NOTE:- Traders,viewers and other analyst are free to express their opinion and suggestions regarding this article. View on the Index
NIfty has formed an sysmmetrical triangle on a daily chart and it is confirmed!!. *So a break above 10930 on closing basis shall confirm the uptrend towards 11080. *If i am wrong then we shall use the upward sloping trendline as to exit the trade. Reasons for a upside breakout *Note that i had given a long trade on banknifty on thursday on the basis of crucial support nearing and the "GOLDEN CROSS". *10700 nifty put option has seen great amount of put writing and call unwinding. *Although 10800 call option has seen some writing but the initial opening of the index above 10830 shall spook them. *That will be confirmed once market sustains above 10774-10830 for inital hour that will lead to some serious short covering. *If you notice the small picture you can see a clear trend emerging for e.g the 20-dma is about to cross the 200-dma but the bigger picture is where the 50-dma is evenutally rising and will finally cross the 200-dma in fews days time(15-20 days period) giving as a "Golden Cross". *Shorts might get trap,Symmetrical triangle breakout can be expected on the upside and moving averages showing us a picture. PLEASE NOTE "I MIGHT BE WRONG TRADE WITH YOUR OWN DISCRETION WITH STRICT STOPLOSSES"
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One can create longs with stop below 10725 as expected index will move between 10774-10830 If these levels are sustained in inital hours we will see a breakout above 10845 Target for the longs positions are 10930-10980-11035-11080 Note levels are according to cash levels please adjust for futures and options
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Added fresh longs with the above given stop please note markets are volatile trade with caution
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Please hold your longs with the above given stop "One can add new longs once the market crosses 10830 on closing basis"
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!!INCREASE YOUR STOPLOSSES T 10825!! !!EXIT IF BREACHES THE LEVEL!! !!NIFTY CAN BREAK THE LEVELS OF 10930 THIS WEEK!! !!PATTERN BREAKOUT NEAR!!
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!!EXIT TRADE VOLATILE MARKETS!! !!WE EXITED WITH A STOP OF 10825!!
!!NOW WE WAIT AND SEE IF IT BREACHES 10725 IF NOT WE ARE ADDING LONGS BEFORE CLOSE!!
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DID NOT BREAK BELOW 10725 ADDITIONALLY DID NIFTY AND BANKNIFTY GIVE A FALSE BREAKOUT ON THE DOWNSIDE?????? WAS THERE A TRAP!!