progressed but all those were left disappointed by markets.
All our regular readers are aware & we have been mentioning in our previous post about 11700 being a very good support and as long as it holds there is a chance of market going up at the same time we also mentioned that 12K is very strong resistance ( because of call writing) and market would find it tough to cross 12K levels in current series. And this is exactly how the markets played out. Nifty threatened to break below 11700 levels during last 2 days but held on it and today it touched 12K levels and reversed sharply from there and even broke it.
What happened today was a classic case of 'buy on rumor and sell on news', all long positions which have been entered recently had to be unwound once the rumor became news. Also profit booking was expected since Nifty has run up almost 900-950 points from lows of (11100) in a matter of 5-6 days.
So what to expect next? markets are still holding onto 11640 support so Its still possible that some more steam is left in this rally and markets may attempt another shot at 12K but we need to see how market shapes up during next couple of trading session before deciding our next trading strategy. Mostly bottoms are made on panic days and tops are made during euphoria. Today was one euphoric day so it could be possible that some important top is hit today( that options can not be ruled out today).
For now no positions is advised ( all our longs were exited above 11900 levels today itself). Below is the excerpt of messages/trades (for your reference) shared with our subscribers in last 2-3 days.
Messages/trades we initiated during 20th-23th may (run up to election results)
20/05/2019, 09:08 - Good morning. 2%+ opening likely.
20/05/2019, 09:09 - Will advise if anything has to be done20/05/2019, 13:30 - Nifty 11750 -buy 2 parts
20/05/2019, 13:48 - 11781,hold both parts for now.
20/05/2019, 13:48 - Will add 2 more parts a little later
20/05/2019, 14:56 - Nifty had taken 8 sessions to fall from 11790 to 11108, now entire fall is retraced in 4 days (just 50% of time). Classic case of trend reversal
20/05/2019, 15:08 - Nifty 11832. Carry both parts for tomorrow
21/05/2019, 09:16 - Good morning, hold 2 parts long for now. Will add more longs later
21/05/2019, 09:46 - Nifty 11836 buy 2 more parts
21/05/2019, 09:47 - All 4 parts entered now, part 1 @ 11750 and part 2 @11836
21/05/2019, 10:06 - Nifty 11870,keep carrying all 4 parts. Will advise if anything needs to be done
21/05/2019, 13:50 -Nifty 11770. Keep holding all parts long
21/05/2019, 14:49 -:Nifty 11700. Keep holding for now
21/05/2019, 15:18 - 11721 hold all parts nifty long for tomorrow
22/05/2019, 09:21 - Good morning, hold all long positions
22/05/2019, 13:23 - Keep holding all longs for now. Nothing to be done
22/05/2019, 15:18 - Carry all longs for tomorrow, Keep calm, don't panic and hold all longs (don't leverage or over trade). We exit when SL triggers and not before that ( because of rumors and panic
22/05/2019, 15:26 - Nifty has held on to its crucial support for whole day.
23/05/2019, 08:54 - Good morning, we might exit 2 parts after opening.
23/05/2019, 09:15 - Nifty 11900 exit 2 parts long. Book profit, hold balance 2 parts23/05/2019, 09:59 - Nifty 11938 book profit balance 2 parts
23/05/2019, 10:00 - Position nil. Wait for next trade
As you can see we keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done during trading hours. If you wish to subscribe to our live whatsapp Nifty calls/trading recommendation then you may subscribe using below link:
http://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
You may follow us on Twitter: Nifty Trend @Niftytarget
Happy Trading!
