Saturday, 30 April 2016

Big Picture for Nifty Next Week

On this weekend I am trying to make an assessment of what the Big Picture is for the Nifty.  First is the daily chart of Nifty spot,


















It seems prices have been in uptrend, but close to the good resistance area 7970-90. It is the highest level of last six months.  In last week whenever the prices came there they got rejected.

Now the chart to assess what the prices have been doing for last few weeks,


















It appears very clear from the chart that Nifty has been trading in the range as marked of around 200 points. Now as long as prices remain in this range, the two range extremes will play a significant role and we can trade these extremes like DPs intraday. At some point in time successful breakout will happen and once that happens we can trade that too intraday.  But till that happens, it will be beneficial for us to fade the moves at the extremes.

Friday, 29 April 2016

Nifty Future 29042016


It opened full gap down. There was BPB of PDL which failed. Then it shot up and did not allow to enter. In afternoon there was a direct BO setup to enter short which yielded some.

Thursday, 28 April 2016

Nifty Future 28042016


Expiry day and it turned out to be a type 1 trend day. Could spot few setups.  First one was BOF of PDH. It moved well.  Second was BOF of BRN.  It did not work.  Third was direct BO below the range low.

Tuesday, 26 April 2016

Nifty Future 26042016


It opened gap down but did not breach PDL.  After that it went in only one direction and that was up. There was a PP setup at PDC as marked. There was also a TRAP towards the fag end.

Monday, 25 April 2016

Thursday, 21 April 2016

Nifty Future 21042016


Wasn't it a type 1 trend day? The unusual is prolonged range in the middle. I have not marked any setup today as I focused on finding a good setup without any sort of confirmation and trading it only and it was not that difficult.  I will share the insight into it with all of you once I experiment with it enough and find it worth sharing.

As a change, if the regular readers of this blog or traders share their trades or setups today, I would appreciate a lot.

Wednesday, 20 April 2016

Monday, 18 April 2016

Nifty Future 18042016


As previous day was trend day, expected today to be a range-bound day. Could spot two setups to play the strong uptrend that is going on.

Wednesday, 13 April 2016

Tuesday, 12 April 2016

Nifty Future 12042016


It traded in barbed wire pattern for major part of the day. There was a good long trade setup on BPB of HOD/Range high, trying to trade away from the BW, which did not work as prices decided to stay within the tight trading range. Then towards the fag end it gave BOF of LOD/Range low which can be taken once it cleared the PDH.

Monday, 11 April 2016

Nifty Future 11042016


It traded in the range till noon time and after that exploded.  In morning there was a BOF of PDC but it took more time to trigger.  There was also direct BO on short side of the range low/LOD then as marked. After that it gave BOF of PDL and it moved up in a straight line. Then it consolidated a bit and gave an opportunity to buy at range low for the last move up beyond BRN 7700.

Friday, 8 April 2016

Nifty Future 08042016


Today again it traded for major part of the day in a 25 point range. In the morning there was a good BPB of PDL/PDC long trade setup. On the first retest of the top it gave the BOF pattern but it did not appear convincing enough to initiate the trade there. Towards the fag end there was a BOF of PDL/PDC.

Thursday, 7 April 2016

Nifty Future 07042016


It again traded in a range today but in a broad range. Marked the potential short trade setups.  As marked avoided trading short on BOF of HOD as it had already moved big both ways by then, so the probability of giving the third good move was very less.

Wednesday, 6 April 2016

Tuesday, 5 April 2016

Nifty Future 05042016


RBI rate cut announcement day today. Waited for it and allowed the dust to get settled. Could spot two short trade opportunities in the form of TRAP and BOF of Range High.