Nifty forms Hammer near gann Support,EOD Analysis

By | October 27, 2016

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  •  As discussed last Analysis 8710-8732 is crucial range for bulls as its gann resistance  and 8601-8610 is support on downside below which bears will start   warming up again. Between the range choppy move continue. High made today was 8722 so bulls were unable to breach the gann resistance zone, Its been 4 trading days in which bulls were not able to break the resistance zone, Low made was 8663 so bears were unable to break 8656. Now bears if they break below 8656 can see fast impulsive fall towards 8600/8555. Bullish only on close above 8750 for a move towards 8840/8900. Nifty opened at 8657 and as soon as 8656 bears became active and pushed nifty towards, now closing below 8600 can see nifty correcting 8555/8511. Bullish only above 8656. Low made was 8550 near our target of 8555 and nifty saw a good rebound, Now bulls will become active only above 8656 for a move till 8752/8800   Nifty Bank Nifty breaks 19700 and does 19500 same day,EOD Analysis

nifty-support-gann_1

  • Nifty Nov Future Open Interest Volume is at 1.79 core with addition of 56 Lakh with increase in cost of carry suggesting long position were added today, NF Rollover cost @8705 and rollover is at 66%

 

  • FII’s sold 469 cores in Equity and DII’s bought 856 cores in cash segment.INR closed at 66.86

Buy above 8625 Tgt 8649,8670 and 8700 (Nifty Spot Levels)

Sell below 8585 Tgt 8560,8530 and 85001 (Nifty Spot Levels)


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5 thoughts on “Nifty forms Hammer near gann Support,EOD Analysis

  1. Suresh

    Sir, yes I do admit my mistake for not following SL, since I am a beginner I made lot of mistakes, kindly send me your course details. Happy deepavali

  2. Bramesh Post author

    Please do not mix intraday and positional levels..

  3. Bramesh Post author

    Dear Sir,

    Long was also above 8625 which rewarded.. Please do not enter a trade if you do not know your SL and Exit price. I have told many time paper trade make rules of both risk and money management trade small till you are confident on your strategy. But everyone wants quick return and ultimately end up being big loser..

  4. Suresh

    Sir,

    Shorted nifty at 8585 and trend suddenly trend reversed making loss of 65 points

  5. nagarajan1660

    Sir, is Trend changer for november future..

    Yesterday, November future Close was more than 8630.

    If we go by your recommendation to buy above 8625 spot means long above 8665 future approx. Whereas Trend changer is 8630 future. Kindly clarify.

    Thanks

    S NAGARAJAN

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