Sunday, June 18, 2017

Happy Father's day to all dads!

Do u know whats the meaning of FATHER?
F = Forever With His Family
A = Always There For You No Matter What
T = The Only One Who’s There
H = He’s My Hero Till The End
E = Encouraging In Everything I Do
R = Really The Only One…
No One Can Beat My Father, He is the Best. Happy Father's day to all dads!!!

Last week it was mentioned that, "Few oscillators supporting bears but few to bulls too so higher chance of first upside upto 9690-9720 & then correction may start for 9550-9525 first and 9400-9350 too if sustain below 9500".

Nifty took different route last week, it was extremely rangebound and did not provide any good opportunity to trade in Index thats why we traded most of the times in stocks only. We exited from old shorts & holding 9650 calls with stoploss of 9560 spot but now our revised stoploss is close below 9550 on hourly charts.
MACD is still above zero so chance of another high above 9709 looks valid.

RSI below 60 but turning up so chance of another high in coming days if comes above 60.

Stochastic 14,3,3 is in sell but reaching in oversold area so no proper indication as of now.

Stochastic 5,3,3 is in sell but turning up, it may help bulls for upside reversal.

Most of the oscillators looking tired and MACD is still well above zero so higher chance of upside reversal but price action must indicate first. Sustenance above 9616 will be first indication of strength coming back and sustenance above 9654 may bring faster momentum in upside. Sustenance above 9654 may open gateway for 9709-9750 and later 9850-9900 too.

On contrary sustenance below 9550 may open gateway for 9500 & 9425. Bears looking tired as of now so 9575-9550 area may offer strong support but sustenance below 9550 is most important for positional shorts.

Have a nice
& profitable week ahead:)