FEW F&O Stock Specific Trades - Positional 1 to 2 months

Morning !

This post is specifically for few F&O stock trades:

BUY MARUTI at CMP 4830.....SL closing below 4767.....target 5100-5300-5500-5700-5900-6100....POSITIONAL TRADE....1 to 2 months......ensure a strict SL of 63 points and targets of 300-1300 range.

BUY INFY at CMP922...SL closing below 900....target 960-983-1030-1055.
POSITIONAL TRADE....1 to 2 months....ensure a strict SL of 22 points and target of 40-133 range.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 15th November 2016

Morning !

From my previous post on 7th November:

Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893   till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.

CORRECTION: This is double zig zag in which 8678 to 8400 is the second C of double zig zag's ABC.

Re-iterating the Wave counts from 6825 till now

Since the wave one was 6825 to 7777.....top of wave 1 ended at 7777 the fall from 8968 cannot take out this zone as per the wave principle.....non over lapping rule. Wave 4 cannot take out the top of wave 1.

To be honest i was expecting a 38.2% retracement of wave 3 which was (7516 to 8968 = 1452 points). A 38.2% retracement ended at 1452 x 38.2% = 554 points = 8968 - 554 =8413 when nifty made a low of 8400 on 4th November.

But next levels of retracements were 50% and 61.8% coming to be at 8242 and 8070 respectively. NIFTY went slightly more than 61.8% retracement by making a low of 8002 on 9th November.

Whatever extreme movements we are experiencing are because of the prevailing panic sentiment of currency demonetization, which will soon end and it has not taken out any rules or principals of wave structure so far.

The kind of reversal experienced on 9th November both in NIFTY and BANKNIFTY gave an indication of the bottom. NIFTY covered 475 points and BANKNIFTY covered 1470 points from their day lows.

I had given 100 points stop loss at 8550 selling price which was 8450, that was primarily keeping in mind the downtrend channel NIFTY has been travelling since 8968, any close below that level created sudden extreme movements.

Trade only with hedges to counteract these extreme movements.

Happy Trading !

UPDATE ON NIFTY AND BANKNIFTY'S TREND on 7th November 2016

Morning !

I have waited long to post on my blog for NIFTY and BANKNIFTY, there has been no post since my last post on 28th September 2016, because markets were doing what they do best, testing patience.

As per my previous post on 28th September when markets were at 8745-8690 zone, i mentioned to cover shorts on downside in the zone of 8650-8450...mentioned buying at 8580 +/- 30 points, NIFTY made a low of 8555 and reversed till 8806 in 4-5 days.

Fall from 8968-8555 was a perfect A B C fall post that the rise till 8806 was the a wave of X wave then fall till 8506 was b wave of X wave and the rise till 8736 was c wave of X wave, making this a complex correction of Double zig zag so far W X Y correction. W had the first A B C fall from 8968 - 8688 - 8893   till 8555 completing the W wave. X was completed as explained above by Xa Xb Xc and from 8736 Y wave started again in form of A B C 8736-8550 a ..... 8550-8678 b...... 8678-8400 c.....completing the Y wave and hence the double zig zag.

This falling trend since 8968 has been travelling in a channel, a typical fall type and a close above 8620 within this week will confirm a confirmation of this uptrend what we see today by a gap up of 105 plus rise at 8535, on downside 8400-8375 hold a crucial zone.

Targets for upside 9120-9350 and so on still intact.

For BANKNIFTY, highly like the bottom was made at 18824 on 13th October, targets of 20500-21000-21500 intact.

PS: Please post a reply if you have any queries, i usually revert within a day's time, and again i do not post daily, i only post when a see a trend changing both on upside and downside.

Happy Trading !