Nifty Short @ rise plan worked for Friday which gave more than 150 points.Dow beaten up heavily on Friday about 250 points on strong dollar rise and worries about jobless data. where that influenced many World markets to fall more than 2% . Chinese markets looks like havoc of fall which skipped DOW and sailed on its path yesterday. US govt had admitted jobless will be more in coming days which erased most of the gain which DOW made yesterday.Reliance under account fraud scanner which we mentioned on Friday came public yesterday,so it wont be done all of the sudden. Bounce should be used to book profits in RIL.So whats the action plan for Nifty today lets see.
Nifty View ::
Nifty Broken the key level 4777 and fell hard on Friday and went below 4700 with 4692 as low. so 4669 38.2% retrace will act as support. So positional traders Stop loss for longs should be 4669 on closing basis which I wont go for. Bcos it will be a retrace after 10 days of fall. Fresh longs will be added once we close above 4965 again for new highs. until that I wont think of longs rather I will short @ rise.In EOD charts MACD divergence @ most extreme suggest no room to fall. last column I mentioned oversold market doesnt mean we wont fall. same scenario will continue until stochastic cross signal line. Indicators suggests bears getting tired after 10 days of huge work from Diwali.Eod chart we can Find same kind of candle pattern lets see whether it holds this time.Nifty action plan for the day will be, if we open around 4725 short with stop of 4735 for 4669 target. Nifty need to hold above 4731 for any upmove. Now coming to Reliance it has technical target of 1300 on long term perspective. so Every Rise in Reliance make use to short with Stop loss of 2088 on closing basis.
Levels ::
Nifty fut supp @ 4625 :: res @ 4790
Bearish > 4774 < Bullish
Stocks to watch ::
Alkali metal
Bartronics
voltas
Happy trading !!!!!
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