On EOD charts, nothing has changed. NIFTY traded within yesterday's bar forming an inside bar. The broader range remains at 5970-6220; nothing much may happen within this range though day traders might be able to make some trade if charts favour.
If you are long, your SL is 5970 spot... if you are short, your SL will be 6220 spot.
Overall trend remains down with nifty turning bullish above 6220 spot.
Intraday charts show mild selling pressure with no eagerness shown by bulls. Importantly markets closed below 6070F... this level becomes important when you see higher timeframe chart.
15 min charts show support at 6070F and the close below this level in last 10-15 min of the day.
If you are long, your SL is 5970 spot... if you are short, your SL will be 6220 spot.
Intraday charts show mild selling pressure with no eagerness shown by bulls. Importantly markets closed below 6070F... this level becomes important when you see higher timeframe chart.
15 min charts show support at 6070F and the close below this level in last 10-15 min of the day.
Looks like the daily chart showing a bearish harami pattern,
ReplyDeleteUnlikely or unreliable given the lack of any previous trend. If you take Monday's bar, the trend is 1 day old and it is UP.
DeleteIf you consider overall picture formed in past 1-2 weeks, then trend is down.
Dear Sir,
ReplyDeleteMany thanks for update.
Regards.
Hi kpl,
ReplyDeleteI have a doubt for a long time.how the share price increases or decreases.yesterday there was only less volume but nifty was 119 points up.but in my understanding share increases if volume increases.pls correct me if I am wrong.also how the share price increases or decreases for every minute.who is deciding.is there any algorithm or its purely based on buyer and seller buying or selling for a particular price.
This happens quite often... it is possible for a stock to move up on low volumes. In fact, I have even seen the opposite in midcaps where in severe corrections, stocks hit lower circuit on few hundred shares.
DeleteLet's say you are interested in a long position in a particular but there are not many sellers and the ones who are there have small qtty for sale. If you are desperate you will buy whatever price they are selling. So on 100-200 shares volumes, stock can move few percent or even hit circuit.
Sir as per your 15 min. chart the support is at 6070F , as per this we can consider that in 30 min t/f where spot takes a halt and from where a rise happens, that level can be taken as support , kindly update thnx
ReplyDeleteYes...the trick is to identify a visually obvious level of support or resistance.
DeleteBy using a higher level timeframe, what we are doing is eliminating the noise and smaller/ lower timeframe levels.
Sir
ReplyDeleteIn retrospect yesterdays candle was not bullish kicking.
For one there was no gap between it and previous candle.
Secondly lak of follow up today.
Actually I did not understand this bullish kicking candle.
DeleteSir thnx
ReplyDelete