5065 was the level we had mentioned one week back where the intermediate seller had showed up and managed to take the market all the way to 4785 levels.This was the action on May the 19th and documented here.
The gap down from this level, will be matched up with a gap up.
But need to see this level resolve for further direction.
5065 is on watch. We will see rotation at this level today.
Description : short Nifty June
Price : 5032
Sl : 5065
Target : 4990.
I have modified the comment settings to include your ID when you post comments. Please comment with a user name. I don’t want to be talking to several anons, without knowing one from the other.
Please oblige for the mutual benefit of all.
Take some profits off the table here at 4999.
keep Sl for remaining at 5020.
We were targeting 4990, we have got 4996 so far.
The seller has shown his hand from the morning and his inclination to defend his territory near 5065. It’s now upto the buyers to stand up.
5020 and 5035/45 are some short term reference points for the bulls.Need to climb above them.
This will be a volatile 60 point range and a battle zone. so trade quickly and keep booking profits when you see them.
Posting an intra chart of Nifty spot 30 mins. The shaded blue is the value areas.
The shaded blue areas are the value areas.
Price above value infers that buyers are in control. However on a longer term chart, you can see the seller’s footsteps, with the succession of value being driven lower.
The buyers have gotten stronger recently. Three value areas showing up move.
Trailing stop at 5020 taken. make an exit.
Interesting action so far.
Sellers ( or bears in your terminology ) have tried their hand at a lower range extension and failed.
Now Buyers will make an attempt.
5035/ 5045 will be short term reference lines above which is the crucial 5065.
Above that there may be a slight pause at 5092, beyond which we will get 5172 easily.
On the downside 4990 is first and then yesterday’s 4967/ 4952 which should provide support for the market.
No resolution yet in the day time-frame.
Buyers have not managed to take the initiative.
Markets trading between 5005 and 5025. We’ll wait.
I know it’s been a tiring day of trade today, with no clear indications of short-term direction.
Sometimes the market goes through these kind of days digesting information.
We just have to wait and see it resolve and base our decisions on the message the market gives us.
Let’s not be compulsive traders and trade just because the market is open.We will have plenty of good set-ups in the coming days on both sides with risk-reward ratios favoring our style of trading.
Today’s session has been a neutral day with range extension on either side which failed.
Bias is divided and the market will give us fresh inputs on Monday.
We have our levels and we will react accordingly.