I would like to clarify few points on the analysis i give here on the site.
Technical Analysis is all about probability and i generally give both levels buy and sell, One of Guy In Long term investor Google group pointed me you give both levels so that you can be on safe side. By giving both sell and Buy levels does not mean I am confused or not having confidence on my analysis.It means i am ready for both side of trade if Market turn out to be volatile and someone has executed its trade as per the levels given does not get stuck up with one side of trade.
I never believe in giving the plain vanilla calls buy above this tgt xyz.
What i want is people should be “empowered” to trade on there own thats why all calls are given with charts so that i can give my reasoning and Readers can also learn out of it and If i commit a mistake in my analysis it can get corrected.
I have some professional commitments and when i get time i do update my views on Nifty on my facebook page.
Always remember if you want to be a successful trader Trade only in 1-2 Instruments(Nifty,RIL) not more than that so that you will be able to concentrate on your trades.
I will again reiterate TA is just 20% of your trading most important part is your Trading psychology ,How you approach market and how strong you are emotionally and mentally when you are in your trades.
We are trading in volatile times and i a usually update blog either during night time or before market open.
I give both levels as we can trade on both side if its a range bound market and If its trending only 1 side will get triggered.
And Lastly Smileys should always be taken in correct sense not as if you are using them to disregard someone.
I have been pre occupied from past 2-3 days due to personal commitments from today onwards site will be update on daily basis.
As always i am welcome to suggestion for improvement on the analysis presented.
ACC chart is in its strong uptrend with higher higs formation and trading in a perfect channel as shown below chart.On Daily chart ACC is showing a breakout out of trading range from 930-1080 levels.
On Daily chart if seen closely negative divergence is clearly visible in RSI but as i always say PRICE is SUPREME.
Let the price confirms the effect of divergence by forming lower lows as it can be seen now its forming higher highs.
Buy above 1098 Tgt 1110 and 1124
Sell below 1072 Tgt 1060 and 1048
Reliance Industries limited is approaching its golden ratio 61.8% from the fall of 712 to high of 860. The importance of golden ratio is it proves to be a resistance and trend changer if stock closes above it.
For RIL it stands at 803 levels.RIL is approaching its 50 DMA at 808 levels. If it closes above these levels today than RIL will give Nifty the much required booster to expire around 5150 levels.
Buy above 803 Tgt 808,818 and 828
Sell below 789 Tgt 780,764 and 750