Grand Levels - Full Day Consolidation

Hi,

So we broke out of symmetric triangle but cant get its break out target and ended below 5030 which shows quite a built up of pressure or in other way it may be a massive move upwards. Anyways levels hold the same for me in my first post. Today nifty had quite a choppy day and traded in the range. As per me it still looked weak(you can think other way too) but a breakout of this range can give the future direction. Interestingly if our market had traded on monday we could have seen near 4900 lvls which could have given us a nice trade.


By rule one must be cautious of this gap up. In morning I wondered that we may not be able to fill the gap today and it turned out true but still we got one more day. If we are really weaker we must close the gap or else further bias will be upward. Lets see how things pans up. Till then....
Happy Trading.

Grand Levels - Setup Holding As Expected

Hi,
If you are tracking the lvls closely setup is doing great and we got all the tailed closes of candles(10 min) throughout the day at 4980. At 1 pm got whipsawed with one big green candle which indeed shooted 14 points from the resistance levels but again got back in the rang leading to another downside fall all the way to 4940. Now with these setup one can trade this interesting symmetric triangle breakout which can give nice directional move.

So as per symmetry too 4980 will continue to hold good resistance and downside targets are getting very much possible as we are getting interesting signals throughout globe if fundamentals are things too go by. Anyways I would love to go by this setup as it is not satisfying all the criteria for a decent downside rally.
By the way in last post I told you about banking sector giving support to this rally and today banknifty movement indeed leaded nifty movements. So one more tool which is giving nice symmetry to the nifty apart from symmetric triangle and ofcourse this whole Grand Levels Setup which I'm trading now.

Hope you loved reading it.
Happy Trading!!

Grand Levels - Updates

Hi,

Grand fall continued and got a nice pull back at the gap area though haven't completely filled up.

Now interesting part is that we managed to closed above 4980 but at the same time we are very close to these level that I can't decisively say that its end of the corrective wave. On open interest front we have seen nice addition to the 5000 call which again convince that we may plunge again. Odds are banks are supporting this rally (thnx to mayur for bringing into notice and watching bank nifty in the morning helped a lot to cover positions) but evens are that reliance and crude is looking quite weak. So keeping fingers crossed price action around 80s lvl will decide the game so watch for it. One more imp thing is we are stuck at 61.8% lvls which is a game changer in such kind of moves.

So to play positional long we must close tomorrow above 76.4 lvls. Till then I'll keep my bearish strategy on and look for price action.

Hope you liked reading it.

Happy Trading!!

Grand Levels - Snow ball started

Hi,

Last night was again a thriller as dow tanked 9900 after fed announcement which almost choked my heart but in a very dramatic way crude plunged and dow closed below 4750 which assured me abut the snow ball effect.

See SGX quotes above Made a high of 4980 exactly replicating lvls of crucial reversal by me in the last post. Now that gives a good sigh and relief for the time ahead and lets hope we roll further in this snow ball.

"Life is like a snowball. The important thing is finding wet snow and a really long hill. "
— Warren Buffett

Hope you loved reading it.

Happy trading!!

Nifty: Grand Fall - Grand Lvls

Hi,

Today is been a thriller day as huge unwinding of 100 points is seen from the Grand Lvls. Last night as I got no signs of weakness across the globe and morning was also a mix bag too. And that gave full control to our traders to actually go ahead and decide their positions and as expected snowball effect worked well in the last hours. Interestingly the fall gave some good clues about the further moves.

With Huge fall 5000 put open interest decreased 1825750 indicating that tomorrow expiry got to be way below 5000 on volume front Nifty future declined with good volume. It gone through tight consolidation with quite low volume and gave a nice breakout at last.

As I call this a Grand lvl in last two post now I can say that we have entered into a nice corrective wave and retracement to the upside should be carefully looked for. For a while a decisive move above 4980 will prove to be a whipslash for this wave which I am looking for(don't confuse it with elliot wave as I'm using wave in conjuction with a particular fibonacci setup which is under testing in this wave). So Price actions around the said levels will be interesting thing to watch.

Hope you loved reading it.
Happy Trading.

Nifty Testing Grand Levels

Hi,
Well its quite premature to call these lvls (5030) as grand but instincts and calculations still convince me that there got to be major moves from these lvls, only thing is that I don't know the direction of the flow.

See the above chart price action was almost exactly as expected from a decent resistance/support. Today we got tailed kiss to the resistance lvls and we managed to close 20 points in the ending, but catch is that adjusted close moved nifty to 5020 and at the time of writing this post still no solid signs anywhere to confirm any big grand move. Only reason which I can put in mind is some unwinding of positions which may result in some snowball effect. Anyways it will be interesting to watch price action in the coming days.

Till then.....
Happy trading!!!

Long Time No See!!!

Hi,

Its been a long time which put me away most of the time from trading and ofcourse blogging. Now finally resuming my active Nifty trading. Nifty movement have been quite interesting now a days. I all my posts I've had a bearish bias coz of my resistance lvl 4700 breakout of which told me that in market you got to consistently update your view with changing situation. As a trader one should not get attached to lvls. To be honest my bearish outlook changed once a while way before 4700 when iip data came and beat most of the lower estimates by quite a margin but that time china bear wave hampered my view and I continue to hold my bearish view till 4740 got breaked. I was so bearish that I didn't participated in further rally and was a silent viewer.


Well now I'm back again to plunge into the Nifty:). Going through the recent developments sentiments and fundamentals seems to have joined their hands together. Now for Nifty I've planned to move with open mind as correction is due but nobody knows when. For upside I've two lvls and price action around these lvls are extremely important as they may act as support and resistance for the rally.

First lvl is 5030 +/- 10 points.
This is my one of the major lvl can say like 4740 we can either get a corrective wave from here to all the way to our earlier support of 4740s or we can further move to next lvl.

Second lvl is 5330. Now this is the second major lvl if we can get past 5030 decisively.

So not claiming anything anything as usual just watch price action at these lvls. I'll keep posting charts and lvls further.

Happy Trading!!!