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