It is a foregone conclusion since the Dow and the S&P closed 3 % lower that Asian Markets and even our NSE would open much lower.
What is important from a day trading and even a swing trading perspective is the market's reaction to these low prices.
Would dip-buyers emerge? or will it be sellers in control?
For the day time frame the levels to watch will be 4983 and 4964 NF on the downside and 5028 and 5061 NF on the upside.
Happy trading.
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9.11
Bought Nifty at 5001 , sl 4982 target 5027
=====
10.35
An hour and a half after giving the trade, Nifty is still at 5001.
You can exit at cost if you are unsure.
I see a huge move developing today. If you have studied out weekend notes on open prices, you would know why....
--------------------------
10.50
Grasim Update:
The morning weakness took out our mental stop at 1761 for Grasim.
However if you have been watching you must have seen buyers step in immediately at the lower prices and take the stock up.
I remain a buyer in Grasim as a positional set-up.
Keep a stop below 1740 on an end-of-day basis.
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13.24
Intraday bias shifts to the lower side slightly below 5002.
4982 maintains it's importance and is protected since morning.
Market should auction now between 5004 and 5025.
A successful trade above 5027 will bring 5045-5060, but looks difficult.
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15.17
As expected at 13.24, markets are finishing the session by auctioning between 5004 and 5025.
For tomorrow only a trade above 5027 can bring 5060 and 5085.
On the downside the levels are as in the morning post.
See you later..
--------------
Monday, June 7, 2010
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30 comments:
Bought Nifty at 5001 , sl 4982 target 5027
Gm Shai,
Atlast I get chance to exit in profit from my shorts.
I cover 3 lots out of 5 @ 5000 & holding rest for your guidance.
When all of U are Long I am alone Short,shorting at every level.
Now feeling comfortable looking at the curent market scenerio.
GOODMORNING SIR
Good Morning Shai.
GM RM, Arvinder, Musti.
From purely a tech persp, it was very difficult to call a short on friday's action, except maybe the vols were not quite there.
Today's low prices are because of new information the market is digesting which is different from what it had on friday.
So if you were short based on friday's action, enjoy your profits !!
Dear Shai, i m holding longs @5060.Sud i also place sl 4982 and exit @5027??
Plz suggest
Thanks
Bizagra,
This what I see.
The selling has been strong, and the buyers have not been able to lift the market up above 5000 level which I expected them to do.But that can change too..
Under such circumstances, you let the market play out by sitting and watching the moves.
So our levels will be hit one way or the other.
Shai,
Grasim hit sl but made a decent recovry
I will hold it for yoyr target.
Can u look at Maruti,a decent break out.
Today also move fast in last 20 min.
Shai can we change some in long trade.
As nf finds hard to go above 5005
Can a buy above 5012 with sl 4990 reconsidered?
I am just asking for a better trding oportunity.
yes Musti..
Good trade set-up..
Shai Sir, it seems sellers are increasing
shai..
"huge up"
with Ril?ongc if price increase can take things up..
Eu(hungary) can bring big dwn move if bears are hungry:)
Ask viren to simplify
Dear Shai, u said "I see a huge move developing today." In which direaction???
shai sir i had buy grasim 1790 can exit now or wait for some time
Battle at 5005.
Bring SL to 4996. Only 5 points of risk for the long trade.
Shai,though I am still not familiar to market profile but as per weekend notes the system is developing a downward bias.
After opening it try hard to cross days high but after 2 hours fail.
So if now sellers get more power we can see a big down move in this week.
Am I right interpretainig
Dear Shai can we short below 4982??
Thanks
" I see a huge move developing "
Clarification - Intraday basis.
At the time of the view, I had a long trade given. so my bias is to the long side and if I am right about it then 4982 should not be violated to the downside.
Incidentally, the view was given within the first ten minutes of trade.
4996 still holding...
Sl taken now. Exit.
Pendulum swings to the downside.
Shai sir, what can be the target of nifty future for today?...or do u think we should hold it for tomorow
Arvinder,
5027 was my first target and we backed off from 5025.
Don't hold longs if we get below 5002 now.
thanks Shai exited at 5016.
shai
v u r negative fr the market..
remeber 5004 ..imp lvl..i c more buyers in d system..may be i m wrong
Manu,
View for intra.
Yes I remember 5004 and one could see the imp of it in the morning action today.
But now that we are above it, buyers need to protect it also.
Classic Buyer-seller action.
test
Bye Shai.
Sir,
Today's Stop loss for nifty was so effective and i would like to know how you chooses this entry point after this big gap open and the powerful stop loss level. Hope it based on last week daily or weekly chart with MP. If possible please post the chart with your explained note why to choose the price point of entry and stop loss.
I feel today's example very helpful when we are in a panic situation.. Please consider it
KPM Fazal,
Entries and exits you will find when you start understanding profile charts. Right now you are getting to know them only...
Sara,
4983 was the breakout level from last week, after the Nifty had built value around 4955.
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