Nifty Hourly Chart

Nifty was trading in a narrow falling channel. In today's trading session Nifty has managed to close marginally above the channel. In fact today buy call on nifty fut was given almost at the support of the channel 4797 however I should admit that exit was incorrect.

RSI is also showing a positive crossover and as per hourly chart Nifty is expected to move towards

4953 and above.

Nifty Daily Chart

Nifty has closed at 4791 above the falling trend line. Now the question is was it a false breakout?.

It would be early to say as indicators like RSI,MACD is not showing signs of reversal. So next trading session plays very important role in deciding the direction of the market.

 

Open Positions

                                                      Entry Price   CMP        P/L

1 lot  Nifty 4900 put      Short       129                78          2550

2 lots Nifty 4800 put      Long        79                 42         (3700)

SBI  40 shs                     Long      1907              1941      1360  

Summary of Intraday Calls       

Nifty fut long at 4797. Booked loss at 4783

SBI bought at 1907 position open.

Thought for the day

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.
Warren Buffett

              

Place SL for SBI at Rs.1880

Potential tgt for SBI Rs.1957 and above.Traders can book partial profit at 1957.

Positional Call : Buy 40 shs SBI at CMP 1907 sl blw 1855.

Exit Long position in nifty initiated at 4797

Intraday Call : Buy Nifty fut at cmp 4797 keep sl blw day low 48770

Nifty Daily Chart

there is no significant change in daily chart except that selling is happening at higher levels. Attempt to cross 4900 was not successful and this attempt was followed by sharp fall. It was a volatile day.

The trend of the market is clearly down and the very short term target is 4800-4770.

Don't be in a hurry to enter into long position as we may see further fall.

I believe there are no good stocks or bad stocks; there are only money making stocks. So there is no good direction to trade, short or long; there is only the money-making way to trade - Jesse Livermore