Nifty Weekly Trend

CNX Nifty (6,056.15): The market sentiment remained bearish during the week gone. There was, however, some relief on Thursday when the index closed in the green after seven consecutive days of weakness. The short-term outlook is positive and the index could see a recovery to 6,220-6,250 range. The recent fall has pushed the Nifty to an oversold level, strengthening the case for a rally. The chances however of an immediate rally to new life-time high appear slim as the index has a strong resistance to contend at 6,275-6,330. Long positions may be considered with a stop loss @5957 for a target of 6,220 for the coming week.

(Note: All the levels are of Nifty spot.)

“Don't be satisfied with stories, how things have gone with others. Unfold your own myth.” ~Rumi

 

If you are irritated by every rub, how will you be polished?
~ Rumi

HAT TRICK!!

• Once I find a setup, I do not hesitate; once in a trade, I do not over analyze.

Yes u can do it!

• I love taking small losses.

Today's Trades

"I will be disciplined every day, and in every trade."

Nifty outlook is bullish

The market sentiment was bearish during the week gone by and the Nifty closed in the red on all trading sessions of the week. The fall was triggered by a slide in the banking sector. The public sector banks took a knock which played a key role in keeping the frontline indices in the red. Technically, the outlook for the Nifty remains bullish. From a medium-term perspective, only a breach of the swing low at 5,700 would damage the bullish set-up. From a short-term perspective, a fall below minor support at 6,078 would be a sign that the index is in the midst of a deeper downward correction. Below 6,078, the Nifty could slide to the major support at 5,750-5,800. From a trading perspective, short positions may be considered with a stop loss above the recent high, for a target of 5,800.( Note: All the levels mentioned here are of nifty spot)

RANGE BOUND MARKET

Nifty

1. Bought @ 6220. Went up to 6236.(+16)



Banknifty

1. Bought @ 10823. Went up to 10883.(+60)


Probability is the name of the Game.

SLEEPY MARKET

Nifty

1. Sold @ 6204. Low made 6186 . (+18)
2. Bought @ 6206. High made 6221 . (+15)


Banknifty

1. Sold @ 10790. Low made 10734. (+56)
2. Bought @ 10839. Exited at 10872. (+33)
3. Sold @ 10832. Fell down to 10783. (+49)
4. Bought @ 10847. Went up to 10890. (+43)


"A year from now you may wish you had started today"

Karen Lamb

NIFTY REVERSAL DAY

The present rally in nifty may end on or before Nov 3rd. Most probably the reversal day is on Nov 1st.
Target 1: 6342 Target 2: 6544.....One can short 6500 Nov call option on reversal day.

So-So

Nifty

1. Bought @ 6116. Went up to 6138.(+22)
2. Sold @ 6116. Low made 6095. (+21)
3. Bought @ 6117. High made 6121. (-13)
4. Sold @ 6104. Low made 6100. (-14)
5. Bought @ 6118. Went up to 6121. (-12)
6. Sold @ 6106. Low made 6063. (+45)


Banknifty

1. Bought @ 10395. Went up to 10414.(-15)
2. Sold @ 10380. Low made 10314. (+66)
3. Bought @ 10389. High made 10413. (-29)
4. Sold @ 10360. Fell down to 10296. (+64)
5. Bought @ 10372. Went up to 10462. (+90)


PREDICT YOU PERISH; FOLLOW YOU FLOURISH

YET AGAIN WE DID IT!

Nifty

1. Sold @ 6162. Low made 6078 . (+84)
2. Bought @ 6100. High made 6123 . (+23)
3. Sold @ 6113. Low made 6107 . (-9)
4. Bought @ 6122. Went up to 6148. (+26)
5. Sold @ 6137. Low made 6102. (+35)


Banknifty

1. Sold @ 10691. Low made 10445. (+246)
2. Bought @ 10540. High made 10582. (+42)
3. Sold @ 10543. Fell down to 10492. (+51)
4. Bought @ 10538. Went up to 10594. (+56)
5. Sold @ 10560. Fell down to 10533.(+27)
6. Bought @ 10562. High made 10612. (+50)
7. Sold @ 10550. Low made 10385. (+165)

The stock market to me was like a video game. When it went off, it was like turning the game off. It wasn't something I'd think about until I'd turn the machine on again.
Read more at http://www.brainyquote.com/quotes/keywords/stock_market.html#EYHMj7sYpqTTBKOk.99

PLENTY OF TRADES

Nifty

1. Bought @ 6127. Went up to 6148.(+21)
2. Sold @ 6132. Low made 6128. (-6)
3. Bought @ 6138. High made 6147. (0)
4. Sold @ 6138. Fell down to 6113. (+25)
5. Bought @ 6129. Went up to 6154. (+25)


Banknifty

1. Bought @ 10668. Went up to 10750.(+82)
2. Sold @ 10705. Low made 10673. (+32)
3. Bought @ 10734. High made 10756. (+22)
4. Sold @ 10707. Fell down to 10606. (+101)
5. Bought @ 10660. Went up to 10730. (+70)
6. Sold @ 10694. Fell down to 10662.(+32)
7. Bought @ 10698. High made 10756. (+58)
8. Sold @ 10712. Low made 10671. (+41)

Today's Trades

Nifty  

1. Sold @ 6101. Fell down to 6072. ( +29)
2. Bought  @ 6103. Went up to 6131. (+28)
3. Sold @ 6117. Fell down to 6092. (+25)
4. Bought  @ 6114. Went up to 6143. (+29)

Banknifty

1. Sold  @ 10406...Low made 10357. (+49)
2. Bought  @ 10433....High made 10657. (+224)
3. Sold @ 10605....Low made 10532. (+73)
4. Bought @ 10612...High made 10661. (+49)
5. Sold @ 10585...Low made 10566. (+19)
6. Bought @ 10653....High made 10708. (+55)


Markets test patience and reward conviction.