Nifty : Overbought
Nifty is now trading at ATH. The rally now seems to be done with only few heavyweights leading the markets.
Short Nifty : Nifty is trading in Wave 3 of Wave 5 for which correction is due and also inside a channel. New ATH resistance would be 11677.
Wave 4 correction is due -- will it start today or tomorrow ?( any reversal candlestick pattern on Daily charts would be the signal )
Also look at RSI on Daily/2 Hourly chart -- it is falling and Nifty is rising
OI Data : Look at the OI PE of NIfty for Aug Series -- Traders are way much more bullish
11500, 11400, 11300 - OI PE -- 400k plus contracts at each ...so any sudden selloff will put pressure on sellers to close their position
Targets : For Upside 11677 ---- For Wave 4 correction 11200/11084
Last Wave 5 of Wave 5 Targets -- 12200 on NIfty & 30000 on BankNifty
WatchOut : This is the last wave i.e. Nifty is trading in wave 5 so where it ends and when is difficult but instead of going long at every dip it would be better to sell at every rise and accumulate cash. Only SPX500 is looking to break on upside and DAX & Nikkei looks like the reversal is in sight. And finally the Shanghai Index has probably made the bottom as it is cheaper compared to Nifty.
Short Nifty : Nifty is trading in Wave 3 of Wave 5 for which correction is due and also inside a channel. New ATH resistance would be 11677.
Wave 4 correction is due -- will it start today or tomorrow ?( any reversal candlestick pattern on Daily charts would be the signal )
Also look at RSI on Daily/2 Hourly chart -- it is falling and Nifty is rising
OI Data : Look at the OI PE of NIfty for Aug Series -- Traders are way much more bullish
11500, 11400, 11300 - OI PE -- 400k plus contracts at each ...so any sudden selloff will put pressure on sellers to close their position
Targets : For Upside 11677 ---- For Wave 4 correction 11200/11084
Last Wave 5 of Wave 5 Targets -- 12200 on NIfty & 30000 on BankNifty
WatchOut : This is the last wave i.e. Nifty is trading in wave 5 so where it ends and when is difficult but instead of going long at every dip it would be better to sell at every rise and accumulate cash. Only SPX500 is looking to break on upside and DAX & Nikkei looks like the reversal is in sight. And finally the Shanghai Index has probably made the bottom as it is cheaper compared to Nifty.
Transaction en cours
Nifty next upside ATH resistance would be 11780-11800 !! No bearish reversal candle on daily charts. Look for island reversal or gravestone Doji. Till then Wait for a short as patience is rewarded in markets. Transaction en cours
Nifty reverses wiping out 3 day support -- Time to short !! Transaction en cours
1st Target - 11475 Transaction en cours
2nd Target -- 11380-11400 And may be a reversal soon within 1-2 days !! Trade fermée manuellement
Nifty is close to 11400 and looks set to reverse !! BN is looking better than Nifty on long side -- 
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.