UPDATE ON NIFTY AND BANKNIFTY'S TREND on 26th May 2016

Morning !

I am posting almost after 2 and a half weeks. All this time i have been waiting patiently for NIFTY to give a significant breakout on upside. The low 7678 made on 6th May has been acting as a strong support and the high made at 7940 on 17th May was acting as a strong resistance on upside. All this time NIFTY has just been wandering in zone of 7700-7900 tapping on everyone's patience. It tried to give a break out on upside on 9th and 10th May but failed, again on 16th and 17th May but failed. But yesterday it's endeavor to breakout above 7940 and claim new high above that has given the confidence again for a new high above 7992 though after 2 weeks of zig zag movement.

I re-iterate from last week "From 7678 there are four levels which may be achieved by NIFTY before the correction of the wave started from 6825 starts. these are 8000-8050-8150-8250."

I still have the same view that "Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens."

Advising everyone that if you are long in NIFTY then please the moment NIFTY this time makes a new high above 7992 start wrapping up your positions. I mentioned the same that i would not advise anyone to sit in longs in 8225 zone, the same stands revised by further 100 points down to zone of 8125-8150.

For BANKNIFTY it may top around in zone of 17400-17500, or if were to guesstimate then i would say whenever NIFTY reaches 8150-8250 zone.....just come out of banknifty wherever it is.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND - 9th May 2016

Morning !

From last two weeks, i have been mentioning that the current uptick which has started from 6825 should end in zone of 8000-8050-8150-8250 the time frame too mentioned by me was last week.

Re-iterating my view, the intermediate correction started from 7992 which i assumed to stop at 7788 went on for another 110 points till 7678.

From 7678 there are four levels which may be achieved by NIFTY before the correction of the wave started from 6825 starts. these are 8000-8050-8150-8250. I have revised the upside targets by approx. 100 points lesser as compared to what i mentioned in my last two posts, that was 8336, since NIFTY used those 100 points to come further down from 7788 to 7678.

I had give a very minuscule SL of  20-40 points last monday for buying NIFTY, which go triggered.

I still have the same view that "Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens."

Advising everyone that if you are long in NIFTY then please the moment NIFTY this time makes a new high above 7992 start wrapping up your positions. I mentioned the same that i would not advise anyone to sit in longs in 8225 zone, the same stands revised by further 100 points down to zone of 8125-8150.

I myself have been stock specific for last two weeks and not traded in both NIFTY and BANKNIFTY.

Above are two stock specific options recommended.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND - 2nd May 2016

Morning !

Referring to my last week's update on NIFTY and BANKNIFTY's trend. The low that NIFTY made on Friday 29th April of 7788 seems to be the low for this coming week and act as a support for NIFTY to complete its last leg of 8025-8078-8123-8168-8225-8257-8336 in this week or by 8th May 2016.

The RSI has significantly come down for both NIFTY and BANKNIFTY in comparison to last week, anyone who wishes to buy NIFTY in this upmove take strict SL of 7788 on intraday SPOT basis and buy for 8225. I would not advise to stay in longs after 8225.

Missing 100 odd points is OK instead of sitting on top of the trend and wait for panic sell later when the reversal happens.

BANKNIFTY too looks to reach for 17500 in the same time frame as NIFTY. Post 17500 i would not advise anyone to stay long irrespective if there are 200 to 300 points left.

Happy Trading !