I am not a certified analyst. The charts shown and the content in the blog are for educational purpose only and in no way is a buy or sell recommendation. Readers are advised to use discretion.

Wednesday, 20 May 2015

Nifty Positional View - 20.05.2015

Positional: Lets have a look at both Weekly & Daily Charts below -

1) Weekly chart is giving a blind bullish signal on LBB. It has happened twice before as marked..
2) A follow up candle & break of MBB will be good sign of strength.
3) Daily Chart on the other hand is going into DP zone.
4) Daily UBB is coming down- fast..
5) Daily Trendline is too far for a confluence.

So the plan is to be in Longs till Price touches 8470 odd levels & then if price gets a rejection from there, i will attempt a Short near to daily UBB.., else my final try for a Short will be near 8570 level..

Lets see how market unfolds ..

Weekly Chart - 

Daily Chart-

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3 comments:

  1. Anonymous28 May 2015 at 09:56

    Hi deven sir,

    I missed to short 8470 as you mentioned. Shall i short at 8300 - 8250 and target 8000. Thanks
    Arun

    ReplyDelete
  2. Deven Malhotra28 May 2015 at 09:58

    Hi Arun,

    Now you need to wait, as per me, a bounce is expected till 8540 - 8570. We will try to short there.. ;)

    Thanks,
    Deven Malhotra

    ReplyDelete
  3. Anonymous28 May 2015 at 12:23

    Hi deven sir,

    Thanks for your valuable answer.

    Thanks
    Arun

    ReplyDelete

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