From the high of 20222 Nifty has retraced up to 0.5% Fibo retracement@19704 - This corresponds to Hour 200 EMA and aslo +ve divergence seen in 14RSI charts in Hour, 15min and 5 min TF. A pause likely here towards 19900 but with an Hour close below 19690 - down pressure would be imminent.
Prev Day
high - 19848
low - 19704
close - 19742
Intraday Levels for trading
Buy above 19745 - with SL below 19690
Sell below 19690 with 15 min close above19705
Recap of 8th Analysis and trade:
Nifty was supported @ 19725 and on breakout of 19740 - reached a high of 19867 - 78.2% retracement and cluster resistance and closed @ 17819.
Trades taken:
Bought 19700 CE on breakout of 19740 and squared off @ nifty spot 19850 levels - one good trade done
NIFTY ANALYSIS FOR 11TH SEPT 2023:
Prev Day:
High - 19867
low - 19727
Close - 19819
Nifty has reached the cluster resistance & 78.2 Fibo ratio @ 19687. RSI charts shows -ve divergence.
A pause likely till 19870 is taken out. Fibo retracements to be watched below 19800.
INTRADAY LEVELS:
Bullish above 19870 towards Nifty prev high 19991
Bearish if resisted @ 19870 and below 19800 - drag towards 19720 levels.
PRICE ACTION LEVELS:
19870
19795
19740-19725
RECAP OF 8TH ANALYSIS AND TRADE:
Nifty supported @ 19550 ( price action levels) & crossed cluster resistance levels @ 19637 and rallied up to 19737.
Trades taken:
Bought 19550 call and 19600 call on 15 min close above 19637 and squared off Intraday - very good trade done.
NIFTY ANALYSIS FOR 9TH SEPT:
Prev Day
HIGH - 19737
LOW - 19550
CLOSE - 19727
Nifty just crossed the 61.8% fibo ratio @ 19697. A pause likely at golden ratio. A move past 19740 - will target the next swing high of 19798 - 19825 - corresponding to 78.2% fibo ratio and the Channel resistance.
INTRADAY LEVELS:
BULLISH ABOVE 19740 - towards 19798-19825
BEARISH below 19690 -19640 (50% retr of 19550 - 19737) -19605
PRICE ACTION LEVELS:
19740
19690
19640
19605
RECAP & TRADES OF 6TH SEPT:
Nifty resisted at 19600 - and made a low of 16502. Supported @ 19490-500 levels breakout above 19530 a swift move towards 19600 ++ As per price action
Trades :
BOUGHT 19600 PE @ 70 & squared off @ 110 - One good trade DONE
Bought a 19450 CE @ 72 and squared off @ 106... Another good trade.
NIFTY ANALYSIS FOR 7th SEPT:
Prev Day:
LOW - 19491
CLOSE - 19611
OUTSIDE CANDLE FORMED
CLUSTER RESISTANCE @ 19630 LEVELS.
50% RETR OF 19991 -19223 REACHED -19610 LEVELS
A RISING WEDGE PATTERN IS SEEN
GAP RESISTANCE @ 19680 -19700 - @ 61.8% FIBO LEVELS
INTRADAY LEVELS:
BULLISH : Above19630 - 19680 -19710 - (filling of gap)
BEARISH : Below 19630 - 19540 (rising wedge support) -19510 -19500
PRICE ACTION LEVELS: WIDE RANGE - implies high volatility expiry
19630
19540
19490
RECAP OF 5TH SEPT ANALYSIS AND TRADE:
Nifty opened above the prev day high of 19545 and resisted at swing high of 19587 and retraced 38.2% of the prev rise of 19432 - 19587 - to respect the price action level of 19520 - by forming today's low @ 19525.
Trade 1 done : bought 19500CE @ 85 and sold @ 97
Trade 2 done : bought 19600PE @ 80.95 and sold @ 70 - Mistake done by not booking at the price action level of 19520 - as mentioned in the analysis and waited for further downside - thereby missing earlier gains too.
5th Sept - No loss No Gain - 😐
ANALYSIS FOR 6TH SEPT:
Prev Day -
Open 19564
High - 19587
low - 19525
Close - 19574
50DMA - 19463
Again a DOJI formed.
INTRADAY LEVELS:
Intraday Bullish levels: Cluster of resistances at 19590-19600 levels. On sustainable breakout above 19590 -19600 Nifty is likely to target 19640 - 19700.
Intraday Bearish Levels: If resisted @ 19580 levels - then 19525 - below which 19430 levels
PRICE ACTION LEVELS :
19595 - Cluster resistance
19575 - prev day close
19525 - prev day low
19500 - 5min 200 EMA & 23.6% fibo retracement
Nifty values for 5th September 2023
Prev Day
High – 19545
Low – 19432
Close – 19528
DOJI FORMATION
Intraday Bullish
possibilities:
Move above 19545 – next swing high – 19584-19600 –
corresponds to 50% retr of the wave 19991 – 19223.
Intraday Bearish possibilities:
Break below channel – 19495 –
T1 – 19432 – prev day low
Hourly close below 19430 – will weaken further as
week’s close is breached and a move below 19430 – SL -15 min close above 19440.
PRICE ACTION LEVELS TO WATCH:
19600
19545
19495
19430
Nifty had a sharp recovery from the low of 18345 towards 18500 + and has closed @ 18495.
An a,b,c seems to have completed @ 18345 - retracing approx 61.8% retracement of 18133 – 18886.
PRICE ACTION:
Above 18520 – levels to watch as per fibo retracement – of the fall from 18886 – 18345.
18550 – 38.2%
18615 – 50%
18670 – 61.8%
BELOW 1420 – and break of 18400 – nifty would be dragged towards 18300 levels.
SUPPORT AND RESISTANCE:
Nifty closed at 21 DMA @ 18495
10 DMA - 18639.
INTRADAY TRADE PLAN:
BUY ABOVE (BUY 18500 CAL) 18520 SL 15 MIN CLOSE BELOW 18500
SELL BELOW (BUY 18400 PUT) 18400 - SL 15 MIN CLOSE ABOVE 18425
