UPDATE ON NIFTY AND BANKNIFTY'S TREND on 29th August 2016

Morning !

Referring to my previous post on 25th about the clarity that we are getting for a small crash/correction/fall. The same was witnessed, as we saw NIFTY making 8547, any close below 8570 will take it for the range of 8450-8380 in the coming 2 to 3 days.

For BANKNIFTY, it too was bearish on Friday by making low of 19133, it is heading for 19000-18800 zone.

Post hitting the zones mentioned above for NIFTY and BANKNIFTY respectively, i suggest reversing your positions for BUY till 9119+ levels for NIFTY and 20000 levels for BANKNIFTY.

Regarding my sell calls in INFY,DRREDDY,LUPIN,TATASTEEL.

INFY is back on the journey as i mentioned in my last post for 950
DRREDDY wait for 2950 to break on downside and then enter shorts
LUPIN is going for 1485-1445 and post that 1400-1350-1300-1250
TATASTEEL, sell given at 379.95 for targets of 370-360-350-340, 370 was achieved on that day only, hold on for remaining levels.

All are POSITIONAL calls and all prices mentioned are SPOT levels.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 25th August 2016

Morning !

The setup is getting clearer now for both NIFTY and BANKNIFTY, since 11th August average intraday range (high-low) for nifty has been of 61.6 points with minimum movement 40.15 which was yesterday and maximum movement of 81.9 which was on 16th August. This is clearly showing signs of a sudden fall/correction in this uptrend. Any close below 8568 would trigger fall till 8450-8380 zone and sudden reversal from that zone in the next 3-5 trading sessions.

For BANKNIFTY too, the average intraday range (high-low) since 11th August has been 193 points with minimum movement of 107.85 points which was yesterday and maximum movement of 291.3 which was on 12th August. Suddent fall/correction can be witnessed till 19000-18600 spot in the coming 3-5 trading sessions and then a sudden reversal for upside.

This minor correction will again give fresh buying opportunities, traders who want to be short and take advantage of this narrow/skewed movement going on since last 1 week can take advantage and then immediately reverse positions for the big trend which is on upside for 9119+ levels and 21000 levels for NIFTY and BANKNIFTY respectively.

For stock specific, the positional trades given by me for DRREDDY and INFY are still on, INFY made a new 52 week low of since i had given a call for sell below 1055, the momentary correction we have witnessed on upside is just intermediate, this will continue its fall for 950. For DRREDDY hold on for break below 2953 and then enter shorts.

Some new additions to my SELL calls are: TATASTEEL CMP at 379.95, sell for 370-360-350-340, positional one month trade. Strict SL closing above 388.

SELL LUPIN CMP at 1521.70, sell for 1485-1445-1400-1350-1300-1250, positional call 1 month trade. Strict SL closing above 1545

All levels mentioned are SPOT LEVELS.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 19th August 2016

Morning !

Referring to my previous posts about the pending intermediate corrections for both NIFTY and BANKNIFTY in it's journey towards 9119 + levels, the corrections are happening but not to the degree which is estimated. From 8728, i estimated a 300 to 400 points correction, but again the correction was just a few points lesser than 200. This is a true characteristic of an impulsive wave.

In my last post i mentioned:

Below are the wave counts for NIFTY

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL

The estimated WAVE 4 did not go to the level estimated, there is one case in this scenario that we are still pending for a closure of WAVE 3 above 7828 and then comes the WAVE 4. Irrespective of the intermediate corrections in NIFTY which are not happening as per the estimations, i would advise traders to be on the side of the bigger trend, which in this case is on up and avoid shorting.

Being stock specific as per my 8th August post and sharing my view of SELL on DRREDDY and INFY, i am still sticking to my view of sell on both. Also as mentioned the selling will trigger with bigger volumes once it starts giving a close below 1055 which it has since 16th August for target of 950. Stay put in this INFY position and for DRREDDY wait for it to breach 2953 on closing basis on downside and then enter shorts.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 12th August 2016

Morning !

Referring to my previous post of NIFTY surpassing 8711, though it did but only for 17 points and made a high of 8728. 8518 is a key level to be watched, the uptick i mentioned earlier for 8850-9000 zone looks like will happen later than expected and the correction of 300-400 points looks like happening earlier than expected.

From 8728 a correction of 300-400 points reaching to zone of 8428-8328 looks more prominent as of now, and from there an uptick of 800-900 points i.e., till 9128-9328 will be the last uptick surpassing the the all time high of 9119.

Stocks have started to shown weakness, these signs are usually when it is 5th wave and or 4th wave going on, which in this case looks wave 4 for NIFTY.

Below are the wave counts for NIFTY

WAVE 1 : 6825-7777
WAVE 2: 7777-7516
WAVE 3: 7516-8728
WAVE 4: 8728- 8450-8350 POTENTIAL ZONE
WAVE 5: 8350-8450 TO 9150-9350 POTENTIAL

Keep in mind the bigger picture while taking positions.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 8th August 2016

Morning !

Referring to my previous post when NIFTY was at 8643 (8650), i had given a sell view with a 100-200 points correction from 8650 however, there was further a rise of 61 points from there to 8711 and from there it reversed for almost 200 points till 8518 (-193) points from 8711. On 4th August it reversed from 8518 and and today as i am writing this blog it has again surpassed 8711.

This uptick from 8518 can go approximately in the zone of  8850-9000 zone and from there we should witness a fall of 300-400 points, so trade accordingly.

Will update once these levels are achieved.

Regarding stock specific, as mentioned in my last post that i have a sell view on DRREDDY and INFY, i still have the same view of SELL on both irrespective of the correction witnessed from 26th July in DRREDDY and INFY waiting for 1055 to break on closing basis post that target of 950.

Happy Trading !